Toronto Residences at The Ritz-Carlton, Toronto | 207.86m | 53s | Graywood | Kohn Pedersen Fox

From Dec. 1/2006's edition of Novae Res Urbis:
Ritz-Carlton project breaks ground

And they said it couldn’t be done—that another luxury condominium building in downtown Toronto would be “trumped†by other plans.

With the musical backdrop of “putting on the ritz†blaring, however, there was nothing but smiles during a ground-breaking ceremony yesterday heralding the beginning of construction of the $350-million—up from initial estimates last year of $300-million—53-storey Ritz-Carlton Hotel and Residences on Wellington Street. Apparently the luxury suites are selling like hotcakes.

Destined to be a Toronto landmark with its striking, modern architecture, the 700,000 sq. ft. building, which is scheduled for completion in 2009 or early 2010, was jointly-designed by Kohn Pedersen Fox (KPF) Associates Architects and Planners of New York and Toronto-based Page + Steele Architects with principle architect Sol Wassermuhl. Above the 26th floor, the building slopes outward in a unique way to create the largest suites at the top and give the residents a spectacular view of either the water’s edge or the city— or both from the penthouse at the top.

Back in April 2005, the Ritz-Carlton Hotel Company, L.L.C. (of Chevy Chase, Maryland, U.S.), Graywood Developments Ltd. and Cadillac Fairview Corporation announced they would build a luxury hotel and condominium residence in the heart of the theatre district in downtown Toronto. Although the plans were welcomed by Mayor David Miller and tourism and development representatives alike, the mini-boom of luxury hotels and high-rises left some wondering if the downtown condominium market is getting too flush with plush digs.

“We knew there were others like the Trump Tower underway, but we have been so successful because we put together the very best team,†Graywood senior VP Steve Gutfreud told NRU. “We had the power behind us and believed in this project to make it happen.â€

“This is going to be huge for Toronto.â€

People told Bill Marriott Jr., CEO of Marriott International, the parent company of Ritz-Carlton Hotels, that he was crazy to build within the theatre district, but he believed the location would make them successful.

“The demand for luxury hotel accommodations is tremendous right now and is especially strong in cosmopolitan areas, financial centres and gateway cities like Toronto,†Marriott said.

The construction will include using a deep water cooling system through Enwave Energy Corporation, a feature that will lower energy costs in the building— apparently a particular attraction to offshore purchasers. Strybos Associates of Mississauga will design the landscape that will surround the building.

Economically, the project will create approximately 1,500 construction jobs in the city as well as 500 fulltime jobs thereafter. In addition, the city will reap about $9 million in realty taxes annually. The first task, however, requires tearing down the gorgeous, $3-million presentation centre so construction can begin. Shovels are already in the ground on another portion of the site to build a 1.2-million sq. ft. office
tower just east of the hotel/condo project. The team has struck a deal with RBC Financial Group and RBC Dexia Investor Services to occupy 50 per cent. KPF has teamed up with Bregman + Hamann Architects to design the office tower.

When completed, the hotel-condo building will feature a five star hotel with 267 rooms and 153-condominium residences. In spite of the steep prices ($1.3 million to $13 million), twothirds of the suites have already been sold, with 30 per cent to beyond-thiscontinent buyers. Sources tell NRU that signatures are expected any day now on the deal to sell the nearly 11,000 sq. ft. penthouse. For those with money to burn, however, there is no need to fret—there is still a couple of other, more modest 6,000-sq. ft. suites available.

“We anticipate this is the first of several Ritz-Carlton combined hotel and condominium residences planned for Canada,†said Marriott senior VP of development Michael Beckley.

“The Ritz-Carlton Hotel and Residences in Toronto, is a dynamic part of the city’s evolution,†he said. Beckley’s speaking notes actually rad “company’s†evolution, but the faux pas was appreciated.
 
“We anticipate this is the first of several Ritz-Carlton combined hotel and condominium residences planned for Canada,†said Marriott senior VP of development Michael Beckley.
Click to expand...

Any speculation on what city might be next? Oil-boom-town Calgary? Olympics 2010 Vancouver?
 
Yes, but they might get a combined Ritz condo-hotel in the future.

If we can support two Four Seasons, why can't they have two Ritzs?
 
Mississauga? :b

After all, Detroit's Ritz-Carlton is in Dearborn.
 
Marriott turns sod on city's first Ritz
Hotel magnate certain luxury brand has bright future in Toronto
Dec. 1, 2006. 07:19 AM
TONY WONG
BUSINESS REPORTER


J.W. Marriott Jr. is having a good year.

A new Marriott hotel goes up somewhere around the world every two days, and his stock in the company, of which his family owns 20 per cent, is at a 52-week high.

"I guess we can thank Prince al-Waleed for that," Marriott smiles in the plush den of the Ritz Carlton presentation centre in Toronto yesterday.

The prince, of course, is Saudi Prince al-Waleed bin Talal, who along with Microsoft Corp.'s Bill Gates is looking to acquire Toronto based Four Seasons Hotels Inc. for $4.2 billion (U.S.).

