Fast forward to 2012, over 200 years later, and the area is still home to one of Toronto’s best markets; the St. Lawrence Market. A project to breathe new life into the area is currently underway. The Market Block is undergoing renovations, which will include: retrofitting three heritage buildings, creating new retail spaces within them, and the design of a new contemporary retail building at the south end to complete the block. This will lend a very European feel to this area and it is hoped that in the future, the City will consider closing the street to continue the pedestrian precinct of Market Lane Park, located just one block north.

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Oneeleven, as the project is being called, is designed by Core Architects. From the moment I first saw this company’s revamp of a Cabbagetown Coach House, I fell in love with them. They have since gone on to do a number of highly successful condominium projects in Toronto.

ll BY lV Design Associates is responsible for the interior design for this project. Having completed the same for some of Toronto’s most prestigious developments — the Trump International Hotel and Tower, Minto’s St. Thomas Residences, the Thompson Hotel and Holt’s Cafe: Holt Renfrew — the interior of the building is expected to be exquisite.

Last, but CERTAINLY not least, is Harhay Developments, the builders behind two of my favourite condo developments on the east side of the city, East Lofts at 138 Princess and Abbey Lane at 261 King St. E and now, builders of Toronto’s newest residential landmark.

The building will be 17-storeys tall with 255 units, located at 111 Bathurst Street near Adelaide. The development will boast modern 1 and 2-level suites from the mid $200s.

The project will be launched in April 2012. Please contact the Live in TO Realty team at 416.462.1888 for more information on this project or any other condo development.

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Granted, most older condo buildings lack the aesthetics of their younger and more appealing rivals or the quality construction based on today’s building code, but these older properties make up for it with more spacious units and a lower price point. Renovating a unit also provides an opportunity to select the exact finishes you want and, sometimes, even make significant design changes (e.g. taking out a wall or designing the wall out of glass, etc.).

One of the more recent examples of renovating an older condo is a property in the St. Lawrence neighbourhood made over by Toronto’s RAD Design Inc. The 600 square foot condo got a $30,000 facelift which transformed the unit into a contemporary home. The architect’s goal was to have a cost-effective renovation, but had there been a little more room in the budget, stainless steel appliances could have been added to the finishes.

I spoke with the Architect regarding this project and asked how long this type of renovation would take, she said, “You usually cannot move the (electrical or plumbing) around too much in a condo, so the work is more aesthetic. The design phase and selecting finishes usually take about a month with the renovation itself taking about 4 weeks for most condos under 1,000 square feet.” She added that, “There’s usually a 60 day period (before the buyer closes the property), which means the consultation period can happen before the client moves in and they will only have to endure 4 weeks of renovations after receiving the keys.”

This property was sold in 2010 and then again in 2011 with the renovations, and still turned a reasonable profit after satisfying land transfer tax, realty fees, legal fees and the renovation costs. So whether you’re looking to buy or flip a property, a condo like this may be an option for you.

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