Freed Developments has announced plans to develop an $800-million luxury hotel and residences project in downtown Toronto.

The development is to be located at Adelaide and Duncan streets, just west of University Avenue.

If all goes according to plan, the project will stand more than 60 storeys and feature 100 five-star hotel rooms, 400 condominiums, a 63rd-floor “skybar” and restaurant, a boutique spa and a 10,000-square-foot Katsuya eatery on the second floor.

The Katsuya location will be the chain’s first in Canada and 12th globally. Katsuya is operated by SBE. Other Katsuya markets include Dubai, Miami, Los Angeles, New York and the Bahamas.

Toronto-based Freed is headed by founder and CEO Peter Freed. The company focuses on resort, residential and commercial property developments.

Chicago-based Adrian Smith and Gordon Gill Architecture (AS+GG) will design the structure, which will have diamond-shaped components. The firm specializes in tall buildings.

Toronto-based DesignAgency is leading the interior-design effort.

Photo: CNW Group/Freed Developments