As a result of that proposed deal, hospitality stocks such as Marriott's have shot up in value over the past several months.

"If they think the Four Seasons is worth 40 times earnings, then we're at least worth 30," he chuckles.

The chairman and CEO of Marriott International Inc. was worth $1.6 billion at the beginning of 2006 according to Forbes magazine, making him the 486th richest man in the world — although his fortunes have improved since then along with the price of his stock.

Much of the interest in hotel stock has come from hedge and pension funds looking for a place to park their money — and some see Marriott as a quality operator that could go private.

Marriott says he'd love to take the company private — but on his terms.

"I'd love to do that, but not with a partner," says Marriott, who has a reputation for liking to be in control.

At the age of 74, there is much talk about a potential successor. Marriott's son John has left the company to focus on a family investment firm, which means for the first time since Marriott's father, J. Willard, founded the company in 1932, there may not be a Marriott at the helm.

But J.W. Marriott Jr. says he's in no hurry to retire soon.

"I'm having too much fun and the food's better," he says.

Yesterday, Marriott was in town to break ground for Toronto's first Ritz Carlton hotel, a brand owned by Marriott.

The company owns an astonishing 18 brands ranging from the Ritz Carlton to the Renaissance, Courtyard, and Fairfield Inn hotels. With more than 2,800 properties in 70 countries, Marriott tries to see as many as he can, but it's a losing battle.

"I try to see them, but I'm not going to make it in my lifetime," he says.

When the Toronto Star interviewed Marriott in 1999, putting a Ritz in the city was a priority, as part of a strategic trend toward upscale lodgings.

But the landscape has changed since then. Today the Ritz is competing for supremacy in Toronto's luxury hotel and condominium market with the Four Seasons, a hotel by Donald Trump and Hong Kong's Shangri-La brand. However, the Ritz is the first to get a shovel in the ground, and sales have been spectacular with two thirds of the condominiums sold, ranging from $1 million (Canadian) to $13 million.

"It's still a very small market — it's tiny when you think about it," says Marriott when asked whether there were too many upscale rooms on the market.

"As long as interest rates stay low, there is an awful lot of money flooding the market, and they don't know where to put their money, so high-end real estate has traditionally stood up pretty well."

And Toronto, where prices are nearing a lofty $1,000 a square foot, is still cheap by international standards, Marriott says.

Marriott is so confident in the Toronto market that the company is taking an ownership stake in its condominium-hotel developments for the first time ever with a 20 per cent share.

The company typically earns revenue from the management fees it receives from its hotel brands.

Another 40 per cent is owned by Cadillac Fairview Corp. and 40 per cent by Graywood Developments Ltd.

Cadillac also announced a groundbreaking on a sister property beside the Ritz, for a new office tower to be completed in 2009.

Marriott has 53 hotels in Canada. He wants to see "a minimum" of 80 in 2010, and possibly as many as 100. He also wants to see a Ritz in Vancouver as a natural next step.

Doubling the number of hotels in three years is ambitious, but an aggressive approach is necessary to gain market share at different levels, says William Stone, executive managing director of Colliers International Hotels.

"It has been their strategy to try to dominate the market, and they have such an array of brands at such different price points that they can do that," says Stone, who also credits the company for having a strong Canadian development team.

Marriott says locating the Ritz — 53 storeys tall with 267 rooms and 135 condominiums — in the entertainment district was a key to its success.

"When I opened a Marriott in Times Square in New York they said I was crazy. But I figured I could get the weekend traffic from the theatre district and the weekday traffic from commercial traffic."

With a new office tower beside the Ritz, Marriott hopes to capitalize on that same synergy.

-----------------------------------

He also wants to see a Ritz in Vancouver as a natural next step.
Click to expand...

Looks like Vancouver will be next.
 
From The Star

Ritz official `believes' in Toronto
Dec. 9, 2006. 01:00 AM
TONY WONG
BUSINESS REPORTER

Michael Beckley is putting his company's money where his mouth is. As the senior vice-president of lodging development for the Ritz-Carlton Hotel Co., Beckley persuaded his board to buy into a 20 per cent ownership in the Toronto Ritz-Carlton hotel.

While the company has invested in ownership of hotels in the past, it is the first time the company has done so with a condominium-hotel development.

"We don't write cheques easily, but the quality of partners and development was really superb — we really believe in this project," said Beckley, who also managed to get a shovel in the dirt at last week's groundbreaking ceremony for the Ritz-Carlton in Toronto.

The company typically makes its revenue from the management fees from its hotel brands instead of outright ownership Another 40 per cent is owned by Cadillac Fairview Corp. and 40 per cent by Graywood Developments Ltd.

With more than two-thirds of the development sold in just a year — the project is the first of the ultra-luxury hotels, which include a new Trump Hotel and Four Seasons Hotel — to get going.

"To have the groundbreaking in only a year since we started is fantastic," said Pat Baker, CEO of Baker Real Estate Corp., sales agent for the Ritz.

