HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Discussion Forums > Buildings & Architecture > Completed Project Threads Archive


    RBC Centre in the SkyscraperPage Database

Building Data Page   • Comparison Diagram   • Toronto Skyscraper Diagram

Map Location
Toronto Forum   • Toronto Projects & Construction Forum

 

 
Thread Tools Display Modes
     
     
Prev Previous Post   Next Post Next
     
     
  #1  
Old Posted Sep 26, 2007, 2:33 PM
caltrane74's Avatar
caltrane74 caltrane74 is offline
gettin' rich!
 
Join Date: Aug 2002
Location: Toronto
Posts: 34,167
Red face TORONTO | RBC Centre | 600 FT / 183 M | 48 FLOORS | T/O

From the Star

Cadillac Fairview plans 48-storey office tower


TARA PERKINS
CANADIAN PRESS

Cadillac Fairview Corp. revealed plans Monday to build a $400-million, 48-storey office tower in downtown Toronto — with the Ritz as its high-end neighbour.

Toronto's business community has long been awaiting news of a new office project in the city, where vacancy rates in the downtown core's top office buildings fell to a three-year low of 5.6 per cent during the third quarter of this year, from 6.1 per cent in the second quarter.

The Ontario Teachers' Pension Plan Board owns Cadillac Fairview, which manages an $11-billion portfolio of more than 80 properties, including the Toronto Eaton Centre, Toronto-Dominion Centre, Calgary's Chinook Centre and Vancouver's Pacific Centre.

Cadillac's new office tower, near CBC's headquarters, will create more than 1,700 construction jobs and bring about 500 full- and part-time jobs to Toronto, the company said. It expects the offices to be ready by the summer of 2009.

"This site is adjacent to Toronto's financial and entertainment districts," said Cadillac Fairview CEO Peter Sharpe. "And the office tower will stand right beside The Ritz-Carlton, providing a built-in clientele for the hotel."

Cadillac, Graywood Developments Ltd. and the Chevy Chase, Md.-based Ritz-Carlton Hotel Co. announced Monday they will jointly invest in the previously announced $325-million, 53-storey Ritz-Carlton Hotel and Residences project.

Originally, Ritz-Carlton only intended to place its money behind the hotel component of the project.

President Simon Cooper said in an interview that Ritz will contribute 20 per cent of the investment, with Cadillac and Graywood each taking 40 per cent stakes.

"It's a change for Ritz-Carlton, because typically we're not investors in the residential side," Cooper said. "This is the first time we have ever chosen to be an investor in a downtown (residential) location," he said, although the Ritz — which operates 59 hotels around the world — has invested in residential projects in resort locations.

Construction of the hotel project is expected to start at the end of next year, and take about 30 months. Suites in the residential component will range in price from $1 million to more than $3 million, for 2,000 square feet to more than 3,000 square feet.

More than two years after the SARS outbreak and four years after the attack on New York's World Trade Center, Cooper said the hotel industry is "looking relatively good in Canada. I think that there are still some issues," he said, citing the high Canadian dollar, which has a negative impact on leisure travel.

The Ritz intends to split its focus evenly between business and leisure travellers.
     
     
End
 
 
 

Go Back   SkyscraperPage Forum > Discussion Forums > Buildings & Architecture > Completed Project Threads Archive
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 2:29 PM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.