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Toronto condo developer spends $65 million dollars to build a public park?

October 3, 2013 - Updated: October 4, 2013New Condos in Toronto

11 Wellesley Street has been sitting vacant for the last two decades.The 2.1 acre piece of land was owned by the province of Ontario until Lanterra Developments purchased it for $65 million dollars in February of 2013. At the time of purchase, the province of Ontario recommended a multi tower condo site with over 1000 units.

 

This is what the province has recommended:
11 Wellesley Street Condo Alternate Plans

 

Instead of following the most lucrative path, Lanterra Developments had a different idea in mind. They have proposed to build a 1.6 acre park with only 1 condo tower and 630 units. Now obviously the city is against this plan because it brings in less tax revenue but Lanterra has taken a bold step to provide local residents with something that they want and need… Green Space!

 

Take a look at the Lanterra’s proposed condo site for 11 Wellesley Street:

11 Wellesley Street Condo Rendering

 

Local residents are highly supportive of this plan and for the last 6 months, Lanterra Developments and local residents are negotiating with the city to allow this proposal to go forward. Although the plan has not been fully approved, our sources tell us that the 11 Wellesley Street Condo will be launched with Lanterra’s proposal.

 

The final design with floor plans and pricing for the 11 Wellesley Condo site will be released to Insider Condos in the second week of December. Register here to stay up to date for this new condo site.

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1 Yonge Condo set to become the tallest condo in Canada

May 15, 2013 - Updated: May 15, 2013New Condos in Toronto

1 Yonge Condo Rendering

Yonge Street, the longest street in the world, is now going to be home to the largest development in Canada, the 1 Yonge Condos. There are four condos planned for the 1 Yonge site. The proposed height is 70 storeys, 70 storeys, 92 storeys, and 98 storeys in height. The north-west corner of the site, the one closest to the Toronto core, will have the tallest tower. The Toronto Star building located on the corner of Yonge and Queens Quay will remain due to a long lease of the property but the old printing plant, distribution building and parking lots will be the site of the new condos.

 

The developer, Pinnacle Developments, purchased the land for a whopping 250 million dollars and they have recruited the modern Hariri Pontarini Architects to design concept plans for the site. Pinnacle is no stranger to this area. They already have two successful condo at the waterfront with 33 Bay St Condos and Success Tower.

 

A site at the base of Yonge Street deserves a “go big or go home” approach and although plans are still in the preliminary stages, the plan is to build the tallest residential condo and tallest waterfront condo in Canada at a whopping 98 storeys high. As it is proposed now, 1 Yonge Condo will overtop Eau Du Soleil as the tallest waterfront condo and Aura Condo at Yonge & Gerrard as the tallest residential condo in Canada.

 

On top of the residential, the site also plans to bring additional retail and restaurant space on street level. Additionally, there are plans to incorporate a high end hotel into the condos, but all of this is just proposed at the moment. Nothing has been finalized.

 

What are your thoughts on 1 Yonge Condos?

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