Pinnacle Looking to Redevelop Former Toronto Star HQ: Globe
Pinnacle International Realty Group is looking to redevelop the Toronto Star’s former headquarters along the city’s waterfront, the Globe and Mail reported.
Pinnacle wants to demolish the 53-year-old Toronto Star building at 1 Yonge Street and construct two 90-storey residential towers, according to the report. No formal application has been made to the city.
But the Globe obtained documents and renderings that Pinnacle presented at an in-camera meeting with the city and Waterfront Toronto’s design review panels.
“We haven’t made any final decisions on our plans,” Anson Kwok, Vancouver-based Pinnackle’s vice-president of sales and marketing, told the Globe.
Kwok described the session with the review panels as a pre-application consultation.
“This is just the first go-around,” he told the Globe.
Pinnacle purchased the land for a reported $250-million in 2012 and has already completed a 65-storey building on the site. The company has also obtained planning permission to build another 92-storey tower in its next phase and wants to develop four towers taller than 90 storeys on the site, the Globe reported.,
Pinnacle is currently constructing the 105-storey SkyTower at Pinnacle One Yonge at the location. The mixed-use development is slated to contain hotel, condominium apartments and retail outlets. It will become the tallest tower in Canada, displacing First Canadian Place in Toronto, the Globe reported.
First Canadian Place is situated at another, previously redeveloped former Toronto Star headquarters site.
Pinnacle says on a SkyTower website that the company proposes to build five or six high-rises at the prime 1 Yonge location. Toronto-based Hariri Pontarini Architects is designing the multi-tower development.