- What QuadReal Property Group filed plans for a 27-storey rental tower in Toronto
- Why The company acquired the Queen Street West site in September
- What next The City of Toronto is reviewing the application
QuadReal Property Group filed plans for a 27-storey, 367-unit purpose-built rental tower on Toronto’s Queen Street West.
QuadReal purchased the site in September for $24.3m from artist Ben Woolfitt with the intention of redeveloping. Soon after, discussions with city officials were underway and project plans were drawn up.
The site, at 1153 Queen Street West, is occupied by a two-storey commercial building with ground-level retail and 10 residential rental units above. The proposed tower is comprised of 49 studio, 175 one-bedroom, 105 two-bedroom and 38-three-bedroom units, adding significant density along one of the city’s main throughways.
“Our goal is to build and support communities that deliver long-term economic and social value,” Jay Claggett, QuadReal’s senior vice president of development told Green Street News.
“With limited rental supply in the immediate area, QuadReal saw an opportunity to provide housing solutions within the West Queen West neighbourhood and contribute to a vibrant and dynamic part of the city.”
The surrounding area is a mix of high-rise developments – largely condominiums – low- to mid-rise commercial buildings along Queen Street West and single-family homes. The property is directly across the street from The Drake Hotel.
“The site is in a prime transit corridor, with direct access to frequent TTC streetcar services and proximity to the future King-Liberty GO Train station, offering strong connections throughout the city and beyond,” Claggett said. “In addition, the surrounding neighborhood offers a mix of amenities, including restaurants, parks and boutique shops, which creates an attractive lifestyle hub for young professionals and families.”
The proposed tower includes indoor and outdoor amenity space throughout the building and nearly 8,000 sq ft of retail space on the ground floor.
“QuadReal will work with its partners to deliver an exciting retail portfolio that is focused on meeting the evolving needs of the West Queen West neighbourhood while recognizing the existing creative retail community,” Claggett said.
Financing has not yet been obtained, and QuadReal is still determining whether it will be sought through Canada Mortgage and Housing Corp. Though approval is still pending from the city, Claggett is “optimistic that this rental project will be expedited so that we can start construction as soon as possible.”
