It would appear as though one of the most important pieces of vacant land in the city has finally been sold. Multiple sources have confirmed that 1 Yonge St., the home of the Toronto Star, has been sold to Pinnacle International.
We heard the rumblings for some time now; however, we were waiting until we had independent confirmation of the transaction to announce it. As you can imagine, this is pretty big news, and news that has us extremely excited about the future of 1 Yonge St.
Given that 1 Yonge St. is our home office, we have an affinity for the location, and understand that this site has the potential to be our Toronto’s signature tower. It’s not out of the scope of reason to suggest that we could see multiple 80-100 storey condominium towers, with a significant office and retail component to it.
There was some speculation on Twitter, wondering what exactly Pinnacle had purchased. At this point, the only transaction that they have made has been for the parking lot to the north of the Toronto Star building, which was legally severed months ago. The building itself was not part of the transaction, and will not be redeveloped at this time.
So, the big question is, what can we expect to see at 1 Yonge? Will we see the second phase of the widely successful Pinnacle Success Tower? Could we see a very different design? Will 1 Yonge be home to an international design competition? How tall are they planning to build?
All excellent questions, and all questions that we hope to have answered in the near future.
What are your hopes for this landmark piece of property?