Two endangered species in Toronto’s entertainment distinct — surface parking lots and night clubs — are quickly disappearing given Toronto’s thirst for condominiums. Multiple nightclubs have vanished as developers continue to look for underused pockets of the city to redevelop. It’s starting to look as though another nightclub is about to disappear to make way for a condominium building.
Urbanation reports via Twitter that Capitol Buildings is seeking at 49-storey tower at 81 Peter St., south of Adelaide. Although we don’t know too much about the project, it looks to be an interesting one. 81 Peter St. will be home to 546 residential suites, with commercial aspects on the ground floor. The development will also be home to 292 parking spots in a five-level underground parking garage.
Capital Builders own the four-storey commercial building currently on the site, and although it’s not official, the plan is to partner with a reputable builder to help take this project to the marketplace. The rumours online suggest that Menkes could be that builder, but as of posting, that has not been confirmed.
The Entertainment District has been on fire recently, with Tableau at 117 Peter St., Peter St. at the corner of Peter St. and Adelaide, plus Bisha Hotel and Residences on Blue Jays Way and Picasso on Richmond. Add in the potential project at 81 Peter St, plus multiple other developments currently under development, and the area is quickly transforming from one known for its nightlife, to one known as a significant residential pocket in the city of Toronto.
Stay tuned to the Toronto Star’s NewInHomes.com — we’ll be all over this one!
