Just when you thought there couldn’t be any further condo developments announced in the city of Toronto, a newly suggested project has been proposed by Cadillac Fairview for Yonge and Queen.
Still in the city’s approval process since the development application was first submitted in mid-April, according to blog.newinhomes.com, “the owner of 2 Queen St. W. is seeking permission to develop a 65-storey, 220-metre and 580-suite rental building.” If the project is approved, what is the current retail location of the company Atmosphere is said by blogto.com to become the base of the new residential tower as “the store’s interior would become the podium for the building.”
Aside from the development’s rental property function (sole rental developments are not often seen in Toronto anymore), it’ll also feature a commercial component. And, since it will be located in one of the busiest downtown intersections, the development will have many environmental features; for instance, it will have 580 bicycle spaces and zero parking spots.
But, what prompted Cadillac Fairview to propose it as a rental building in the first place? Well, according to blog.newinhomes.com, a recently released Rental Report stated that a total of 3,919 condominium apartments were leased in the MLS system in the first quarter of 2013, which is up 31 percent from a year ago.” With statistics like that, it’s no wonder why this type of development was proposed. This is one rental property that will definitely appeal to people looking to lease in the downtown area.
Although some early renderings of the project have leaked (see above for an example), it’s still a lengthy process before we get to officially see it come to life. According to blogto.com, “a preliminary city planning report is due in June and a community meeting will likely be scheduled for July. Feedback from that meeting and the thoughts of the planning department will be handed back to Cadillac Fairview for them to take into consideration. A final report, with recommendations, won’t be given to council until at least next year.” So, stay tuned to find out what becomes of 2 Queen St. W.
Sources:
http://www.blogto.com/city/2013/05/massive_condo_tower_proposed_for_queen_and_yonge/
http://blog.newinhomes.com/news/rental-building-headed-yonge-queen/
http://blog.thedirt.co/2-queen-street-west-65-storey-rental-tower-proposed/