September 16, 2009

What a concept from Toronto’s Tribute Communities: A skyscraper with no permanent parking!

Controversial on two accounts, (lack of permanent parking and demolishing a historical building), the fact remains that this project is within a couple hundred meters of two subway stops and two streetcar lines, and will maintain elements of the original facade… In other words, this is the type of location that Toronto should be intensifying. Maybe the media is making it out to be more controversial than it actual is?

Located at the site of the century-old Royal Canadian Military Institute on University Ave. near Dundas St., this site is in close proximity to multiple sources of public transit, great food shopping within a 5 minute walk, excellent amenities, and will be outfitted with nine car-share rental spots, plus 315 spaces for bicycles. Sounds great.

The plan includes tearing down the old and frail Royal Canadian Military Institute building (which is on the city’s inventory of heritage properties) and replacing it with a 6 1/2-storey podium that maintains elements of the façade. Above would rise a 35 1/2-storey condo tower with about 315 (210 one-bedroom and 105 bachelor) new homes.

This plan passed some major hurtles on September 15, when the Toronto-East York community council overruled city staff’s weary eye about the plan, and allowed the plan. The project goes to city council later this month for final approval.

The plan is controversial, but the fact remains that it will have to meet pre-construction sales in order to get started. If there is demand for the building with purchasers who do not mind not having a permanent on-site car (and, it obtains approvals), then it will get built. That is the great thing about the free market! Why would the City try and interfere with this?

Why is it that Torontonians complain about traffic congestion, but when a well positioned building comes along that tries for zero permanent parking, then people complain about that too? If there is demand for the building, it seems like a win-win situation.


Want a new home in this area, or want to see what other projects are selling around this area? Click ‘here‘.

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