Lanterra

Back
   
Articles Details

07.29.2013

Q&A: ‘I’m very excited about the next 10 years’

Formed in 2002 when business partners Mark Mandelbaum and Barry Fenton joined forces, Lanterra Developments is still a strong force in Toronto’s condominium market today. The developer currently has Ice Condominiums and Burano under construction, while sales are underway at The Britt – a conversion of the old Sutton Place Hotel – and a new phase is scheduled for a September release at Treviso Condominiums. On top of all that, the developer expects to release three new projects in 2014. Mr. Fenton is Lanterra’s president and CEO.

What were Lanterra’s goals when you formed the company?

We wanted to establish a reputable, honourable building company and provide really good product. Our goal has always been to find strategic locations; one of the ways you can pass on savings is by buying strategically and well. We also made the decision to pick areas in the city that we feel have a lot of growth potential, and have infrastructure in place that can support the market. We like to do things in size – we create communities – and that’s how we’ve succeeded.

How has the condominium market changed since Lanterra first formed?

In two ways. First, the city has done a great job in making developers create urban design that really works for the city. And they have also worked with us to put infrastructure in place. If they hadn’t done that, I believe downtown living for condominiums would be a lot more difficult.

The market has obviously slowed down since the record condominium sales of 2011. What advice would you give purchasers in the new buying environment of 2013?

I think as a purchaser one must be weary of the person they’re buying from. The last thing they want to do is buy from somebody where the project may not take off because of the financing or instability of the developer. So if I were going to throw some advice to someone I would say they should buy from a reliable builder. And they should also buy in a strategic location.

Where do you see the future of the market?

There’s no question we’re on a rollercoaster and we’re on the bottom part of the ride. But I think we’re going to be good. When people buy real estate, you have to look at the 10-year horizon. I think the next 10 years are going to be better than the last 10. I think we’ve built such a phenomenal base for purchasers, that I don’t see anything that could turn us back now. I’m very excited for the next 10 years.

Read the Full Article:
The Globe and Mail

more articles

01.05.2023

New boutique condo in Toronto’s Glen Park neighbourhood is designed with visitors in mind

The vibrant and family-centric Glen Park neighbourhood in Toronto has a lot going for it — schools, synagogues, restaurants, shopping, transit. But Mark Mandelbaum, chairman of Lanterra Developments and a...

read more

10.14.2022

Lanterra’s Glenhill project to incorporate hotel into condo building

TORONTO — Lanterra Developments has released plans for the integration of Glenhill Hotel into its Glenhill Condominiums project in the Glen Park neighbourhood of northeast Toronto. The nine-storey luxury boutique building on Bathurst Street...

read more

08.23.2021

Lanterra launches Natasha, keeps hectic GTA development pace

Lanterra Developments will launch sales of a 47-storey, 436-unit downtown Toronto condominium, Natasha The Residences, in September as it keeps up a steady pace of developments in the city. “I prefer towers...

read more