Cadillac Fairview to Bring 65 Storeys to Yonge Street

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Cadillac Fairview are joining in the party with an application to build a 65 storey rental tower at Yonge & Queen, immediately south of Eaton Centre.  The existing building at 2 Queen West will form the base of a sleek and sexy glass building that will have an immediate impact on our skyline.

2-queen-west-full-render
Original Head to Toe rendering of 2 Queen West has been slightly modified but showcases the size and scope of the project.  Located immediately south of Eaton Centre

The building will be located west of Massey Tower (condominium project which enjoyed huge sales success in 2012) which will stand 60 storeys.

2-queen-west-podium
The podium will keep the existing facade and will add a stunning 65 Storey Glass Tower on top

Developers have shied away from building rental buildings in Toronto, in part due to the financial restrictions on developers required to build a condominium tower.  Typically, a developer is required to pre-sell 70-80% of a building before receiving construction financing.  In the case of a rental building, no units are pre-sold so typical construction financing does not apply.

In order to construct a rental building, a developer must be well funded – and Cadillac Fairview certainly are.

2-queen-west-skyline
The building will have an immediate impact on the Toronto Skyline

Cadillac Fairview have an enormous portfolio across North America (and parts of South America) that includes malls (notably Eaton Centre, Shops at Don Mills, Sherway Gardens, Fairview Mall among many many others), offices (TD Centre, RBC Centre, Yonge Corporate Centre among others) and have recently been involved in condominium construction with the Ritz Carlton (Toronto), ICE Condominiums and Maple Leaf Square.

2 Queen West is a stunning residential tower and we can’t wait to get more details!

Roy Bhandari