Pinnacle Centre, 16 Yonge St: First Tower of the Complex, Hydro Included

16 Yonge is the tower that started the Pinnacle Centre, and nearly 20 years later it is still one of the easier downtown buildings to explain to a buyer. You get a mid-sized one- or two-bedroom, a recreation club with a pool and courts, and a fee that already covers hydro and parking. You also get the Gardiner on one side and one of the biggest construction sites in the country across the street. I’m Jatin Dua, RE/MAX Quantum Realty.

Phase one of a four-tower complex

Pinnacle International built the Pinnacle Centre on about 3.8 acres of former railway lands between Yonge and Bay, south of the Gardiner. There are four towers and roughly 1,880 residences in total: 16 Yonge, 12 Yonge, Success Tower on Harbour Street and 33 Bay.

16 Yonge came first, in 2006. Sources disagree slightly on its size. Listing data says 42 floors and 508 suites, while Wikipedia gives 40 storeys, 124 metres and 501 suites. The gap is most likely how the mechanical and amenity levels are counted, but use the status certificate figure if it matters to you.

Being first has a practical consequence. This is the oldest tower in the complex, so it is the first one to face the roughly 20-year round of window, balcony and mechanical work. That is not a reason to avoid it. It is a reason to read the reserve fund study before anything else, and to ask whether a special assessment or a large fee increase has been discussed in recent board minutes.

Layouts, ceilings and the view question

Most suites are one-bedrooms, one-plus-dens and two-bedrooms between about 500 and 1,000 sq ft, with a few larger plans up to about 1,400 sq ft. Construction is steel and glass with floor-to-ceiling windows and balconies. One current listing describes 9-foot ceilings, which is typical of this generation of downtown tower.

Original finishes included stone counters, stainless appliances, laminate floors and stacked laundry in a closet. Many suites have since been updated, which is why two similar plans can trade for quite different prices. Ask what has been changed, and when, and whether the work had board approval where the rules require it.

Orientation decides the experience. South and southwest suites look toward the lake, the CN Tower and Scotiabank Arena. North-facing suites look straight at the Gardiner, which a listing places within about 100 metres. Taller towers in the complex and new buildings to the east block some sightlines. Stand in the actual suite at rush hour before you decide.

The Pinnacle Club, and the construction across Yonge

The amenities are the reason many buyers choose this complex. The Pinnacle Club is a multi-level indoor and outdoor facility with an indoor pool and whirlpool, a fitness centre and saunas, squash and basketball courts, a theatre room, a yoga studio, billiards and lounges, plus an outdoor terrace with barbecues, a running track, mini-golf, a tennis court and gardens.

I could not confirm which of those facilities sit inside 16 Yonge and which are shared across the complex. Ask the property manager, because shared facilities usually come with a cost-sharing agreement between corporations, and that agreement decides who pays when the pool or the courts need major work.

Directly east across Yonge, Pinnacle’s own Pinnacle One Yonge redevelopment is reshaping the old Toronto Star site with several towers, including one planned at more than 100 storeys. East-facing suites will live with cranes and noise for years, followed by new shops, offices and thousands of new neighbours. Union Station, the PATH and the waterfront are all walkable; the data panel has transit details.

Living in a 500-suite tower

With about 500 suites, 16 Yonge is a big building, and big buildings behave differently. Elevator waits at 8 a.m. are longer, move-in days need to be booked, and there are enough tenants and short-stay residents that you will not know most of your neighbours. In return, the fixed costs of the concierge, the club and the staff are spread over many owners, which is part of why the fee per square foot stays reasonable.

Smaller suites here rent quickly to people working north of the tracks, so investor demand has always been steady. If you are buying to live in, look at the declaration and rules on leasing and short-term rentals, how the board enforces them, and how the elevators are booked for moves. The board minutes will tell you how much of the management’s time goes into those issues.

Harbour Street and Lake Shore are wide, fast roads feeding the Gardiner, so this is not a sleepy lakeside address. The reward is a short walk south to Queens Quay, the ferry docks and the waterfront trail.

Pricing, and what the fee actually covers

The building average sits around $869 per square foot, almost level with 12 Yonge at about $884 and 33 Bay at about $901. You are not paying a premium or getting a discount for being the oldest tower in the complex.

There is real choice right now, with five suites for sale. Asking prices run from about $525,000 to about $1,270,000, with two-plus-dens in between around $970,000 to $1,040,000. Asking prices are not sold prices; for those, see the data panel or my building sold report.

Fees on current listings average about $0.87 per square foot, and they include hydro, heat, air conditioning, water and parking. That is a strong inclusion list for a downtown tower of this age. When you compare it with a newer building at a lower fee, add back that building’s hydro bill and parking charge first.

Building specifications

Amenities at Pinnacle Centre

If you would otherwise pay for a gym, a pool and a racquet club, the Pinnacle Club does real work for your budget. The flip side is that a facility this size is expensive to run and to rebuild, so the reserve fund needs to be ready for it.

Jatin’s honest take on Pinnacle Centre

Pinnacle Centre — 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.