"We really haven't had a blip. We're getting people from Toronto, Europe, the Middle East, and Asia."

To make way for construction, the posh Ritz presentation centre will be demolished once construction starts on Monday.
 
From the Star:

And here is more on the Ritz - can't seem to find the thread on it, so I will put it here for now:

Puttin' up the Ritz
Luxury condo-hotel marries five-star comfort with engineering achievements
Dec. 16, 2006. 01:00 AM
STEPHEN WEIR
SPECIAL TO THE STAR

Richard Tucker's high school days were spent at the "Grove," a private boy's school in Lakefield, Ont. He was Prince Andrew's prefect and Mayor David Miller's classmate.

After leaving the Lakefield College Boys School, where he was the Grove's top engineering student and the Governor General's Medal winner, he decided his destiny was a little bit higher.

Tucker, now a well-known Toronto architect and master of construction, has indeed been looking up. Since graduating from MIT in architecture and the London School of Business, he has joined the very exclusive club of professionals who build big and tall buildings.

His construction resume includes London's Canary Wharf, Calgary's 38-storey Trans-Canada Pipeline Building and the Rogers Centre. He has overseen construction for projects totalling millions of square feet in Canada, the United States and England.

Now, Tucker is the director of construction for Graywood Developments Ltd., the company that broke ground Nov. 30 for the Ritz Carlton and The Residences At the Ritz-Carlton.

Located next to the CBC headquarters on Wellington St. (near Roy Thomson Hall), the project will include a five-star hotel and high-priced condo suites in an all-glass, 53-storey tribute to unbridled luxury.

"It is time that Toronto had this," says Tucker. "There are a few nice hotels in the city, but, no true five-star establishments. The Ritz-Carlton will be that and more. And, of course, that holds true for the 35 floors of private lounges, meeting rooms and condominiums that are on top of the hotel.

"Five-star means a whole different level of service on the part of the hotel," he adds. "Guests don't want to see how things � food, laundry, luggage � are moved around. We have designed a building that has a completely separate front of the house and back of the house. Through design, hotel staff, will seemingly appear out of nowhere, will pop up and answer (guests' needs). Food is prepared on the same floor as the restaurant, so that gourmet meals arrive seconds after leaving the grill."

Condo owners won't have to walk through the hotel lobby, no matter how exclusive it is. Instead, they have their own side entrance, 24-hour concierge and two private elevators to carry them to the 21st floor and a bank of condo-only elevators.

The private lounge on the 21st floor may end up being one of the city's most exclusive clubs � populated by movie stars, princes and politicians.

The Upstairs Downstairs approach to service will affect how the building is constructed. The site is very small � only about a half-hectare. At the same time, the style of the hotel and condominium requires that more space be dedicated to keeping guests, owners and staff at arm's length.

Private entrances, quiet elevators, out-of-sight service lifts and redundant power sources (to ensure the building is never without electricity) cost more and take up space. But since even the smallest condo will cost more than $1 million, the added costs won't be a problem for the developer.

The Ritz has also worked out an arrangement with the Royal Bank, which is right next door. The two buildings will share a common loading dock and freight entrance on the bank property.

The new building will be cantilevered from street level. The north and south glass walls (with virtually no concrete in sight) will slant out, so the building is wider at the top than the bottom.

"To make room for this expansion, there is a giant zipper up the side of the building," says Tucker. "It will be the building's signature look."

Tucker will be overseeing construction of the 153 luxury condo suites, each with a minimum of 36 metres of floor-to-ceiling glass � a curtain-maker's dream come true.

Wind tunnel modelling was used to ensure the 53 storeys of glass can withstand the high winds that often buffet the downtown core. A second environmental concern was also addressed: how to protect pedestrians on Wellington from falling icicles.

"Through a combination of heaters and the actual shape of all exposed areas, icicles and hard-packed snow will never be an issue," Tucker explains.

As they dig three levels deep into the ground in an area that once almost fronted Lake Ontario, the builders are confident the garage will stay dry and still be large enough to accommodate the vehicles of residents and hotel guests alike.

"The parking spots are yours to own, and they are priced at $49,000 each," says May Sheardown, Tucker's associate and sales representative. "And, provided you don't have a roof rack on a Hummer, every style of car can fit in.

"People want this because they can park their own cars. They don't have to rely on the valet service and they know exactly where their cars are."

The suites will be overbuilt as befits the Ritz. Redundant power generators mean the tower will stay cool, water pumps will function and the elevators will work even during blackouts. The building will be cooled with Enwave � a system that uses Lake Ontario water as a giant heat exchange unit.

The irony is many of the buyers probably won't be in the building all that much, especially in winter.

"If a person can afford a suite in the Ritz, they can afford a place in France, an apartment in New York or Hong Kong and a winter retreat in Palm Beach," says Tucker.

AoD
 
Isn't it possible that foreign investors at the Ritz might have Hummers with roof racks? I would think that overdoing it with large vehicles would be relatively common with Ritz clientele.
 
sales centre was vacated yesterday - site fenced off today
 
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