Rental of the Week: $7,500 a month for a suite above Toronto’s historic Waterworks building

Address: 505 Richmond Street West Neighbourhood: Fashion District Agent: Telly Papageorge, Ellicott Realty Price: $7,500 a month

The place

A 976-square-foot, two-bed, two-bath designer rental in Toronto’s historic Waterworks building, located in the Fashion District and close to Queen West, Chinatown and the Entertainment District.

The history

This rental is perched above Toronto’s Waterworks building, an Art Deco gem that, until the ‘70s, stored and pumped water to nearby businesses and residences. It has since been revitalized as a mixed-use community featuring 290 condo units and a state-of-the-art YMCA and multicultural food hall, both opening soon.

The tour

The building stands out for its size: it takes up an entire city block, from Brant to Maud and Richmond to Adelaide.

Industrial-inspired design prevails throughout the lobby and common areas.

Toronto firm Cecconi Simone designed this unit, completely revamping its original floor plan. “Every square inch of the place has been upgraded, from the cabinetry to the millwork to the storage areas,” says realtor Telly Papageorge. “It’s also designed for entertaining, with an oversized island and under-counter seating.”

The rental showcases a lot of metal, steel and glass, and airy dividers make the place feel open and spacious.

Cream-coloured millwork contrasts the matte-black counters and black marble island.

“The design adds three to four times the average amount of storage,” says Papageorge. Even the wall-unit entertainment centre is recessed to save space.

Outside the living room is a double-wide, 200-square-foot balcony with a grill and a firepit. In the background is Toronto’s new, much-celebrated Ace Hotel.

Designers adorned the bathroom with wall-to-wall porcelain tiles and a frameless shower.

The unit comes partially furnished: the bed frame, TVs and kitchen stools are included.

The Waterworks Food Hall, expected to open in the coming months, will house dozens of vendors and specialty chefs preparing cuisine from around the world. Diners can congregate for a business lunch, an upscale dinner, a patio hang or a date night. The complex is also home to the soon-to-be-open McDonald Family YMCA—a 54,000-square-foot recreational facility with a pool, track, gym, weight room and fitness studio.

And here is the adjacent St. Andrews Playground: the city’s latest haven for pooches and a serene space in the middle of the downtown core.