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TheÌýthree-storeyÌýbuilding atÌý2343 Gerrard St. E.Ìýhas exclusively two-bedroom, two-bathroom residences with at least 1,000 square feet each. Each unit has its own floor and private outdoor space. It’s been dubbed “The Walk-Up” to reflect the stairs needed to go up or down into any unit.

While multiplexes — which typically look like single-family homes divided into apartments — tend to have one owner who rents units out, there’s been a growing trend of developers in º£½ÇÉçÇø¹ÙÍøturning the homes into condos and selling them separately.

Builder Urbinco describes theÌýGerrard Street East projectÌýon its websiteÌýas the “reimagination” of both a townhome and a condo.

It mergesÌýaspects of a single-family living with the simplicity of condo life, said Paul Johnston, the realtor representing the property.

“They don’t have concierge services and elevators, but they’re way lower maintenance than living in a single-family home,” he said.

Units cost around $1 million

For now, the sellers have listed only two of the four units while they gauge buyers’ interest, said Urbinco co-founderÌýAdam Prochilo.

“We’re really trying to understand what the appetite is. That way we can just adjust expectations higher or lower,”ÌýProchilo said.

The top-level unit, which has about 1,450 interior square feet plus a rooftop terrace and two spacious balconies, is listed the highest at $1,195,000.Ìý

The unit just below, with about 1,100 interior square feet as well as two spacious balconies, is priced at about $900,000.

Across the city, the average price of a condo apartment in March was about $716,000 while a condo townhouse cost $825,000 on average,Ìýaccording to º£½ÇÉçÇø¹ÙÍøRegional Real Estate Board data. Detached homes averaged $1.7 million. Only a handful of transactions took place in the East End — Danforth last month, so the average prices aren’t as straightforward.ÌýDetached homes in the neighbourhood, however, averaged $2.3 million across 15 transactions.

When it comes to pricing, Prochilo said the unique units should be compared to all different types of housing on the market, rather than just one type.

“You need to look at ‘What can I buy for a million bucks in this market?’ We took that into consideration,” he said.

Based on the unit size, finishesÌýand private outdoor space,ÌýProchilo believes the condos are very attractive for the price.

Johnston noted there are parking spots in the rear yard for three cars. They’d likely be reserved for the top three suites, although “to a certain extent, it depends on first come, first served.”

There’s also street parking on neighbouring streets, he added.

Given it’s a building that is “completely turnkey, that has outdoor space, that has room, that has sunlight, that’s bright, that doesn’t require maintenance, and that has the ease of a condominium, but without feeling like you’re in a giant building,” Johnston said the two units listed for sale have garnered interest from first- and second-time homebuyers who might otherwise be interested in buying condos with less square footage in larger buildings.

When a condo meets a lowrise

Maintenance fees for the two condos are about $500 or $580 a month depending on the size of the unit.

Johnston said they’re “fairly low” because there’s no concierge, elevator or common amenities like a gym, and each owner pays their own utilities.

Instead, the fees cover snow removal, landscaping, window washing and garbage removal by a property management company.

Another portion of the money is allocated towards the reserve fund, money a condo corporation must pool for major repairs in the future.

But the condo board — which will seat three of the four owners — can decide to change how they spend the money (with the exception of the reserve fund, which is a legal requirement).

“When you get to condominiums of this very modest size, it’s often the case that after a few years, they’ll become self managed and not need a property manager on an ongoing basis, simply because there isn’t enough to keep them busy,” Johnston said.

Board members —Ìýa president, vice-president and treasurer — would meet annually, just like any condo board, Johnston said.

While Johnston believes the condos will attract community-oriented people who will want to be involved in decisions, he noted “there’s always room for one owner not to be on the board.”

Builder has plans for more missing middle developments

With the city’s push for more missing middle housing, it’s become easier and faster for developers to go ahead with these kinds of projects.

An approvals process that once would have taken about a year now takes about six months,ÌýProchilo said.

Additionally, the city doesn’t require builders to pay development charges for multiplex properties with up to four units,ÌýProchilo said, noting, however, this wasn’t the case when the Gerrard Street project was being built.

CMHC, meanwhile, provides government-assisted financing for properties that have five rental units or more.

While the Walk-Up property only has four units, UrbincoÌýhas a series of fourplexes with garden or laneway suites set for construction roughly in the next year, Prochilo said.

“This model would help promote the (development charge) exemption as well,” he said, noting garden and laneway suites get development charges deferredÌýas long as the lot is not severed within 20 years.

Urbinco builds both rental and condo units. It’s been in the business for about eight years, contributing some 1,300 units across the city, and it has been focusing on missing-middle projects for more than five years,ÌýProchilo said.