Toronto Condo and Real Estate Blog

Donald Trump and partners break ground for $500m Trump International Hotel & Tower

57-storey landmark will redefine luxury living and city skyline

It’s official: construction of Toronto’s $500-million, five-star, 57-storey, Trump International Hotel & Tower is underway, with a 2010 completion date. Located at 325 Bay Street, in the heart of the city’s financial and business district, the landmark will set a new standard for luxury and elegance in Toronto.

Donald Trump participated in a “gold shovel” sod-turning ceremony with building developers Alex Shnaider, Chairman of Talon International Development Inc., and Val Levitan, President and CEO of Talon and Toronto City Pam McConnell.

Upon completion, Trump International Hotel & Tower will be the tallest and most luxurious residential building in Canada. The first Trump property to be situated in Canada will feature 118 luxury residences and 261 hotel guest rooms and suites. Although pre-construction inventory is entirely sold out, a limited release of suites will be available later this fall and are expected to be priced from the $900,000s for hotel condominiums and $1.6-million for residential condominiums. (All figures CAD).

“I’m thrilled to be here today to celebrate the beginning of construction for this fantastic Trump International Hotel & Tower,” said Donald Trump. “When we open in 2010, visitors and residents will experience a unique, five-star property that will be unlike anything else in Canada and among the most magnificent luxury developments in the world.”

“Trump International Hotel & Tower is an outstanding addition in the heart of our city,” said Toronto Councilor Pam McConnell. “It will be a remarkable, invigorating addition to our central downtown core and a boost to our economy. We congratulate Toronto’s Talon International Development Inc. for this achievement and we welcome the Trump Organization to Toronto.”

“This is a proud day for Talon International Development,” said Chairman Alex Shnaider. “Our vision is on its way to becoming reality and our dream of a one-of-a-kind development for Toronto will soon be realized for the benefit of our residents, guests and the city.”

“Everything about this property will redefine luxury,” said Val Levitan, Talon’s President and CEO. “From the elegant design of the hotel rooms and residences, to the unmatched quality of services and amenities that will be available around the clock, no detail will be overlooked.”

Residential floors, on levels 33-53, will be restricted to four-to-six suites per floor, with many having direct, secure elevator access. Eleven- to 13-ft. floor-to-ceiling windows will offer spectacular views of the city’s skyline. The top four floors will house the 4,250- to 7,700- sq. ft. penthouse residences, featuring great rooms, libraries, galleries and spectacular entry foyers and terraces. Many of the 118 residences will have separate service entrances to ensure seamless hosting and entertaining.

The hotel’s 261 rooms and suites will occupy the lower portion on the building, on levels 11-29. Deluxe studio, one-bedroom and two-bedroom suites, ranging from 570 to 1,660 sq. ft., will offer guests the largest accommodations in the city. The top floor of the hotel, Level 29, will offer five exclusive suites with additional services and amenities, including the 4,000-sq.ft. Presidential Expo Suite, which will feature a state-of-the-art media room, as well as access to a boardroom and lounge for hosting meetings and social gatherings.

The commercial areas of the building will serve both hotel guests and residents. A high-tech business centre will cover an entire floor. A sushi and martini bar will welcome guests as they enter the first floor lobby. A two-level spa and fitness center on the 30th and 31st floors will help smooth away stress while catering to the most demanding fitness regimens. An exclusive dining establishment on the 30th floor will offer gourmet food and wine as well as breathtaking views of Lake Ontario and the CN Tower. A private dining room will also be available.

Residents will have 24-hour access to two chauffeur-driven S-Class Mercedes sedans (or comparable luxury vehicles). Parking will be accommodated between levels two and seven of the building.

The Trump International Hotel & Tower will be an integral part of Toronto’s PATH system, the 27-kilometer underground shopping, dining and entertainment concourse connecting downtown Toronto.

The building was designed by the Toronto-based firm Zeidler Partnership Architects.

Construction will be overseen by the Lewis Builds Corporation, an independently-owned, full-service, Canadian construction firm. Construction financing of CAD $310-million has been arranged by Raiffeisen Zentralbank Osterreich (RZB).

