Toronto’s Financial District was abuzz with excitement on Thursday as crowds of people came out to celebrate the official groundbreaking of 88 Scott. Councillor Pam McConnell, Toronto’s chief planner Jennifer Keesmaat and other senior City of Toronto officials were present as the construction team drilled a six-storey caisson hole into the site.
As the event began, Concert Properties welcomed McConnell to the stage. She was quick to mention how the new mixed-use development will fit into the fabric of the St. Lawrence community.
“It has family-sized units, which we desperately required, because this is a community of children and families,” she said. “It preserves our very precious heritage, since this community is the beginning of our city.”
Before the official groundbreaking began, Brian McCauley, President and Chief Operating Officer of Concert Properties, took to the stage. He discussed how the development’s location, situated in the heart of the Financial District, led them to the slogan “Toronto to the core”. He says these words best encapsulate the project.
For starters, 88 Scott is the developer’s single largest project that they’ve undertaken in 25 years, costing a total of $262 million. A chunk of the money will go toward preserving the 1951 Royal & Sun Alliance insurance building that was previously housed on site.
“Concert is spending $4 million to preserve and integrate the limestone and granite components back into the facade of 88 Scott,” he said.
The developer will also contribute more than $12 million in city contributions, approximately $3 million of which will be used to refurbish the neighbouring Berczy Park.
The 58-storey development, located at the corner of Scott and Wellington streets, will house 525 condo units in total, 86 per cent of which are already sold. The soaring tower will be positioned on a five-storey podium with retail space, boutique office space and a public art atrium.
Once complete, the multi-use project will feature a myriad of distinct amenities, like a two-storey Sky Lounge with a fireplace lounge, bar and private dining room that overlooks the city skyline below. The Core Club will be fitness focused with an exercise room, yoga and spin studio, indoor pool, juice bar and expansive terrace with green space.
88 Scott will also incorporate green features into the backbone of the building with efficient mechanical systems, green roofs and energy-efficient appliances to meet Toronto Green Building Standards.
Construction will take approximately four years to complete, with occupancy set for early 2018.
Sales for available units start in the upper $300,000s with units ranging in size from 555 to 2,920 square feet.
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