AFFORDABLE. FOR THE ARTS. FOREVER.

Below-Market Live/Work Ownership Opportunities on Queen Street West for the Arts Community

 

Sales Appointments for Non-Profit Arts Professionals Now Open

Artists are still welcome to make appointments during this time.

 

Artscape is launching its next innovative project exclusively for qualified artists and non-profit arts professionals. Artscape Triangle Lofts is a new condominium development of 70 units created with the specific purpose of preserving vital artist work and living space in the Queen West Triangle neighbourhood of Toronto. Scheduled for occupancy in Summer 2010, we are currently offering a portion of these live/work units for sale at costs substantially below-market rate. The balance will be offered for rent at affordable rates in Fall/Winter 2009.

Artscape Triangle Lofts is a non-profit initiative to create a new self-sustaining development model that permits opportunities for both live/work ownership and rental housing, encourages a mixed-use community, supporting a range of incomes in the arts community in perpetuity.  Artscape is excited to launch the sales process for Artscape Triangle Lofts and acknowledges the tremendous leadership of the City of Toronto, and project partners Urbancorp and Active 18, in developing this new model.  Without their support and commitment, this project would not be possible.

THE BENEFITS

• Below-market ownership: substantially lower monthly carrying costs compared to other new-build loft condominiums in Toronto
• A non-profit initiative that encourages a mixed-use community, supporting a range of incomes in the arts community
• Purchasers of units may complete the purchase of their unit by paying 75% of the purchase price and giving Artscape a payment-free second mortgage (the Artscape Mortgage) worth 25% of the purchase price (see our Finance Centre section for more information on the Artscape Mortgage)
• Conventional first mortgages for 70% of the purchase price are available for qualified purchasers from many sources, including Creative Arts Savings & Credit Union at competitive rates
• Unlike other developments, Artscape requires only 5% deposit at the time of purchase
• Open exclusively to artists and non-profit arts professionals
• Developed for the arts community, governed by the arts community, owned by the arts community - forever
• Unit sizes ranging from 500 to 1,010 sq.ft.
• Down payments as low as $8,750
• Monthly carrying costs starting at $959
• Created by a not-for-profit arts organization with 23 years experience
• In the heart of the arts: situated in the Queen West Triangle area close to The Theatre Centre, Gladstone Hotel, Drake Hotel, The Great Hall, Museum of Contemporary Canadian Art (MOCCA) and the largest concentration of art galleries in Toronto
• Short move-in wait time: currently under construction with occupancy scheduled for Summer 2010
• 10 foot ceiling height on floors, per plan
• Constructed to achieve LEED-certification (Leadership in Energy and Environmental Design) and environmentally sensitive in its materials and design
• Limited parking available for purchase

AFFORDABLE. FOR THE ARTS. FOREVER.

A key goal of Artscape Triangle Lofts is to create a live/work development which provides both ownership and rental housing opportunities for a range of incomes to artists and non-profit arts professionals in perpetuity, and ensures that the units in the development remain below market price.

As it is the goal for the development to be self-sustaining and remain in the arts community, the units must be the principal residence of the purchaser and the resale of the units will be restricted. Upon resale, the owner will work with Artscape to sell their unit to qualified artists and non-profit arts professionals who are from a pre-approved list of purchasers qualified by Artscape. The resale value will be determined by a formula which is set out in the purchase and sale agreement and other documents registered on title. Artscape manages this process eliminating the requirement for real estate sales professional and covers its costs by charging a fee of 3% of the resale value.

Artscape has developed an ownership model for long-term affordability, which is secured through a second mortgage and a shared appreciation program, which requires each purchaser to obtain a second Artscape Mortgage for the unit. The Artscape Mortgage is a shared-appreciation mortgage.  Depending on the performance of the real estate market the owner can realize an appreciation on their investment and share the appreciation of the Artscape Mortgage. This second mortgage then is offered to the next purchaser. To protect owners the Artscape Mortgage is structured to absorb any depreciation in the value of the unit up to a maximum of 25%.  Upon sale, the vendor must pay off their first mortgage and the appreciated Artscape second mortgage. This shared appreciated plan will help ensure that the unit remains affordable relative to the local real estate market.

A community of and for the arts – forever!

SALES PROCESS

Sales Registration Opens: July 30, 2009
Online Registration to book sales appointments opened at 9:00 am, July 30 EST, with the first appointment taking place for artists on August 10. Sales appointments for non-profit arts professionals will begin September 10. Appointments will be booked for qualified purchasers and units will be sold to qualified purchasers on a first-come first-served basis. There will be no pre-booked appointments or sales prior to the first appointment on August 10.

Phase One Live/Work Unit Sales to Artists Opens: August 10, 2009
Artscape will start meeting with qualified artist purchasers beginning on August 10, 2009. In keeping with the aims of Artscape Triangle Lofts to preserve vital artist work and living space in the Queen West Triangle, first opportunities to book sales appointments will be given to qualified artist purchasers who intend to live and work in their units. Registration for Phase One sales appointments can be made as of July 30, 2009.

Phase Two Remaining Unit Sales to Artists and Non-Profit Arts Professionals Opens: September 10, 2009
Artscape will start meeting with qualified non-profit arts-professional purchasers beginning on September 10, 2009. Artists are still welcome to make appointments during this time.  Registration for Phase Two sales appointments can be made as of July 30, 2009.

Affordable Rental Application Launch: Fall/Winter 2009
Details regarding the tenanting process for affordable rental units will be available in Fall/Winter 2009. To ensure that you are contacted about this process, please join the subscriber list.

QUALIFICATION PROCESS
In order to purchase at Artscape Triangle Lofts, you must qualify as an artist or non-profit arts professional as determined by the Artscape Artist Advisory Committee. During your online registration you will be asked to submit your artist CV or non-profit arts professional resume and a Letter of Intent, describing how you intend to use your space, to determine your status as an artist and/or non-profit arts professional. Please see Artscape’s Qualifier for Artists and Non-Profit Arts Professionals for more detailed information on artist and non-profit arts professional qualifications. You will also be asked to submit your net annual household income for the past three years.

Additional Qualifications:

• You must have sufficient income and credit worthiness to qualify for mortgage financing
• Your annual household income does not exceed certain limits depending on the size of the unit
• You must be a permanent resident of Canada
• You must be 18 years of age or older

Qualifications Information Sessions:
Artscape held three information sessions for interested purchasers to explain the qualification process required to own a unit at Artscape Triangle Lofts.  Each session began with a brief 30-minute presentation, followed by an opportunity to ask questions individually, as well as speak with our staff about the process.

Sessions took place at the Workman Theatre Lecture Auditorium located at CAMH, 1001 Queen Street West on Thursday, July 23, 2009. The first session took place from 12:30 p.m. to 1:30 p.m., the second session from 3:30 p.m. to 4:30 p.m. and the third  from 7:00 p.m. to 8:00 p.m.

Please note that these information sessions were specifically to address the qualification process and registration, not about the project as a whole - if you are looking for floor plans or general information please visit the various pages of this website.  You were not required to attend the information session to register for a sales appointment; the sessions were simply to answer questions and share information.

LOCATION
Located in the heart of Toronto’s Queen West Triangle neighbourhood, at Sudbury and Abell Streets (Queen St. W., east of Dufferin St.), Artscape Triangle Lofts is in an area long associated with Toronto’s creative community and home to many artists.  Artscape Triangle Lofts comprise the first three floors of the 18-story Westside Gallery Lofts condominium development.

QUESTIONS
Contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it  or 416-392-1038 ext. 13.