THE first sod was turned on the Foreshore Lake Macquarie apartment buildings in Toronto on Monday.
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The property will comprise 37 apartments spanning three buildings in Wharf Road on the site previously occupied by Hirecraft Marine.
Developer John Stevens, of the Stevens Group, said he was excited to make a start on a project he said would be "something special".
"I think this is one of the best projects our company has ever done," he said.
"We launched the project in October last year to an exclusive VIP event, where 20 apartments worth over $24 million were sold in one night.
"Purchasers immediately recognised the quality of the apartments, with six of them selling for in excess of $2 million."
Foreshore features a mix of one-, two- and three-bedroom apartments over four levels.
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The property also features its own jetty and 18 swing moorings.
The project was designed by EJE Architecture and the Stevens Group and is being jointly marketed by Jason Maxwell, of Raine and Horne, Newcastle, and Paul Avery, of Avery Property Professionals, Toronto.
Mr Avery said Foreshore's location, design, luxury finishes and spacious apartments all added up to high quality real estate.
"The two-bedders start at 100 square metres, and a lot of the three-bedders are 150 square metres," Mr Avery said.
"The site also enjoys a 60-metre water frontage and there is something like 18 metres of parkland between the buildings, so when people look back - whether from the road or the water - they're going to see a lot of open space."
Twenty-four of the apartments have been purchased off the plan.
Mr Avery said 80 per cent of those buyers had come from the local area.
Of the remaining 13 apartments, prices for the two-bedders start at $695,000, while the three-bedders start at $950,000 and go up to $1.95 million for three-bedders with a media room.
All apartments feature level lift access and basement parking with storage.
Richard Crookes Constructions is the builder.
Mr Avery said the apartment owners could expect to move into their new waterfront homes in time for Christmas next year.
