Developers Pushing Heights to New Records in Toronto
This is a repost from this summer, when Holt Renfrew Launched or submitted it's application for an 83 Storey Tower in Yorkville, we thought, due to uncertainty within the condo market, that might be it, however since, then we have learned of new developments by Oxford's twin 70 Floor - 1000 foot towers, Mirvish and Gerhy Teaming up for three 85 floor towers, and of course, now One Yonge, with it's almost 100 storey towers going forward...
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Developers are betting big on residential skyscrapers, building them at record-breaking heights—with record price tags to match. Changing the skyline in Toronto , the tallest new residences will stretch over 83 stories, and prices to match the skyhigh hieghts. -
- Historically, many of the world's tallest buildings, like the First Canadian Place and Scotiaplaza, were built to house offices, at a time when people weren't accustomed to living in high rises, and later when many city dwellers were heading to the suburbs. Very-tall residential high rises began growing in popularity in Toronto in the past 15 years during the midst of the massive and unpresidented condo boom.
- The subsequent downturn and credit crisis resulted in many empty buildings and halted construction in the United States. However in Canada prices were only impacted moderatly have more recently stabilized, particularly on the high end, and an influx of foreign buyers has absorbed empty inventory in many cities. Now, building tall is taking off again, with the news that Morguards Holt Renfrew Tower could become the tallest residence ever built in Canada. Also an increasing number of skyscrapers, including residences are under consideration in the city's exclusive Yorkville Shopping District. Due to the cost of land, the price of going up is actually cost effective.
Lets see if the trend continues...
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