The Vancouver-based developer submitted the proposal to the city on March 6, and it is currently under review. The proposal is for a combination of 6 highrise buildings, including an impressive 88-storey condo that would be home to a combined 6.4 million sq. ft. of residential mixed-use space at the bottom of Yonge Street.
Toronto, a city that is already home to several high-rise condo-hotel projects such as the Trump and Shangri-La, has been challenged by a wavering condo market over the past two quarters. According to Urbanation, 253,768 new units were proposed at the end of Q4 2012, up 10 per cent year over year. That said, TREB reported just 5,759 condo sales recorded in the month of February.
So does Toronto really need another high-rise?
Pinnacle believes the unique mixed-use nature of the complex in addition to the location will draw investors off the sidelines and back to the bargaining table.
“It’s just one of those sites that are attractive no matter what the market does,” says Anson Kwok, vice president of sales and marketing at Pinnacle. “It’s at the foot of North America’s longest street, it’s close to the water, and it’s a large piece of land, which if you’re looking to develop in Vancouver or Toronto, is getting harder to come by.”
If approved, the creation is touted to be an iconic addition to Toronto’s burgeoning skyline. And unlike other condo developments that have seen slow or problematic sales in the past, Kwok believes the project has lots to offer investors.
“It has a ton to offer,” he affirms. “It’s a multi-use project, combining residential and office with retail and hotel. If you’re looking for cash-flow opportunities, you’re going to get a high-calibre of professional tenants looking to live here. It provides great options – the value is there.”
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Pinnacle International has submitted a plan to build the highest residential tower in the country, right in the heart of Toronto.