Toronto has seen its fair share of unbuilt projects. Whether or not we actually like the design, there's always a tinge of remorse when we hear that a building will no longer be constructed, or a developer has put the plans on ice. When the Hotel Gansevoort pulled out from the proposed hotel-condo project at 306-318 Richmond, many lamented the loss of a truly unique design. However, Monarch and the Goldman group saved the day, looking at the site anew, as a purely residential condo project they've named Picasso condos.

Picasso Condos Toronto by the Goldman Group and the Monarch GroupPicasso Condos by the Goldman Group and the Monarch Group — Artist concept. E.&.O.E.

Designed by Teeple Architects, the new tower has reinterpreted the previous design proposal, saving the key elements that made many of us so excited, while giving it a distinctly new feel and vibe.

Picasso Condos Toronto by the Goldman Group and the Monarch GroupPicasso Condos by the Goldman Group and the Monarch Group — Artist concept. E.&.O.E.

Teeple's original design was a vertical composition of shifted volumes, clad in high-end materials and contrasted with lush garden balconies. When Monarch asked Teeple to reconfigure the project for a residential tower, the architect proposed a building composed much like a cubist painting — the new tower's façade is an artistic canvas, where rectilinear volumes are delineated by crisp red boundaries, providing a unique addition to the downtown skyline, and an anchor for the foot of Beverly Street.

Picasso Condos Toronto by the Goldman Group and the Monarch GroupPicasso Condos by the Goldman Group and the Monarch Group — Artist concept. E.&.O.E.

Picasso contains a variety of amenities located on the 10th floor atop the podium, which will stretch along Richmond Street. The podium will contain the open-air lobby, as well as retail space, bringing some much-needed street life to this part of Richmond and contributing to the development of a neighbourhood feel that is underway within the Entertainment District.

Picasso, 318 Richmond Street West, Toronto, Monarch Corporation and Goldman GrouPicasso Condos by the Goldman Group and the Monarch Group — Artist concept. E.&.O.E.

The project is still in pre-sale, however hype is steadily building as many desire the close proximity Picasso will have to the downtown core, as well as the largely protected north views that purchasers will have over the neighbouring district of Victorian semis around the AGO, south of the UofT campus.

We'll leave you with a photo of the original project and a great contrast image by forum member vegeta_skyline — check out the dataBase listing below, or join the conversation on the project thread here.

Picasso, 318 Richmond Street West, Toronto, Monarch Corporation and Goldman GrouFormer Gansevoort Condo/Hotel plan, Toronto, by TAS Design Build

Picasso, 318 Richmond Street West, Toronto, Monarch Corporation and Goldman GrouContrast of new and old design proposals, image by vegeta_skyline