20 or more towers on drawing board after site bought for $150 million

Excerpt from an article by Tony Wong – Toronto Star

One of the largest condominium developments in Canada is being planned next to the Ikea store in North York.

Vancouver-based Concord Adex Investments Ltd. has purchased 16 hectares near Leslie St. and Sheppard Ave. from Canadian Tire Corp. for $149.7 million. Concord plans to build at least 20 condominium towers on the site, including as many as 4,000 units with up to 4 million square feet of space, as well as a park and community centre, Cliff McCracken, senior vice-president of Concord Pacific Group Inc., the parent company, said yesterday.

Concord Adex is responsible for some of Canada’s biggest developments, including the $3 billion Concord Pacific Place project on the downtown Vancouver Expo 86 lands site; and the massive CityPlace development on former railway lands by Spadina Ave. in downtown Toronto.

So far, the company has completed nine towers at the CityPlace site and is marketing another four, McCracken said. CityPlace is already Toronto’s largest condo site, zoned for 5.5 million square feet of living space.

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