“These towers can become a symbol of what Toronto can be,” David Mirvish, theatre owner and producer, told reporters Monday. “I am not building condominiums; I am building three sculptures for people to live in."
That may well be, but the hundreds of individual investors expected to buy units in the skyscrapers may prefer to see it in more monetary terms.
Either way, Mirvish is planning to tear down the Princess of Wales Theatre on King St. West and replace it with a new condo complex.
The development will feature three 85-storey residential towers, a 60,000 square-metre art gallery called the Mirvish Collection, a new campus for the OCAD University, and retail space.
It will stretch along the north side of King Street West from the corner of John Street, across Ed Mirvish Way and east to the edge of the Royal Alexandra Theatre.
The condo towers will create one of the tallest structures in North America, with Mirvish suggesting the project will be completed over the next seven years.
While King Street is at the nucleus of a condo boom, it has been largely spared actual development itself. That exclusivity and the involvement of architect Frank Gehry is expected to elevate unit prices to the top of the Toronto heap.
Still, the market has already started to cool and that may dampen demand for units, said one analyst Monday.
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