A new $450 million 80-storey condo/hotel tower has been approved to begin construction at one of Toronto's most important intersections, Yonge and Bloor.
Situated at the crossroads of Toronto's two major subway lines and close to Bloor St. shopping and Yorkville entertainment, this condo project should be a great success.
The developer of One Bloor St. East, believes Toronto Real Estate is still undervalued and he is willing to spend his money to prove it. This project will dramatically change the midtown skyline and define a new icon by height and location.
One Bloor St. E will be 223 metres or 80 storeys high but will be shorter than the 68 Storey Scotia Plaza or the 72 storey First Canadian Place because..residential storeys are about half a metre shorter than commercial buildings.
Plans include branded retail space on three levels, a 120-room hotel and 500 condos. Prices for the condos will be determined later in the year with the square footage ranging from 550 to 1,800 square feet. Completion is estimated for 2011.
Crystal Blu, another Toronto Condo project of this developer, is just a few blocks west of this location and I can say the quality and amenities that were in that model suite were very upscale.
Even this international developer believes Toronto Real Estate prices are undervalued compared to other major cities like New York, Tokyo, Los Angeles and others. One can buy property in Toronto for one-third of the price.
Now is a good time to invest in the Toronto Condo market.
