INDX Condos, 70 Temperance St: Small Suites Built for Bay Street

INDX was pitched in 2012 at one buyer: the young professional working at a Bay Street bank or law firm who wants to walk to the office and not waste time. It delivered exactly that, a 54-storey tower of small suites on Temperance Street with a golf simulator, a poker room and a shoeshine station. The question for a buyer today is how you stand out among hundreds of near-identical one-plus-dens. I’m Jatin Dua, RE/MAX Quantum Realty.

Designed for one buyer

When INDX launched in 2012, CentreCourt’s president described the target buyer as someone in their mid-20s to mid-30s working at a bank, law, consulting or accounting firm within about five minutes of the site. The building reflects that brief in almost every decision: compact suites, custom closets in some units, low-maintenance kitchens and a 24-hour concierge to take in groceries and dry cleaning.

The developers also positioned it as a value alternative to the hotel-condominiums nearby, such as Shangri-La and the former Trump Tower, saying those were priced close to double. That is still the right way to think about INDX: a Financial District address at mainstream condo prices, not a luxury building.

Page + Steele/IBI Group designed a glass tower that reaches about 178.6 metres. The 2012 sales coverage described the podium being designed together with the century-old Graphic Arts Building next door, which remains its own small loft condominium on Richmond Street West.

The amenity floor is the point

Most of the shared space sits in the first floors of the podium. The original plans included a fitness area of about 3,000 square feet, a golf simulator, a sports lounge with TVs, billiards and foosball, a theatre, a party room with a bar, a terrace with barbecues, a boardroom and a shoeshine station. Condos.ca today lists a gym, party room, guest suites, media room, games room and library.

For a buyer living in 500 square feet, that matters. The amenity floor works as the living room, office and entertaining space your suite does not have. Ask the property manager which of the original facilities are still running and how bookings work, because popular rooms in an 800-suite building can be hard to get.

Small suites, many of them alike

Suites were marketed from studios to three-bedrooms, but most of what trades is small. Every one of the suites I saw listed for sale was under 600 square feet, mostly one-plus-dens in the 500s. The original specification called for nine-foot smooth ceilings, engineered wood floors, floor-to-ceiling windows and integrated appliances.

With 798 suites and a large share of similar layouts, you are always competing with the unit down the hall. When you buy, pick the suite that will be easiest to resell or rent: a higher floor, an open view, a den that can actually hold a desk or a bed, and parking or a locker if it is available. The 2012 coverage said parking and storage would be extra, so confirm what comes with the suite.

Nine-foot ceilings help a small suite feel larger, and full-height glass brings in light, but it also means the suite heats up on a sunny afternoon. Air conditioning is in the fee, which softens that cost. Check the exposure and how close the next tower is, because in the Financial District a neighbouring office building can sit very near your window.

Living in the Financial District

The location is exactly what was promised. Bay Street’s office towers, the theatres and restaurants of the core and the PATH network are all close; the sales material at launch said a new PATH link was planned for the building, so ask whether it was delivered and how residents use it. The transit panel on this page has the subway walking times.

The trade-off is that the Financial District empties out at night and on weekends. If you want neighbourhood life, St. Lawrence Market and King Street East are a walk away, but the street outside your door will be quiet after the office crowd leaves.

For a renter-investor, that location is the whole case: Financial District workers will keep looking for suites they can walk to the office from, and INDX is one of very few residential towers right in the core.

What INDX costs

Condos.ca puts the building average at about $886 per square foot. For a 2016 Financial District tower with mostly small suites, that is in line with the market, and small suites usually carry a higher price per square foot than larger ones.

Eleven suites were for sale and about fifteen for lease when I checked. Among the listings with details, a small one-bedroom was asking about $450,000 and one-plus-dens in the 500s were asking about $489,000 to $528,000. Fees on those listings ran from about $389 to $500 a month.

The narrow spread between a small one-bedroom and a one-plus-den tells you the den adds less value than its square footage suggests. Pay for the den only if it is a usable room.

The fee works out to roughly $0.91 per square foot. The 2012 sales coverage estimated fees of about 50 cents per square foot, so fees have risen sharply since launch, which is common but worth understanding. Ask for the fee history and the reserve fund study. For past trades on comparable suites, see my building sold report.

Building specifications

Amenities at INDX Condos

The amenity package was designed as an extension of small suites: gym, theatre, games and sports space, party room and guest suites. In a building where most owners live in under 600 square feet, these rooms do real work, so their condition and booking rules matter.

Jatin’s honest take on INDX Condos

INDX Condos — frequently asked questions

Looking at St. Lawrence, the Financial District and Downtown Yonge more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.