Updated: Jun 29
By Lanterra Developments
Lanterra Developments Launches Lanterra Living:
Test program rolls out to five millennials purchasing condominium suites at Natasha The Residences
Renowned for contributing to Toronto’s skyline and culture, Lanterra Developments in partnership with Fengate Asset Management announces the launch of Lanterra Living, a unique, experimental program that breaks down barriers for millennials aspiring to own property in the competitive Toronto real estate market. Lanterra sought out a group of five young men and women hoping to become homeowners with specific interest in Natasha The Residences, set to be constructed at 263 Adelaide St. W. in the heart of Toronto’s cultural district. With appeal to this age group, the building is inspired by Natasha Koifman, respected Canadian business leader and public relations powerhouse, and will carry the mantra of “Turn Life On”. As a preliminary case study, the new Lanterra Living program will support these millennials by reducing deposits and providing insight and counsel on every step of the purchase process. By documenting their experiences, Lanterra hopes to educate other millennials about the process of getting into homeownership.
“When we launched Natasha The Residences, we quickly noticed significant demand from ambitious young entrepreneurs. However, amidst affordability challenges in downtown Toronto, it became very difficult for them purchase, so we decided to come up with our own solution,” says Mark Mandelbaum, Chairman of Lanterra Developments. “Lanterra Living gives young millennials with great jobs and solid incomes, who otherwise should have been able to make it on their own, the opportunity to become homeowners.”
From diverse backgrounds and professions, Lanterra Living includes five participants eager to break into the real estate market:
● Kalynn, a hypnotherapist
● Drew, an entrepreneur and music artist
● Meryem, a registered dental hygienist
● Dina, a finance professional
● Geoff, a professional recruiter
“I make a good living and take care of my finances, but it still was not enough for me to meet down-payment requirements,” says Kalynn Lea. “Being a single, self-employed woman is liberating for me and I love my independence, but with that comes some financial hurdles. I don't have a dual-income or someone splitting expenses with me, nor do I have benefits, sick leave, vacation pay, and a consistent salary. Before Lanterra Living, buying a condo was impossible for me – even working six days a week. I finally feel like I’ve found the answer.”
As part of the program, participants will receive guidance and mentorship from industry insiders, setting them up for success so they can ultimately move into their new homes when the project is complete in 2026. This includes education on benefits for first-time home buyers and additional savings opportunities.
“This is probably the most ambitious project we’ve ever done, and we couldn’t be more excited,” continues Mandelbaum. “By their side for the next four years, we will help these young men and women discover the joys of ownership, while also navigating the challenges. We are intensely proud to support Toronto’s next generation as they take the next step in their lives.”
To determine who would qualify, Lanterra assessed each individual’s career trajectories and savings to anticipate if they would have the capital in four years when the condominium is ready for occupancy and closing. Lanterra’s reduced deposit structure for this limited program allows these millennials to become homeowners with only 5% down required.
Taking the program a step further, Lanterra recently launched a short video series on YouTube named Lanterra Living that will document each of these five millennials’ journeys. This begins with the selection of units, perfectly fitting their needs, followed by ongoing guidance and mentorship. Through relatable storytelling, Lanterra hopes to inspire and educate other aspiring homeowners in the city.
About Lanterra Developments Lanterra Developments was founded by Mark Mandelbaum and Barry Fenton, two real estate visionaries who began with a dream to develop innovative, one-of-a-kind downtown condominium properties. With over 20 years of partnership, joined by Christopher Wein in 2018 as President of Construction Management and COO, Lanterra has charted on an amazing success story on the Toronto skyline with one iconic condominium after another, scaling new heights in design, style and elegant urban living. The company’s guiding philosophy goes beyond just condominium building to dynamic urban revitalization and putting Toronto on the global map as the new city of the future, with vibrant master planned mixed use communities, sustainable green living and cutting-edge environmental technologies. For more information, visit www.lanterradevelopments.com or on social media @lanterradev.