A new plan proposed by Alterra Group of Companies, DBS Developments, and Platinum Vista is poised to become the next significant addition to Sherbourne Street in Toronto's St. James Town and Upper Jarvis neighborhoods.
The team filed applications in early May for a 59-storey condo tower at 566-576 Sherbourne Street and 29-37 Linden Street. The site, currently home to ten houses, including heritage properties, will be transformed into a tower designed by Arcadis IBI Group. The design will incorporate the preserved frontages of these heritage buildings, rising to almost 191 meters.
BlogTo reports that the proposal aims to provide a major boost in housing with 670 new condominium units ranging from studios to three-bedroom residences, and 18 rentals to replace existing units. The majority of units will be sold as condominiums, reflecting the developers' intention to "breathe new life into this previously overlooked part of the city."
"The development presents an incredible opportunity for creating new homes. The location, combined with our shared expertise, will make a remarkable addition to the cityscape. We believe this project will create a lasting impact and contribute to the vibrant growth of the community."
VP Development Operations, Platinum Vista | Josh Shteiman
A Vision of Revitalization: CEO's Perspective
Bryan Levy, CEO of DBS Developments, emphasized the joint venture's goal to "bring illumination, vitality, and prosperity to this neighbourhood." The project aims to attract new visitors, encourage local business growth, and revitalize a part of town long awaiting resurgence.
Elevator Concerns: A Potential Shortfall
Despite the promising outlook, the project appears to fall short in one key department: elevators. An elevator-to-unit ratio of approximately 1:115 could translate to lengthy wait times for residents. However, Alterra CEO Robert Cooper assures that high-speed elevators will minimize wait times.
Surrounding Developments: A Growing Skyline
The proposal is just one of several tall towers planned in the blocks surrounding the site. Developments include a 51-storey rental tower, a 53-storey condo tower, a multi-tower complex, and a 69-storey residential tower. These projects highlight the area's exceptional location and unparalleled potential.
Preserving Heritage: A Thoughtful Design
The project, currently in the planning and design stage, includes a heritage component that pays homage to the area's historical significance. The integration of heritage showcases the partners' commitment to preserving Toronto's existing urban fabric.
A Landmark Project: Redefining Urban Landscape
Alterra Group of Companies, Platinum Vista, and DBS Developments look forward to creating a landmark project that will redefine Toronto's urban landscape. The proposed project will offer:
- 59 storey tower atop a red brick heritage building
- Suites ranging from studios to spacious three-bedroom residences
- Indoor and outdoor amenity spaces
- 77 Parking spaces for residents with 8 additional spaces for visitors
- 44,835 square m total gross floor area dedicated to residential living
- Topped with a green roof
The project symbolizes a new era of excellence, innovation, and community engagement, breathing new life into a previously overlooked part of the city. Located in the heart of downtown Toronto, the site is a strong candidate for intensification, served by a wide array of retailers, restaurants, and just a two-minute walk away from Sherbourne subway station.
Conclusion: A New Chapter for Toronto's Urban Landscape
The joint venture between Alterra Group of Companies, Platinum Vista, and DBS Developments represents a visionary step towards revitalizing a part of Toronto that has long been awaiting resurgence. With a blend of modern design, heritage preservation, and community engagement, the project promises to redefine the urban landscape. It stands as a testament to innovation and excellence, setting a new standard for residential communities.
The development not only addresses the city's housing crisis but also aims to attract new visitors, encourage local business growth, and contribute to the vibrant growth of the community. It's more than just a building; it's a symbol of transformation and a beacon of prosperity for Toronto's St. James Town and Upper Jarvis neighbourhoods.
DataBid is currently reporting on this project - 566 Sherbourne Street Rental & Condominium Building Upper Jarvis - Toronto (0078051123)
