A $700 million mixed-use development designed by Bjarke Ingels Group has been controversially approved for construction in Toronto.
The 480 unit project named “King Toronto” is a joint development between Westbank and Allied Properties REIT.
The development spans approximately 180sq m and will comprise more than 350 individual roofscape garden terraces.
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King Toronto’s unit mix will be split across one, two and three bedroom apartments and condominiums which according to Westbanks Anthony DeCarli will provide Toronto a unique offering.
“The residential condominium component of the project will offer a first-rate amenity package, including an extensive indoor pool and lounge area, hot tub, and best-in-class gym and spa facilities,” DeCarli told The Real Estate News EXchange.
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Yet the project has faced a lengthy battle having taken two years to gain approval from the Local Planning Appeal Tribunal (LPAT).
The developers spent more than two years negotiating with local authorities to finally land on a proposal that would be green-lit.
According to Allied CEO Michael Emory, the developers faced much adversity and had to fight hard to gain approval for the Bjarke Ingels designed scheme.
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King Toronto has come under further scrutiny for its lack of affordable units amid what many, including Toronto’s mayor John Tory, are calling a housing affordability “crisis”.
When units go on sale to the public in early 2019, one-bedroom apartments will start at around $660,000 and venture as high as $1.3 million.
Three bedroom apartments will range from $2.4 million to $4 million with penthouses listed at $8 million.
King Toronto will commence construction soon and is projected to be completed in 2023.