55 Mercer, 55 Mercer St: 543 Compact Suites Where Second City Stood

55 Mercer stands where two Entertainment District landmarks used to be: The Second City comedy club and Wayne Gretzky’s restaurant. CentreCourt replaced them with a 47-storey tower of 543 suites, almost all of them compact, and gave it three floors of amenities including a basketball court. It is a building made for young professionals and investors, and it does that job well. I’m Jatin Dua, RE/MAX Quantum Realty.

From comedy club to condo tower

The corner of Mercer and Blue Jays Way was home to The Second City’s Toronto stage and to Wayne Gretzky’s restaurant for years. When CentreCourt proposed a 47-storey tower in late 2019, The Second City planned a move to a new home in the South Core area, and Gretzky’s was set to close for good in 2020.

CentreCourt has built a run of downtown towers on a similar formula: compact suites, efficient layouts and a large amenity package, and 55 Mercer follows that model closely. The architect was IBI Group, which has since become part of Arcadis, and figure3 designed the interiors and the amenity floors.

The history is worth a sentence because it explains the site. This was a low-rise block in a district of towers, which is exactly the kind of lot that gets redeveloped, and the same is true of the few low-rise sites left nearby. Ask what has been proposed around the corner before you pay for a view.

The building has 517 square metres of retail at grade. What occupies it affects the lower floors, so find out what is operating there now.

Compact suites, by design

When it launched, 55 Mercer was marketed with studios through three-bedroom plans. The size range condos.ca records for the finished building is about 370 to 738 square feet, which tells you how compact even the larger plans are. A two-bedroom in this building is a small two-bedroom.

That is not a flaw if you know what you are buying. Compact suites in a central tower rent easily and are the most accessible way to own downtown. But they put a premium on the plan. Look for a bedroom with a real window, a kitchen with enough counter to cook on, and a layout that does not lose space to a long hallway. In a suite under 500 square feet, those details decide whether it feels livable.

With 543 suites and a compact mix, expect a large share of tenants and a steady flow of move-ins and move-outs. Check the elevator booking rules and how the building handles move days.

Three floors of amenities, built to replace the living room

The amenities are the reason buyers chose this building over similar towers. CentreCourt spread them across three levels: an indoor and outdoor gym with Peloton bikes, a basketball court, co-working space, a private dining room, a boardroom and an outdoor terrace with barbecues and fire pits.

In a building of small suites, that makes sense. The co-working space becomes your office, the dining room is where you host, and the terrace is your backyard. The trade-off is that you pay for all of it in the fee, and Peloton bikes, a basketball court and outdoor kitchens all need upkeep and eventual replacement. Ask how often the amenities are booked out and what the reserve fund plans for them.

Living at Mercer and Blue Jays Way

This is the heart of the Entertainment District. The King Street restaurants and theatres are a block north, and the stadium and arena are a short walk south. CentreCourt marketed the building on its access to the PATH and the financial district, and for people who work downtown, the walk to the office is a big part of the appeal.

It is also busy and loud on game nights, concert nights and weekends, and during the film festival. Mercer Street itself is a short side street with Nobu Residences and The Mercer as neighbours, so the immediate block is tall and dense. Check what each suite faces and how much privacy you have from the towers next door.

What 55 Mercer costs, and what the fee buys

The building average sits around $974 per square foot, typical for a new Entertainment District tower of compact suites. Because the suites are small, the price per square foot is high even when the total price looks approachable.

When I reviewed it there were 14 suites for sale. The eight I looked at in detail asked from about $415,000 to about $690,000. One-bedrooms asked roughly $415,000 to $639,000, one-plus-dens about $520,000 to $680,000, and a compact two-bedroom was in the same range. That much active supply in one building gives buyers room to negotiate.

Supply is the theme here. A 543-suite building of similar compact plans will almost always have several listings competing at once, both for sale and for lease. That keeps prices honest and gives you choice as a buyer, but remember it works the other way when you sell. A suite with a better plan, a higher floor or a good exposure is what will stand out when it is your turn.

Fees on those listings ran from about $377 to about $542 a month, roughly $0.84 per square foot. That is reasonable for a building with three floors of amenities, but I could not confirm what it includes, and new-building fees often rise in the first few years. For sold figures, use the aggregate data on this page or ask me for a building sold report.

Building specifications

Amenities at 55 Mercer Condos

Three floors of amenities give residents of small suites somewhere to work, train, host and sit outside. If you will actually use the co-working space and the gym, the fee is buying you something real; if you will not, you are subsidising neighbours who do.

Jatin’s honest take on 55 Mercer Condos

55 Mercer Condos — frequently asked questions

Looking at King West, Liberty Village and CityPlace more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.