It's Official: Canada's Tallest Building is Under Construction
A new multi-purpose tower is expected to brave the skies of the city of Toronto. Designed to be 85 stories tall, the building has been named The One. It is set to be the tallest building in Toronto and Canada at large. Construction has already started and we expect it to come to completion by the end of 2022.
The One will be a multi-purpose skyscraper serving different functions across various levels. The first seven stories of the building will house retail shops and restaurants. An Apple store will be the main tenant of the retail section.
A luxurious hotel with 175 rooms is planned for higher levels. It will be after the retail mall, with a residential section on top of it. The residential part will comprise a total of 416 deluxe condominiums. 8 units will be constructed on every floor to the 48th story, with 4 condos per floor in subsequent levels. The last 4 stories will have two expansive penthouses in every floor, for a total of 8 units.
A total of 314 parking spaces will be available on 4 underground floors.
Impact of the project on Toronto's real estate industry
The One is being constructed at the junction of Yonge and Bloor streets. This is a central and iconic point in the city, which makes the building a landmark project. The skyscraper is the first of its kind in the city of Toronto. Designed by world-renowned London-based Foster & Partners, it will feature novel architecture that will set a precedent for future real estate projects in the city.
The building breaks away from the traditional all-glass facade characteristic of most real estate complexes in Toronto. Instead, it adopts a bolder look with visually striking beams finished in a golden trim that look great from both the inside and outside. This is set to transform the city's aging architecture and hopefully set the tone for other new projects.
The planned condos and penthouse units will offer a unique and sublime living experience. With the building standing that tall, these residential units will grant residents great scenic views of the city. The quality of the interior space and the expansive space of the units will also be superior. These will make The One an even more competitive real estate project.
The One is expected to be home to a number of word-class restaurants, retail chains and fashion stores. This, along with its pivotal location, will attract a large catchment of clients who will be seeking to enjoy the luxury and grandeur that the building will offer. A host of amenities including theater rooms and 24-hour cleaning services are also planned. These will no doubt improve the status of The One as a one of a kind real estate project in Toronto.