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Pinnacle Development at 1 Yonge St.?

How the parking lot looks now. Image c/o Homes and Condos Blog.

In late March of this year, the City’s Committee of Adjustment overturned an earlier decision and decided to allow the subdivision of a new plot of land at the foot of Yonge Street for development. The owners of the land were granted permission to demolish a small one-storey structure appended to the north side of the Toronto Start building, construct a parking facility into the eastern portion of the building, and sever the existing parking lot on the northern half of the site from the property, allowing it to be sold for development.

It has recently been rumoured that Vancouver-based Pinnacle International Realty Group has purchased the parking lot adjacent to the Toronto Star building located at One Yonge St. The Toronto Star building will not be affected by the purchase and planned condominium development. Indeed, the newspaper has options that could include the extension of its lease at the building for at least another twenty years.

The proposed project is expected to include up to three “iconic” towers.

The deal is expected to close in the coming days and the price tag for the building is expected to far surpass the $40 million that the Thomson family holding company purchased the property for in the year 2000. Current rumours suggest that the price could be over a quarter of a billion dollars, which, if true, would make it one of the biggest development deals in Toronto’s history!

Two Pinnacle projects exist inTorontoas of now – Pinnacle Centre at Yonge St. & Harbour, and Pinnacle on Adelaide at Adelaide & John. The Pinnacle on Adelaide project is under construction as we write this.

The folks at Urban Toronto believe that the redevelopment possibilities at One Yonge Street provide a good opportunity for improving the area south of the Lake Shore and east of Yonge. Indeed, they argue that the site is practically on the water and provides a great opportunity for a highrise that offers residents totally unobstructed views of the waterfront and east Toronto.

What do you think of this new project? Would you be interested in living next to the iconic Toronto Star building? Leave us your comments below!

Sources:

http://www.torontostandard.com/business/one-yonge-lot-sold-for-225m

http://business.financialpost.com/2012/08/01/toronto-star-office-parking-lot-set-to-succumb-to-citys-condo-craze-sources/

http://www.mypinnaclecondo.com

http://urbantoronto.ca/news/2012/03/omb-approves-lot-severance-and-alteration-one-yonge-street

http://homesandcondosblog.com/home/pinnacle-international-makes-a-bold-move-8495.html

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