This past weekend a rooftop restaurant, pool, and entertainment venue called LAVELLE opened upon atop 629 King Street West here in Toronto. It’s on the rooftop of a condo by Freed Developments, that for some reason is no longer called the Thompson Residences.
This past weekend we went to check out Fashion Art Toronto.
I'll be honest and say that I had never heard of it before we bought tickets. Even though technically, it is the longest running fashion week in the city because of Toronto Fashion Week getting briefly cancelled in 2016, when its corporate sponsor pulled out. I also had no idea that Peter Freed, of Freed Developments, ended up purchasing the TFW brand later that year. I have been told he talks about it on this episode of Toronto Under Construction, but I haven't had a chance to listen to it just yet.
Getting back to FAT (the acronym is deliberate), it was a cool event. There were of course various runway shows throughout the day and evening, but there were also a few art installations and a retail area for local designers (see below). Tricon Residential and Kronenbourg 1664 Blanc were major sponsors, and were giving out popcorn and beer. And in general, the crowd was dressed in ways that made me feel both old and stuffy. It was a lot of fun.
It was also in a warehouse in the Junction. Well, technically I think the neighborhood is called Harwood. But if you're even remotely close to the Junction nowadays, it is vital that you just assimilate. That's how this stuff works. As soon as a neighborhood has a successful brand, its boundaries get invariably stretched in every way possible. I suppose this is the Darwinian world of urban neighborhoods. There is always a chance that you may not make it and you might just get absorbed by a neighboring faction.
I would also add that a lot of creative uses in need of space -- whether it's a fashion show or a DJ event -- seem to be gravitating towards this northern part of the Junction. If you see an event location that says "undisclosed warehouse", chances are it will be here. This is, of course, another naturally occurring urban phenomenon. It is the whole "new ideas require old buildings" thing, which really just means that new ideas require cheaper rents. And generally, it is a good positive leading indicator for an area.
Having said all this, I do think there's a lot of room for Toronto to step up its commitment to fashion and the arts. This is not a world that I live in, and I am not criticizing the good work of Fashion Art Toronto or Toronto Fashion Week. I just think that for a global city of our size and influence, we should be much better. I saw some of this city's ambition, talent, and diversity in a warehouse in the Junction this past weekend. It's just too bad that it's not on stage for the rest of the world to see.
Here’s a sampling of their Instagram to paint you a picture:
I mention this not because I went, but because I think it’s interesting to see how Peter Freed is evolving his company and brand. He is best known as a real estate developer. But what he wants to do and what he is doing is turning Freed Developments into a “vertically and horizontally integrated progressive lifestyle company.”
According to this recent press release, LAVELLE is the first venture of Trademark Hospitality Inc., which itself is “a branch of Freed Hospitality.” This is him selling not just selling a place to live, but selling a particular lifestyle and a certain community – and then taking an active and ongoing role in the programming of it.
The other example that comes to mind is that of Equinox Fitness. I’m sure you all know this company, but what you may not know is that it’s owned by a real estate development firm called Related. The New York-based company acquired them in 2005 (closed in 2006) for about half a billion dollars.
Here’s why they did it (excerpt from this press release):
Related and Equinox have historically shared similar visions. Both companies are known for their commitment to lifestyle, service, innovation and design, and have a passionate following amongst dedicated upscale consumers. The companies’ respective customers have similar demographic and psychographic profiles and both foster fiercely loyal clientele who are passionate about their brands.
Related has redefined the residential marketplace, created the benchmark for sophisticated urban living and has been committed to quality fitness facilities in its buildings since the mid-eighties. Since its inception 15 years ago, Equinox has been widely recognized for being an industry innovator and for delivering an unparalleled fitness experience.
Both companies will enjoy a number of key strategic opportunities from the partnership. Related will secure a well known brand as a quality anchor tenant for key current and future developments. This will also help Related to enhance the quality of its amenities and facilities available to residents.
So this is not a new thing. In both of these cases, the goal is to create a brand and identity centered around a precise lifestyle. I mean, Related even mentions “psychographic profiles” in their news release. They know who their audience is, just as Freed does.
Another way of looking at this is how it ties into what I see as a broader shift away from just development to more city building. It’s not just about throwing up a building and then moving on. It’s about trying to foster a certain kind of community and lifestyle. We may not all agree on what that community should be, but overall I think it’s an exciting direction for cities.
If you’re taking a similar approach in your business (or even if you’re not), I would love to hear from you in the comments below.
Back in 2006 when I was fresh out of architecture school and looking for work, I knocked on the door of a design company based in London with my polished resume in hand. I was sleeping on a friend’s couch at the time and the company seemed like a perfect fit for me – so I went for it.
There’s no happy ending to this story though – because I didn’t get past the front door that day – but there’s never any harm in trying. As my friend told me the morning I went: fortune favors the bold.
The firm I visited that day is called YOO.
They call themselves “a residential and hotel design company”, but their model is actually more unique than that. Founded in 1999 by John Hitchcox (a property developer) and Philippe Starck (a rockstar designer), the firm partners with local real estate developers around the world and creates value through design, branding, and marketing expertise – as well as through celebrity names like Philippe Starck and Jade Jagger.
They did one project in Toronto with local developer Peter Freed called 75 Portland.
What makes their model interesting is that, unlike the real estate developers they partner with, they’re not assuming the same level of risk (unless, of course, they co-invest). They get paid (well) for the design services and marketing expertise they provide, as well as the brand equity that they bring.
This is similar to what Donald Trump does with some (most?) of his developments now. Want the Trump name on your building? Pay $X. Want Philippe Starck at your condo sales launch? Pay $Y.
When I was in architecture school, I used to wonder why we didn’t talk about the importance of branding and marketing. I thought we should. Which is probably why I ended up in business school afterwards.
I think there’s a lot of potential in overlaps and hybrid business models, which is why I was excited to learn today that YOO has just launched a new architectural practice called YOO Architecture.
You can read more about it here.
Image: Icon Brickell, Miami via YOO
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