Restoration of heritage building an investment in thriving community of Riverside
TORONTO, May 13, 2014 /CNW/ - As part of its commitment to foster culturally rich and liveable communities in the downtown core, Streetcar Developments is proud to announce its latest acquisition: the purchase of The Broadview Hotel, at the corner of Queen St. East and Broadview Ave.
As the new owners of a treasured landmark within Toronto's downtown landscape, Streetcar's first priority is to address significant structural issues within the building. In late 2013, the City's Buildings department issued an Emergency Work Order for immediate temporary structural measures in order to secure the building. To complete the permanent repairs in a safe and timely manner, the current tenant, Jilly's, whose lease was due to expire, will be vacating the property along with the hotel occupants.
"We have great affinity for the neighbourhood and we believe this building is a jewel of Riverside," says Les Mallins, President and CEO of Streetcar Developments. "We will first be focusing all our efforts on making the building safe and restoring it to reflect its place in Toronto's history."
Streetcar has developed a number of well-known buildings in the downtown core. In every case, the company endeavours to complement the surrounding architecture and enhance the feel and livability of the community.
"Streetcar is based in Riverside, so this neighbourhood has a special place in our hearts," adds Mallins.
"Although rooted in loft development, Streetcar does not see this building as a residential condominium project. We are in the early stages of planning, but our focus is to revive this building to a landmark everyone in the area can be proud of."
ABOUT STREETCAR DEVELOPMENTS
STREETCAR has established itself as Toronto's premier developer of mid-rise condo buildings located in culturally rich, livable downtown neighbourhoods. Its core philosophy - Rethink Urban Living - reflects the belief that projects must integrate seamlessly with their neighbourhoods and enhance the lives of the entire community. Its developments, spanning from exclusive Beach to hip Queen West, play keys roles in transforming many of Toronto's up-and-coming neighbourhoods. Since its first projects in 2002, Streetcar continues to prove that combining contemporary design with an unwavering respect for neighbourhoods and historic architecture can make Toronto one of the world's most vibrant and livable cities.
SOURCE: Streetcar Developments
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