Pinnacle Changes Course on Former Toronto Star HQ Demolition
Pinnacle International Realty Group has pivoted away from its plan to demolish the former Toronto Star building, Urban Toronto reported.
The developer is now looking to construct a hotel in the newspaper’s former headquarters, according to the report, which cited a revised development plan submitted to the city.
Pinnacle plans to operate the hotel for a number of years before resuming plans to develop two multi-residential towers on the site, which straddles 1 and 7 Yonge Street in the Financial Core. The former Star building also contains a five-storey podium that comprises office spaces.
Pinnacle submitted the revised development application through Bousfields due to Toronto’s struggling condominium market, according to Urban Toronto.
The proposed hotel development would include 468 new suites, with 308 serving as typical rooms and the others comprising larger extended-stay units.
Pinnacle purchased the land for a reported $250-million in 2012 and has already completed a 65-storey building on the site, according to The Globe and Mail.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout