Is Toronto Ready for “Canada’s Tallest Condo’?

While everyone’s wondering if Toronto is ready for any more condos, along comes a developer that insists the city is ready for not just any condo, but Canada’s tallest condo. The developer, Pinnacle International, has come from another one of Canada’s hottest markets – Vancouver. Pinnacle believes that Toronto is in fact ready for this project, because it has so many different uses, and will be so attractive to many different types of buyers.

The proposal for the development has already been sent to the City, where it is currently under review. It includes 6 buildings in total, all high-rises, encompassing a total of 6.4 million square feet which will include residential mixed use space. That mixed use space would include everything from office to retail to hotel space, and this is one reason why Pinnacle believes the project will do well.

“It has tons to offer,” says Anson Kwok, vice president of sales and marketing at Pinnacle. “It’s a multi-use project, combining residential and office with retail and hotel. If you’re looking for cash-flow opportunities, you’re going to get a high-calibre of professional tenants looking to live here. It provides great options – the value is there.”

He also points towards the beauty of the location, and the size of the project as being pluses that work in favour of the development.

“It’s just one of those sites that are attractive no matter what the market does,” he says. “It’s at the foot of North America’s longest street, it’s close to the water, and it’s a large piece of land, which if you’re looking to develop in Vancouver or Toronto, is getting harder to come by.”

The part about North America’s longest street is fitting, seeing as how Pinnacle’s development will also include another ground-breaking record – the inclusion of Canada’s tallest condo that will reach heights of 88 storeys.

But as impressive as it all sounds, does Toronto really need another condo? And can it handle one of such magnitude?

These are some of the questions people are asking, and often the fact that the Pinnacle project is multi-use doesn’t seem to be phasing many. Especially when you consider that Toronto is already home to multi-use developments such as the Trump and the Shangri-La.

What do you think? Is Toronto ready for another condo development? Especially considering that this one will include Canada’s tallest condo?