Proposed 75-storey Signature Residential Development at Ten York
TORONTO, Nov. 22, 2011 /CNW/ - BUILD TORONTO, the independent and
self-funding real estate and development corporation created to unlock
the value of City real estate, is pleased to officially announce its
first Partnership, for the development of a proposed 75-storey
residential building at 10 York Street, with Tridel.
This $295 million dollar development, that will change the City's
skyline and link the downtown to its waterfront, will also enable BUILD
TORONTO to deliver a significant financial return, generate new jobs
and property tax revenue and inject funds into the local community for
"This premier site represents a fantastic financial opportunity,
essentially, development at its best", says J. Lorne Braithwaite,
President & CEO, BUILD TORONTO. "Not only are we generating great
short-term value and long-term revenue growth to meet our shareholder
needs; through intensification, economic growth and vitality, we're
also meeting the ever-growing needs of our City.
Located within Toronto's rapidly evolving Harbourfront neighbourhood and
bounded by the City's financial district, the vacant site at TEN YORK
was formerly leased to the Toronto Parking Authority for a pay parking
lot, and to the Toronto Police Services for an impound lot.
Asked to realize maximum value for this municipal asset, BUILD TORONTO
issued a Request for Proposal (RFP) to the private development sector
in 2010. After a rigorous RFP process, BUILD TORONTO selected Tridel as
its partner for development. This decision was made, based upon on a
number of criteria, including Tridel's strong and longstanding
performance in the private residential development sector, its
recognized sales and marketing acumen and its vision for the site.
"We were anxious to respond to the RFP process for this site - one of
the last vacant but truly exceptional parcels of land in the downtown
core - and excited about the opportunity to enter
into a Partnership with BUILD TORONTO," says Tridel's President, Leo
DelZotto. "This site offers the opportunity to create a condominium
development that will be spectacular, and our agreement with BUILD
TORONTO furthers our commitment not only to condo building, but to city
Pursuing highest and best use as a means to achieving the site's optimal
return and meeting its potential for sustainability, the proposed
residential tower will also play a vital role in achieving the City's
revitalization plan for the York Street area.
Designed to increase street animation and create more usable and safe
pedestrian spaces, the architects and designers involved have sought to
create an enhanced public realm on the site that will link the downtown
core to the waterfront.
Designed by Rudy Wallman, of Wallman Architects, the proposed 75-storey
condominium will offer a sleek, contemporary and elegant tower, while
fulfilling Tridel's commitment to developing environmentally
sustainable, high performance buildings. Tridel and BUILD TORONTO will
be seeking a LEED certification for the building, and the developers
are committed to ensuring that it exceeds the City of Toronto's Green
While the floorplans and suite layouts are still being finalized, Tridel
and BUILD TORONTO are also committed to the principle of encouraging
families to live in the downtown core, and as a result, the development
will include three bedroom floorplans, or the possibility of converting
suites from two to three bedrooms.
As BUILD TORONTO's first Partnership, the development for TEN YORK
supports BUILD TORONTO's mandate to foster growth, value and results
from the City of Toronto's real estate holdings by engaging the private
sector, through development, to deliver real financial returns.
About BUILD TORONTO BUILD TORONTO is an independent and self-funding real estate and
development corporation focused on maximizing the value of
underutilized real estate previously owned by the City. Established by
the City of Toronto, its sole shareholder, and reporting to a
professional Board of Directors, BUILD TORONTO's mandate is to unlock
value in a responsible, innovative and integrated manner. This is done
within the framework of delivering a financial dividend to the City and
achieving City-Building returns, which overtime: enhance employment
opportunities, focus on quality, urban design and environmental
sustainability, and act as a catalyst for responsible neighbourhood
regeneration. BUILD TORONTO officially launched and started full
operations in May 2010. For more information, please visit www.buildtoronto.ca
Tridel® is Canada's leading developer and builder of condominium
residences with more than 70 years of homebuilding experience. To
date, the Tridel Group of Companies is responsible for producing over
70,000 homes and continues to lead the industry in innovation,
technology and design. Tridel is determined to develop condominium
communities that meet the needs of today's homeowners while
safeguarding the well-being of future generations. The company is
working to meet this goal by focusing on environmentally sustainable
design and performance in construction and corporate stewardship.
Image with caption: "J. Lorne Braithwaite, President & CEO, Build Toronto, announces TEN YORK, a proposed 75-storey residential development, with Tridel as its Partner. (CNW Group/Build Toronto Inc.)". Image available at: http://photos.newswire.ca/images/download/20111122_C8092_PHOTO_EN_7071.jpg
Image with caption: "From left to right: Councillor Doug Ford; Jim Ritchie, Senior Vice President, Tridel; Leo DelZotto, President, Tridel; Rudy Wallman, Wallman Architects; J. Lorne Braithwaite, President & CEO, Build Toronto. (CNW Group/Build Toronto Inc.)". Image available at: http://photos.newswire.ca/images/download/20111122_C8092_PHOTO_EN_7072.jpg
Image with caption: "Proposed 75-storey signature residential building will change the City's skyline and link the downtown to its waterfront (CNW Group/Build Toronto Inc.)". Image available at: http://photos.newswire.ca/images/download/20111122_C8092_PHOTO_EN_7070.jpg
SOURCE Build Toronto Inc.
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