Twitter and social media was abuzz this past weekend when Mark Savel and Roy Bhandari, prominent real estate agents in Toronto, announced that Lanterra Developments had purchased the Sutton Place Hotel. That may not be huge news on its own, but what is interesting is Lanterra’s plan for the site.

Based on the Tweets, it looks as though Lanterra is planning a major redevelopment of the tower. Hotel conversions are starting to become a much more prevalent option for Toronto builders, primarily due to a lack of land in the downtown core, but also due to the reduced construction costs associated with it. The Yorkville Plaza by Camrost Felcorp is one of the latest.

Located at 955 Bay St., the Sutton Place Hotel occupies an excellent site close to transit and right next door to the Ontario Legislature, as well as many fine dining options. The area has been rife with development over the past few years, with Five – Condos at 5 St. Joseph and Burano Condominiums under construction, and 1000 Bay Condos, Chaz Yorkville, and Karma Condos all about to be released to the market.

Lanterra brings a decade of success in Toronto to the project. Their primary goal is to create state-of-the-art urban environments of exceptional value. Some of Lanterra’s landmark projects include 18 Yonge St., Waterpark City Condos, and the Residences of Maple Leaf Square.

We’ll post more on this potential development as soon as it becomes available.