Six years after launching Madison Avenue Lofts, Burnac is about to launch South Hill on Madison, a seven-storey sister condo next door at 377 Madison.
The new building, which project manager (and one of the "Bur" or
Burnac) Zach Burnett says will be higher end, will have 159 units, including 10 townhomes, in about 120,000 square feet. Selling prices will be in the neighbourhood of $600 a square foot, with units ranging from 400 square feet to just over 1,000.
"Our feeling at Burnac is that the landscape of the real estate market has changed quite a bit," Burnett says, "so
Madison Avenue Lofts had a lot of units of 1,200 to 1,600 square feet, where South Hill is going to average 750 to 800."
If sales go according to plan, Burnett estimates ground will be broken in a year to 18 months.
South Hill will occupy the remaining 40,000 square feet of the original 100,000-square-foot lot that is visible from Dupont Street at Madison, but is on the north side of the tracks, between the Annex and Forest Hill.
The building, whose exterior will have art deco references, is designed by architect
Paul Northgrave, who overhauled the old Hydro building that became Madison Avenue Lofts.
Writer: Bert Archer
Source: Zach Burnett
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