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Pinnacle to launch 95-storey Toronto SkyTower condos – Real Estate News EXchange

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SkyTower at Pinnacle One Yonge would be second only to the CN Tower in total height in Toronto. (Courtesy Pinnacle International)

Pinnacle International is launching the second phase of its mixed-use Pinnacle One Young development, the 95-storey SkyTower condo tower which will dominate a significant portion of the city’s skyline.

SkyTower will rise 1,027 feet in height the company says, which would make it the tallest building in Toronto and the second-tallest structure, behind only the world-renowned CN Tower.

“An iconic address like One Yonge demands an iconic architectural statement,” said Pinnacle’s vice-president of sales and marketing, Anson Kwok, in a release. “We knew this location demanded something elegant and distinctive.”

Designed by Hariri Pontarini Architects, SkyTower will include more than 800 condominiums in a variety of layouts. They will range from 520 to 2,300 square feet, with prices starting from just over $800,000.

“Our approach to this phase, and the other elements of this master-planned development, was predicated on a commitment to not just merely add yet another condo to the downtown core,” Kwok said in the release. “Instead, we recognized the unique privilege provided by this site to forever reshape the Toronto skyline.”

SkyTower and Pinnacle One Yonge

Suites in the SkyTower will offer “unparalleled views across Lake Ontario and over the surrounding GTA” according to the release. The units were designed by award-winning Tanner Hill and Associates, offering spacious and light-filled living spaces. 

Amenities within SkyTower will be in line with those provided at other luxury residences, including a pool, yoga studio, games centre and party-space, as well as outdoor barbecues and lounge areas.

SkyTower will be the second of three tall condo towers at Pinnacle One Yonge. Its launch follows the release of The Prestige, a 65-storey condominium tower that launched last year and is now under construction.

Details of the third tower have not yet been released, although in a previous interview with RENX, Kwok said the structure would be 80 storeys.    

With more than 2,200 condominiums planned between the three buildings, the residential towers will anchor the master-planned, 4.4-million-square-foot development of Pinnacle One Yonge.

The master-planned community will also include two other office towers containing 1.5 million square feet of office space, 160,000 square feet of retail, a 250-room hotel, a 50,000-square-foot community centre and a 2.5-acre public park.

Toronto’s tallest buildings

If completed today at 1,027 feet, the SkyTower would be among the top-20 tallest high-rises in North America according to Wikipedia. It would place 16th on the list, between the New York Times Building (1,045 feet) and the Bank of America Plaza in Atlanta (1,023 feet).

SkyTower would usurp Toronto’s First Canadian Place, an 83-storey skyscraper standing 978 feet high, as Canada’s tallest building. The CN Tower would remain Canada’s tallest structure at 1,815 feet.

Two other Toronto buildings will also top First Canadian Place on completion, Mizrahi’s The One (1,007 feet) and Cresford’s YSL Residences (981 feet). Both those buildings will stand 85 storeys, and are currently under development.

Vancouver-based Pinnacle has been involved in the development, design, construction and management of condos, hotels and commercial buildings for more than 40 years.

It has been involved in major developments in Greater Vancouver and Toronto as well as in San Diego, where it built the city’s tallest residential building, Pinnacle on the Park.

RELATED ARTICLES:

* Major GTA developments mean busy 2018 at Pinnacle

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Robert H. Lee, Vancouver real estate magnate and philanthropist, dead at 86 – CBC.ca

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Vancouver real estate magnate and philanthropist Robert H. Lee has died at the age of 86.

University of British Columbia president Santa Ono announced Lee’s passing in a statement on UBC’s website. 

Lee, known as Bob, was the founder of the real estate firm Prospero Group and one of B.C.’s wealthiest people, but he was perhaps best known for his contributions to the community.

A graduate of UBC’s commerce program in 1956, Lee continued his relationship with the university for decades afterward.

For 23 years, he volunteered on the board of governors and was chancellor from 1993 to 1996.

During his tenure, he pioneered the idea of turning university endowed land into leasehold market housing.

It allowed the school to develop and sell housing for a fixed time period while still owning the property.

Despite initial opposition, Lee championed the plan and it’s since earned the university hundreds of millions in funding.

He believed it was his greatest professional accomplishment, according to his book Robert H. Lee: His Life, World and the UBC Properties Trust.

Lee’s generosity went beyond giving just time and energy. He wrote multi-million-dollar cheques to the university, the YMCA, hospital foundations and the preservation of Chinatown.

His name is emblazoned on buildings at the Sauder School of Business, UBC’s alumni centre, the YMCA on Burrard Street and a health centre on East Broadway.

For his contributions, Lee was honoured with the Order of Canada and the Order of British Columbia, and was named a Business Laureate of B.C.

