It is that time of week again, where we take a look at a past development with an interesting history that has affected the city in a positive way. This week, we’re looking at One King West Hotel and Residence.
One of the best features of One King West is its base. In 1879, it became the head office of The Dominion Bank, and in 1914, the bank achieved national status and was converted into a 12-storey building. The additional storeys were designed by Darling and Pearson, in a Beaux-Arts style, reflecting French neo-classical architecture. Harry Stinson, the developer of One King West, has a high respect for heritage buildings, and made sure that the details of the former bank were maintained throughout the construction of the additional 39 storeys. There are also a number of luxury suites in the first 12 floors of the hotel and residence.
Located in the Financial District, The tower portion of the hotel and residence is sleek and glistens in the daylight. Being narrow and having rounded edges, it stands out amongst the giant glass blocks towering across the Toronto skyline. Completed in 2006, the hotel and residence was way ahead of the curve. It exuded an air of luxury, unknown to the location at the time. With a careful eye on the smallest of details, the team behind One King West created one of the most unique hotels and residences in the city.
As far as the amenities go, there are some extra perks to being a residence and hotel. One King West features a roof top fitness centre on the 17th floor, direct access to the TTC and PATH, and luxurious common areas, as well as the best hotel amenities, such as a private limousine service, room service at any time for residents as well as hotel patrons, and optional weekly cleaning of your suite. All the comforts of luxury hotel living — all the time!
One of the most interesting things about One King West is the way you can own a residence. There are actually three different methods of owning one of the 500 suites: you can own a suite and live in it, own a suite as an investor and rent it out, or you can own a suite as an investor and include it as a suite in the hotel portion of the building. There was actually quite the dispute over property taxes when the building was completed. All investors at One King West were being taxed 4-6%, hotel commercial rates, instead of 1%, the usual residential rate. This was an issue because there were investors that were not taking part in the hotel as an investment, and they were still being taxed as if they were. This issue was only rectified last year.
Another issue with the development, or the developer rather, was that Stinson filed for creditor protection in 2007, over an $11.8 million quarrel with David Mirvish, the financier of One King West. The Ontario Superior Court actually allowed Stinson to continue running One King West, but control has since changed hands, and a private management firm currently holds the reins.
Despite the legal issues, One King West Hotel and Residence has certainly changed the face of Toronto. It provides a unique living experience for the residents, and shows visitors of Toronto what we’re all about, here in the big city.
