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| Stollerys: A staple in the Yonge and Bloor area for over 114 years. |
Earlier this week it was announced the Stollerys (located at the southwest corner of Yonge and bloor) had sold their 114 year old establishment to developer Sam Mizrahi. From 1 and 11 Bloor street w and a few buildings on Yonge street south of Stollerys current location; were sold to Mizrahi Developments.
Sam Mizrahi, is the developer behind 133 Hazelton ave and 181 Davenport Rd; two developments nearing completion in the Yorkville area; has insisted that his new development will be a game changer. He's gone on to say "We are developers that look at collaborating with the city, collaborating with the community, collaborating with stakeholders in order to create something that's going to be a gift back to the city"
It's
important to note that 1 Bloor Street East is still very much in the earliest of
development stages. Mizrahi is still in the process of choosing his architects,
however, there is a hint of what we can expect. The new 1 Bloor street w will
likely be complimentary to 1 bloor street e in size coming in at an estimated
75 storeys; there will also be a large retail component present in the new
building.
The
question becomes, does Yonge and Bloor really need another 70+ storey building?
In the area currently there is One Bloor (scheduled for completion in Q4 2016);
The Uptown Residences, Crystal Blu (both on Balmuto). To the north we have the
landmark CIBC office tower as well as the Hudson Bay tower. How would the
intersection of Yonge and Bloor look with another tower?
On a
practical level; is there enough demand for a significant induction of
residential space in the area? How would public transit (which is currently
going through a large revamp) cope with a significant increase in residential
suites to the area?
It'll
be interesting to see how the development process unfolds over the next year.
It's likely, we'll see the launch of "THE ONE" condos in Q3 of 2015.
However, market conditions will be key to determining an adequate launch date.
Stay
tuned to this blog for more information as it becomes available.