Life values

Born in Vancouver in 1933, Lee was one of seven children. 

His father was an entrepreneur in Chinatown who taught him the values of hard work, vision and personal connections.

In his book, Lee says his father worked 14-hour days, six days a week, but always made time for his family every Sunday. 

Those values translated into Lee’s work and personal life. He was rarely seen out and about without his family.

“I know that the UBC community will be joined by countless others in our local, national, and international communities in mourning the loss of this truly accomplished and beloved man,” said Ono in a statement.

Lee leaves behind his wife, Lily, and four children.

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Real estate board reports record month of January – TimminsToday

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The Timmins, Cochrane and Timiskaming District Association of Realtors reports that January home sales are up from December. The total dollar value of all home sales in January was $13.2 million, setting a new record for the month of January.

In January 2020:

  • 79 residential units were sold
  • $166,973 was the average price of homes sold
  • 156 new residential listings were posted

To compare, in December 2019:

  • 52 residential units were sold
  • $160,483 was the average price of homes sold
  • 97 new residential listings were posted

To compare, in January 2019:

  • 59 residential units were sold
  • $145,099.53 was the average price of homes sold
  • 134 new residential listings were posted

For more information on Timmins, Cochrane and Timiskaming District real estate statistics for the month of January, click here.

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Starlight, KingSett bid $4.8B for Northview Apartment REIT – Real Estate News EXchange

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Starlight Group Property Holdings and KingSett Capital have made an offer to acquire Calgary-based Northview Apartment Real Estate Investment Trust (NVU-UN-T) in a transaction which values the REIT at $4.8 billion.

In a release Thursday morning, Northview says the transaction represents a 25 per cent premium to the “consensus analyst net asset value per unit.”

Starlight and KingSett are offering $36.25 per unit in cash for all units not already held by Starlight, a major investor in Northview. The offer is a 17 per cent premium to Northview’s 30-day average price and a 12 per cent premium to Northview’s closing price on the TSX on Feb. 19.

Northview has secured a 60-day “Go-Shop” period to seek and negotiate bids with other possible suitors.

“This transaction is a testament to the business Northview has built, both through its original incarnation as Northern Property REIT and more recently since the 2015 transaction, as Northview,” said Todd Cook, president and CEO of Northview, in the release.

“We have successfully executed on our strategic priorities to build the portfolio in strong and growing markets and to create value for unitholders through organic growth and Northview’s development platform.”

A special committee of independent trustees of Northview has reviewed and unanimously recommends the transaction be approved.

Northview’s apartment portfolio

“This transaction provides significant value, certainty and liquidity to unitholders, while also allowing Northview to solicit superior proposals through a go-shop period of up to 60 days,” said Scott Thon, the chairman of Northview’s board, in the release.

“Following an unsolicited approach from Starlight and KingSett, the special committee led extensive negotiations which resulted in this attractive transaction.”

Northview is one of Canada’s largest publicly traded multifamily REITs with a portfolio of approximately 27,000 residential suites and 1.2 million square feet of commercial space.

It owns properties in more than 60 markets across eight provinces and two territories.

The offer represents a total equity value of approximately $2.5 billion and a total transaction value of approximately $4.8 billion including debt. The transaction is not subject to financing conditions.

Unitholders can opt to receive cash, or all or a portion of the offer in units of a new, multiresidential fund that would own a geographically diverse portfolio in six Canadian provinces and two territories.

The so-called “High Yield Fund” will apply to list its units on a Canadian securities exchange.

The arrangement contains a two-tier termination fee structure. If Northview attracts a superior offer during the go-shop period, there will be a termination fee of $37.7 million.

Should such an offer be received and accepted after the go-shop period, the fee would be $88 million. The purchasers also have the right to match any superior proposals.

Drimmer, Starlight own Northview units

Northview expects to continue to pay a monthly distribution of $0.1358 per unit through the close of the transaction, which is expected by Q3 2020.

Starlight CEO Daniel Drimmer, through Starlight and its affiliates, is Northview’s largest unitholder, holding approximately 13 per cent of its units. Drimmer also serves as a trustee of Northview.

As such, the transaction requires approval of 66.7 per cent of unitholders, as well as a majority of votes cast by disinterested unitholders. Standard regulatory approvals are also required.

Both Scotiabank, financial advisor to Northview, and National Bank Financial Inc., advising the special committee, have deemed the offer to be fair.

National Bank also prepared an independent valuation, determining fair market value of the units is in the range of $33.25 to $36.75 per unit.

A special meeting of unitholders will be held no later than June 5, 2020 to consider and vote on the transaction.

In addition to Starlight, Northview’s trustees and officers have entered into voting and support agreements in favour of the transaction.

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