Being a purchaser and selling a couple of the I-Zone relaunch lofts, I have a bit of an in, as to what is happening with the trials and tribulations of this auspicious project. (New units for sale see below)
But first, a little bit of history… About 100 years ago the I-Zone was two buildings: the Coca-Cola bottling plant and Diament Knitting Mill. The coca cola execs had underground parking built for themselves which brought east end’s first underground parking lot. During WWI the building turned into an ammunitions factory, then into some textile factory, and eventually bought by the Jain family at the turn of the millennium. They had a few rave parties and decided to turn the building into a 100 unit mixed use loft condo, with every unit being as unique as it’s currant owners. With I-Zone’s interesting history you can find anything from old coke bottles to bombs to pills inside any of the given walls. The developer (Jain family aka Navhar/Atria) sold off 80% of the units and kept the rest.
We turn to present day, most of the remaining units (owned by Navhar) are zoned commercial, and being extensively renovated to convert them to residential status.
The relaunch has been under construction for a year and a half, and 4 units have been converted and still have 8 to go (in this phase). This year and a half came with it’s fair share of hurdles for the Atria team: replacement of project managers, delayed building permit approvals, mortgagors, discrepancies with condo board, management, residents and buyers. Atria who is no stranger to animosity, and to their credit being a big part of developing the Dundas/Carlaw strip, they have their fair share of hair pulling disputes and aren’t necessarily the most liked people in the neighbourhood, I guess it comes with the territory of being a developer.
That said personally I am ecstatic about my purchase and home. The process was very long, tedious and delayed which took over a year from purchase to close. I was the first purchaser of the relaunch bought it ‘as-is’ (with Atria building stairs to the rooftop with a ‘dog-house’ and bringing unit to code too). I completed my own design and renos (who I trust not to cut corners) and now my place looks awesome and has gone up 20% in value since purchase. Sweet:
***This just in!!!! unit 227 is going up for sale in the coming week price tag $819k (not an Atria project) 1+1 bedroom with massive outward facing windows, parking, 2nd floor mezzanine, polished concrete floors and around 1700 sq ft.**** email me to be the first to see it: Arty@realestatebybike.com
If you want to be the first to know of each launch, email me: Arty@realestatebybike.com
Photos of one of the relaunch units I sold: