from insidetoronto.ca.....
Four Seasons development well underway
Ritzy building celebrates official ground-breaking
BY JUSTIN SKINNER
July 17, 2008 10:53 AM
Yorkville hosted a special circus-style presentation on Tuesday to celebrate the ground-breaking of the upcoming Four Seasons Hotel and Private Residences.
Construction on the residences began in late May, earlier than anticipated after the project received support from both the City and the Ontario Municipal Board. Tuesday's celebrations included aerialists, fireworks and fire dancing from Circus Orange to help welcome future residences of the buildings to their new neighbourhood.
The two new buildings, which will stretch 55 and 26 storeys high, will feature upscale living for both residents and visitors alike. Built by Bay-Yorkville Developments in partnership with Four Seasons, the new development will serve as the hotel chain's flagship location.
Four Seasons founder Isadore Sharp attended the ground-breaking ceremony and said he was appreciative of the City's support in ensuring that the hotel made it from the proposal stage through the planning process.
"We're thankful for the support and commitment (from the City) to ensure that this strategic property would be developed as a landmark for Toronto," he said.
He added that the residences would afford residents in the buildings an unprecedented level of service and standard of living within the city.
Anthony Alberga, who will move into the residences once construction is completed in 2011, said that standard of living was one of the prime reasons he and his wife decided to buy into the buildings.
"First, we were attracted by the location, but secondly, it's obviously got very good backing with the Four Seasons name," he said. "The hotels are some of the premier hotels in the world and the standards are always there. It's sort of the equivalent to Trump."
Alberga added that he was impressed with the building designs and felt it was an ideal time to move into a condo now that he and his wife were empty-nesters.
The development itself was at times controversial, with residents concerned over shadowing, height and the potential that it could set a precedent for more high-rise developments in the area. Ward 27 Councilor Kyle Rae (Toronto Centre-Rosedale) said, however, that the building will help boost Yorkville's already-impressive reputation.
"We were able, through a great process with the neighbours, to find the best form to reinvigorate Yorkville," he said. "Though we weren't able to get the whole neighbourhood on side, we got the right decision at the OMB."
Ontario Minister of Municipal Affairs and Housing Jim Watson added that the new buildings - which will feature more than 200 private residences and 253 hotel rooms - would be a boon not only for the community but for the city as well.
"This marquee property will allow Toronto to continue to boast that it is truly a world-class city," he said.
The new residences have been popular among buyers, with 70 per cent of the units sold. The prestigious units feature 1,000 square foot floor plans, 10-foot ceilings, and sell for a minimum of $1.2 million. A 9,000-square-foot penthouse with terraces on all sides was listed at $16 million.