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Capital to develop flatiron-style Toronto Park Road condos

Rendering of the flatiron-style Park Road condos project in Toronto, by Capital Developments. (Courtesy Capital Developments)
Rendering of the flatiron-style Park Road condos project in Toronto, by Capital Developments. (Courtesy Capital Developments)

Capital Developments will launch sales in mid-September for its distinctly designed Park Road project, a 27-storey flatiron-shaped condominium in Toronto’s exclusive Yorkville neighbourhood.

The Diamond Schmitt-designed building where Park Road, Collier Street and Church Street intersect, north of Bloor Street East, will have 302 suites averaging 560 square feet. 

Approximately 50 per cent will have one bedroom or one bedroom plus a den, 20 per cent will have two bedrooms, 20 per cent will be studios and 10 per cent will have three bedrooms.

Pricing hasn’t been revealed.

The building will offer a very distinct appearance.

Building will have unique design

“In addition to having a triangular shape, it also has a step-back from the east and a fairly substantial cantilever to the west,” Capital president Carlo Timpano told RENX.

“Starting from the ninth floor, there are three substantial cantilevers which pull themselves out and over top of a POPS (privately owned, publicly accessible space) on the west side of the site.

“We’re currently working with the city to connect that POPS to the park on the northwest side of the site through a closure of Collier Street.

"In an ideal world, the park would connect directly to the west side of our property, which should not only improve the conditions of that park and the accessibility, but also address some of the traffic concerns that the local residents have about Collier Street.”

A porte cochère illuminated by a ceiling constellation of lights will be at the base of Park Road and the tower will be surrounded by an expanded public realm of wide sidewalks, roadside trees and seating. 

Timpano said the unique location will also provide unencumbered views of Rosedale Valley on the north side of the tower. 

Cecconi Simone is the interior designer for the high-end condo, which will offer a range of amenities that include: concierge service; a meditation room with a Himalayan salt wall, sauna and steam room; a fitness studio; co-working space; a variety of entertainment rooms; and two rooftop terraces with fire pits, communal barbecues and pockets of seating.  

Prime location

The condo is located less than 100 metres from the Bloor-Yonge subway station and will have no vehicle parking. It will, however, offer a free luxury car-sharing service and bicycle storage.

Park Road is also in close proximity to stores, restaurants, the University of Toronto, Toronto Metropolitan University, Branksome Hall, The York School, green spaces and nature. 

The Park Road site is comprised of an assembly of commercial and residential properties that began in 2019 and was completed in early 2021.

All of the zoning requirements are now in place to start moving forward with development; demolition of the existing buildings should begin in October. The goal is to start construction early next year and for Park Road to be completed in 2027.

Park Road isn’t Capital’s first Yorkville project. It’s developing the 65-storey 11YV at 11 Yorkville Ave. in conjunction with RioCan Living and Metropia.

Ground was broken for that building in 2020 and all of its units were sold, but last month approval was granted by a committee of adjustment to add an additional three storeys.

Construction has reached almost halfway up the tower’s final height and 11YV is scheduled for occupancy in the first quarter of 2025. 

Capital’s other current projects

Toronto-based Capital was founded by Todd Cowan and Jordan Dermer in 2007. Through Capital and their previous company, TriGranit, they’ve delivered more than 13 million square feet of commercial and residential space in more than 25 projects.

In addition to 11YV, the 69-storey, 821-unit 8 Elm on Yonge is under construction and scheduled for completion in 2026. Capital also has a pipeline of seven projects, including Park Road, totalling 3.6 million square feet. 

Sales for 8 Elm on Yonge were launched by Capital and partner Reserve Properties in September and more than 80 per cent of its units have been sold.

The 350 units in the 29-storey Olive Residences at Yonge Street and Finch Avenue went on sale in January and more than 90 per cent have been sold.

“We price our product to sell,” said Timpano. “We really like to realize as many sales as quickly as possible.”

Recent approvals

Capital and Metropia just received approval to move forward with a 46-storey, 630-unit condo at 170 Roehampton Ave., near Eglinton Avenue East and Mt. Pleasant Road in midtown Toronto. Sales should begin in 2024.

That condo will complement Capital and Freed Developments’ nearby completed buildings at 150 and 155 Redpath Ave. 

Capital received city council approval on July 19 to move forward with the 62-storey, 821-unit 88 Isabella condo at Church and Isabella Streets in Toronto. 

Capital’s 75-storey, 828-unit condo at 399 Yonge St. in downtown Toronto also recently received a green light.

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