Concord picked up the pieces of the aborted YSL Residences project last May and within a year of acquiring the project it was able to commit to restarting construction this month.
Concord vice-president of marketing Isaac Chan noted most of its residential projects are in the 30- to 50-storey range with the 79-storey Concord Canada House in Toronto’s Concord Cityplace representing its tallest tower to date. Concord Sky is new territory.
“We’re happy to be working on a project like that, but it is of quite a scale and it comes with a lot different set of considerations, whether that be managing costs or managing construction schedules and timing,” said Chan, noting the financial troubles encountered by original developer Cresford serve as a cautionary tale for projects of this size.
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Concord Sky will reach 299 metres, becoming one of the top three in Toronto upon expected completion in 2026, with a 10-storey mixed-use podium, 1,100 residences, 20 specially programmed elevators and 100-per-cent EV parking infrastructure.
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Sales were launched in January and Chan noted that typically developers wait until they have perhaps 75 per cent of sales confirmed before committing to a start of construction. Concord is well enough financed that they can commit to launching the build right away, and that has advantages, he explained — by holding on to some inventory, they can adjust the sales prices later on if warranted.
