The Thompson Residences, 552 Wellington St W: Condo Living Beside a Hotel

This building is one half of a condo-and-hotel complex, and that is the whole point of it. The Thompson Hotel opened here in 2010 and the hotel side has since been rebranded as 1 Hotel Toronto, while the condo side carries one of the widest suite ranges in King West. I’ll also clear up a naming problem that trips up buyers. I’m Jatin Dua, RE/MAX Quantum Realty.

First, which Thompson building is this?

Freed Developments used the Thompson name on two different projects, and listings mix them up. This page is about 550 Wellington West, the 2010 complex at 552 Wellington Street West and 55 Stewart Street, designed by architectsAlliance, which was built alongside the Thompson Hotel.

The other one, also marketed as Thompson Residences, is a separate 12-storey Freed building on King Street West designed by the Montreal firm Saucier + Perrotte, now known as 629 King Residences. It is a different corporation, different fees and a different product. When you see a listing called “Thompson Residences,” check the street address before anything else.

The two buildings also differ in what they offer. The King Street project was marketed with a rooftop pool, a health club and access to hotel services such as room service and valet. If a pool is on your list, that is the other building, not this one.

The hotel itself has also changed. Starwood Capital Group announced in 2019 that the Thompson would be renovated and rebranded as 1 Hotel Toronto, so the “Thompson” in this building’s name now refers to history rather than to the hotel next door.

A condo that shares a block with a hotel

When it opened, the complex had 336 condo suites by UrbanToronto’s count and a 102-room hotel. Current listing data shows 327 suites, and I’d treat the difference as a counting question for the status certificate rather than a red flag.

The condo and hotel shared some amenities but not a front door. The hotel lobby faced Stewart Street, separate from the residential lobby, and the courtyard between them was landscaped by the Toronto firm gh3, with a diagonally braced space frame meant to extend the food and drink service outdoors.

The hotel side was designed to make an impression: the New York firm Studio Gaia did the original lobby, which ran from the front desk into a lounge and bar with a large cityscape mural by the Spanish artist Javier Mariscal. The 1 Hotel renovation was announced as a reworking with reclaimed timber, driftwood and limestone, so the look next door has changed since the building opened.

For residents, this setup means restaurants, bars and hotel traffic built into the block. Some buyers love that. Others find the evening activity and hotel guests a distraction. Ask management exactly which facilities residents can use today, after the rebrand, and on what terms, because hotel arrangements change and you want the current answer in writing.

From 393-square-foot studios to multi-level penthouses

The suite range here is unusually wide: roughly 393 sq ft at the small end and more than 7,600 sq ft at the top. Most of the resale market sits in one-bedrooms and one-plus-dens between about 600 and 900 sq ft, with larger two-bedrooms and penthouses appearing less often.

That spread cuts both ways. Small suites trade often, so comparables are easy to find. The large suites are rare, which makes them hard to value, and their fees climb fast with size. If you are looking at the top end, get your agent to pull sold data for the same building and nearby penthouses rather than relying on a general per-square-foot figure.

Listing data notes pet restrictions in the building. I have not seen the rules, so read the declaration and rules in the status certificate before you bring a dog or a cat.

The King West reality

This is the western edge of King West, a block south of the office and restaurant strip on King Street. The block is quieter than King Street itself because the condo faces Wellington, but the hotel brings people and cars to Stewart Street.

Transit, schools and walkability are shown in the data panel on this page. What the panel will not tell you is that this stretch is still filling in with offices and new condos, so expect construction nearby for years to come.

Pricing and fees at 550 Wellington West

The building average is around $1,003 per square foot, above Liberty Village buildings like Toy Factory Lofts at about $931 and Zip Condos at about $841. Buyers here are paying for the address, the design and the hotel next door.

Active listings range from $599,000 to $2,499,999 across five suites, from a one-bedroom in the 600s of square feet up to a two-bedroom-plus-den. The spread reflects the suite range more than any movement in the market.

Fees are the number to watch. On current listings they average about $1.16 per square foot, which is high for Toronto. That covers heat, water, air conditioning and insurance, but parking is not listed as included. On a large suite, fees above that rate add up to a real monthly cost, so run the carrying numbers before you fall for the floor plan. I’d want to understand why fees are at that level, whether it is the shared complex, staffing or reserve contributions, before I bought.

To put the fee rate in plain terms: at about $1.16 per square foot, an 800 sq ft suite carries a fee of roughly $930 a month before hydro and parking. That is the number to compare against rent, or against a newer building where fees start lower but heat and cooling are on your own meter.

Building specifications

Amenities at The Thompson Residences (550 Wellington West)

The building’s own amenity list is short; the draw is the hotel complex and courtyard next door. Beanfield Fibre is available, which matters if you work from home.

Jatin’s honest take on The Thompson Residences (550 Wellington West)

The Thompson Residences (550 Wellington West) — 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.