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In Development: 40 Scott St.

3 Comments 13 May 2011

In Development: 40 Scott St.

Concert Properties has submitted a development plan with the City of Toronto.

The current proposal will see Concert Properties bring a 58 storey tower with 513 residential units.  Concert’s plan is to demolish the existing building, while reusing the exterior cladding.

40 Scott is currently home to the Royal & Sun Alliance Building, an art deco building that was built in 1951.  Concert plans on incorporating the building into the condominium design.

“We are excited to acquire a property in such an exceptional location.  The acquisition of this property further strengthens and adds value to Concert’s growing portfolio across Canada.” said Concert’s President, Brian McCauley.  Concert has brought in renowned architecture firm Page + Steele / IBI Group.

The neighborhood is an interesting one, with One King West and The Prince Edward Private Residences currently the only high rise residential buildings in the area.

The property is located a few blocks west of “The Berczy”, which was launched and sold out quickly in 2010.

Concert Properties has a wide selection of properties in Vancouver and the western part of Canada.They have only recently started developing in downtown Toronto. Currently they boast Blythwood at Huntington and The Berczy in their Toronto portfolio.

 

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  • 1170

    “The only high rise residential buildings in the area???” The author seems to have omitted The Cosmopolitan (6 Colborne) and The Metropole (7 King St E). How much more density can this area tolerate?

    • NewInHomes

      How much more density can the area take? We are about to find out.

      From an end users point of view, its hard not to love the area.

      The only thing that would be holding back this proposal would be its impact on Berczy Park.

      Outside of that, im not sure that another 513 residential units will hurt the area.

      If anything, the entire Financial District is lacking in residential.

      • 1170

        NewInHomes, you do need to take a closer look at the area’s logistics. The proposed new building will, so I understand, be using Colborne Street as the entry point for its five levels of underground parking. Realistically, Colborne is little more than a back alley. All year long, Cosmopolitan and Metropole use Colborne for: access to their underground parking, moves-in, moves-out, deliveries, garbage pickup, etc. During summer, Cosmopolitan frequently has tour buses stacked the full length of Colborne (including the portions that buildings use for the tasks that I describe herein). That’s the impact of 513 residential units. As for dearth of condos in the financial district, you need to take another closer look. There are, believe me, more than ample options. Believe me, also, when I say that the proposed development will be facing (and should be facing)  incredibly stiff opposition.

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