Ontario Municipal Board Final Decision Allows $500 million Trump Toronto Project to Soar to 70 Stories
TORONTO, November 24 /PRNewswire/ -- The Ontario Municipal Board (OMB) granted their final decision and allowed Talon International Development Inc., developer of the Trump International Hotel & Tower, Toronto, permission to proceed with the development and increase the tower height by two additional floors. Canada's tallest luxury mixed-use residential and hotel condominium will now soar 70 stories above Bay and Adelaide Streets.
The OMB concluded that the project - previously approved by City Council - was suitably located and designed for the site. As noted by the OMB in its decision, "if there is an area where skyscrapers with wondrous architecture are to be showcased, this area is pre-eminently suitable."
Mr. Stephen Diamond, a partner at McCarthy Tétrault LLP, was pleased not only with the result, but also that objections filed by the neighbouring landowners, The Bank of Nova Scotia and The National Club, had been resolved prior to the hearing. "Both Scotiabank and The National Club wanted assurances that the project would be designed to the highest quality, and in particular, that the hotel component would be designed and run as an internationally recognized five-star property," Mr. Diamond explained. The 70-storey project approved by the OMB permitted the hotel component to expand to ensure that the amenities that define superior quality, luxury and service can meet those standards.
"This decision represents history in the making," said Val Levitan, President & CEO of Talon International Development Inc. "There will never again in our lifetimes be an opportunity like this to create this type of spectacular trophy real estate," he said. "Everyone on the team recognizes that we are participating directly in shaping the future of one of the world's most livable, vibrant cities." Adds Mr. Diamond, "this is a landmark project, which will act as a catalyst to continue Toronto's further development in the City's core-linking the core with the waterfront and the Queen Street area to the west."
Located in the heart of Toronto's financial and entertainment districts, the $500-million, 70-storey Trump International Hotel & Tower, Toronto will be the tallest residential building in Canada when completed.
Hotel condominium suites start at CAD $662,000 and residential suites start at CAD $1.6 million.
About the Development
Trump International Hotel & Tower, Toronto, is a joint venture between Donald J. Trump and Talon International Development Inc. Located at the corner of Bay and Adelaide in the heart of Toronto's financial district, the Tower will be the tallest and most luxurious residential building in Canada at 70-storeys and over 1,000 feet high. The property features 265 luxury hotel guestrooms and 109 residential condominiums available for purchase. The building was designed by the renowned Toronto-based firm of Zeidler Partnership Architects and will be built by EllisDon, one of the world's most innovative construction services firms.
The Trump Organization specializes in five-star real estate development and will operate and manage the hotel. The project will be the Trump Organization's fourth Trump International Hotel & Tower and the first outside the United States. Talon is a Canadian-based investment company whose shareholders have holdings in a variety of industries ranging from natural resources to high technology to real estate development throughout Canada, the United States and the United Kingdom.
Detailed fact sheets and electronic images are available at www.trumptoronto.ca
SOURCE Trump International
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