Last month we made mention of 984 Bay St., a potential development site that was for sale. We speculated that the site could be a great opportunity for a developer to take an older commercial building, demolish it, and build a new high-rise tower. Well, it didn’t take long for a developer to take a look at the site and strike a deal.
RealNet, a real estate leader in sales and statistics information, is reporting that Cresford Developments has purchased the property. Pretty exciting news, however there is certainly more to the story. Cresford, one of the top development companies in the City of Toronto, is set to launch 1000 Bay Condos in the near future. With the purchase of the site next door, it looks like they are already planning for another phase of this yet to be released project. Cresford has been very active in the Toronto new condominium scene in the past few years. With NXT at Windermere, Bloor Street Neighbourhood on Hayden now complete, NXT2 and Lofts 399 under construction, and the yet to be named project at 42 Charles St. East, set to be launched as some point in 2011, they are definitely one of the most active builders in the city.
So, now that we have news of the transaction, the obvious question is, what will we see at 984 Bay St.? Will it be 40-50 storeys? Will there be over 400 suites? Will it be a contemporary glass tower? All to be determined, but it will definitely be exciting to see the plans all come together.
Stay tuned to the Toronto Star’s NewInHomes for the very latest on this project.
