Build Toronto and Tridel Announce ‘City-Building’ Partnership
November 24, 2011
Build Toronto and Tridel have teamed up in a partnership to develop a proposed 75-storey residential building at 10 York Street in Toronto. The $295 million development will change Toronto’s skyline and link the downtown core to the waterfront. The development will also enable Build Toronto to generate new jobs and property tax revenue as well as inject funds into the local community.
J. Lorne Braithwaite, President and CEO of Build Toronto says of the proposed development, “This premier site represents a fantastic financial opportunity, essentially, development at its best. 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.”
A rendering of the propsed development by Build Toronto and Tridel
The proposed site is located in Toronto’s Harbourfront neighbourhood and was formerly leased to the Toronto Parking Authority for a pay parking lot as well as the Toronto Police Services for an impound lot.
Build Toronto issued a Request for Proposal (RFP) in order to realize the maximum value for the municipal asset. Build Toronto selected Tridel as its partner for the development due to Tridel’s longstanding performance in the private residential development sector, its recognized sales and marketing insight 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,” noted Leo DelZotto, Tridel’s President. “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 our city building.”
The property development is designed by Rudy Wallman, of Wallman Architects. The 75-storey condominium will offer a sleek, elegant and contemporary tower, while also fulfilling Tridel’s commitment to environmentally sustainable, high performance buildings. Tridel and Build Toronto will seek a LEED certification for the development, while the developers are committed to ensuring that it exceeds the City of Toronto’s Green Building Standards.
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