Pinnacle International has submitted plans to build the largest hotel and condo project in Toronto. The proposal calls for 6 highrises, which includes an 88-storey condo (largest residential tower in Canada), a 70 storey highrise with a hotel, and an office tower near Yonge St and Queens Quay West.
If the proposal is accepted and built, the combined 6.4 million sq ft of space would be the largest residential mix-use project in Canada. These proposed buildings would add to the 158 other condos under construction in Toronto, which has prompted concern that condo sales will be affected.
There were 5,759 low-rise and condo sales in the city in February, down 15 per cent from last year. The average sale price rose 2.1 per cent, according to Toronto Real Estate Board data.
Due to the size of the project, the process for approval typically takes about a year.
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