khaldoon
Active Member
In today's Toronto Star
Original source: https://www.thestar.com/news/gta/20...yscraper-a-new-proposal-hits-105-storeys.html
Non-paywalled version: https://archive.ph/Y5F3Y#selection-743.0-763.249
Quote from the article:
Pinnacle vice president of sales and marketing Anson Kwok said the skyscraper war is not what’s motivating the company. The decision to reach even higher was an internal one, considering what would be best for the city and the location. It wanted to add “some more intrigue” to the skyline, he said, calling the tower “a piece of artwork for the city.”
Of course, having bragging rights as “the tallest building in Canada” can’t hurt a project’s sales pitch, especially at a time when mortgage rates are soaring and cracks appear to be forming in Toronto’s once unstoppable condo market.
There are still some units available for sale and prices at Pinnacle One Yonge range from around $900,000 to $3 million, Kwok said. The completed development will include a community centre with a pool and basketball court that will be operated by the city, he added.
“Toronto’s a world class city, so I think in the last 10 years, 40 storeys were pretty common, then you get to 60. To get to that next echelon of city, in terms of New York or Chicago, I think architectural interest is greatly important,” said Kwok.
You don’t need to see the title of the person to realize they are bs peddling parrots (aka marketing) when they claim Pinnacle is building a piece of artwork! We all know the reason for the added dozens of units is to try to maximize their return on the project while they can still find people willing to invest in it. What consideration was given to improving how livable the building will be with all the added residents (more elevators, larger amenities, etc.)? I wouldn’t be impressed if I bought a unit previously in these buildings but then again the majority of buyers are probably investors and speculators and may never live there.