New Release of Suites Coming this Fall!

Don’t miss the opportunity to experience The Trump Lifestyle in the heart of Toronto.

In the next few weeks, we will be releasing a select group of inventory for sale. This is a very limited release of prized six-per-floor residential suites and hotel condominiums. With over 70% of the building now sold, we anticipate this release to go very quickly.

The new release of residences will be priced from $1.6-million. Hotel condominiums from the $900,000’s (CAD).

This new release of inventory will be offerred first to existing registrants prior to making the suites available to the general public.

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Contact the Jeffrey Team for more information - 416-388-1960

TORONTO - (Canada News Wire) New home and condominium sales in the Greater Toronto Area spiked 30 per cent in September driven by a whopping 66 per cent increase in high-rise condominium suite sales, Bob Finnigan, president of the Building Industry and Land Development Association (BILD), revealed today.

According to RealNet Canada Inc., BILD’s official, independent source of new home market data, there were nearly 4,000 new homes and condos sold in September, with six in ten of those being high-rise condos.

“It’s getting to sound like a bit of a broken record but the Toronto condo market is THE market story of 2007,” said Finnigan, adding that sales of newly built condominiums are up 31 per cent through the first nine months of the year.

“We’re well on track to smash all condo sales records in 2007. In a positive sense, home buyers are responding to the outstanding design, amenities and tremendous overall value offered in the Toronto condo market. Sales are up substantially, but price increases have remained very moderate in response to the good supply and competitive market.”

“However, some home buyers are backing into the Toronto condo market based on the rising price of low-rise (single-detached, semi-detached and town-home) homes, an outcome of rapidly rising low-rise land prices in the Greater Toronto Area,” Finnigan stated.

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Contact the Jeffrey Team for more information - 416-388-1960

Globe and Mail Editorial

People who clamour for higher taxes are few and far between. But on Monday, an army of scarf-clad Torontonians turned up outside City Hall to do just that. Then they flooded the council chamber’s public gallery, where they spent the rest of the day pressing for controversial new tax measures pushed by Mayor David Miller. When the taxes finally gained council approval in the early evening, the tax cheerleaders leapt from their seats to applaud for several minutes.

If everyone liked paying taxes as much as they apparently do, the day would have been an unqualified success for Mr. Miller. But most Torontonians did not greet the new levies with a standing ovation, and some who have supported Mr. Miller in the past two elections may be having second thoughts.

The centrepiece of Mr. Miller’s plan to boost revenues, a new Toronto land transfer tax, is particularly egregious. While softened by compromises made to gain council’s approval, it remains a punitive policy that arbitrarily forces certain Torontonians — home-buyers — to shoulder the load by paying thousands of extra dollars. It is both unfair and economically short-sighted, increasing the risk that the thriving Toronto real estate market might crash.

But it is not just the tax that reflects poorly on Mr. Miller; it is the associated melodrama. After councillors struck a blow against him in July by voting to defer their decision on his tax plan, Torontonians saw a different side of their mayor. Accustomed to getting his way, he responded petulantly. Not only did he announce cutbacks to city services, but he played them for maximum effect, darkly warning of the “continued erosion of our quality of life.” The most prominent of those cuts, the closing of community centres on Mondays, would have saved just $500,000; its only apparent purpose was to punish the city for failing to embrace his taxes, and in the end Mr. Miller was forced to back off it.

Meanwhile, he persistently griped about those standing in the way of his plan and cast aspersions on Toronto real estate agents. But when a little noise would have been useful during Ontario’s election — a chance to lobby for increased provincial funding still needed even with the Miller taxes — he was inexplicably silent.

“He won the vote, but he lost the city,” a councillor who opposed the new taxes said on Monday. Indeed, Mr. Miller’s success in forcing his measures through may prove a Pyrrhic victory. For nearly four years, he had a smooth ride - including a re-election bid in which he faced no real opposition. His behaviour in recent months suggests that next time it won’t be quite so easy.

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Contact the Jeffrey Team for more information - 416-388-1960