Urban / Suburban / Vacation
Located in the King-Spadina neighbourhood and within a few short blocks of the financial district and the Queen Street West strip, 328-338 Adelaide Street West is very well situated in the centre of this diverse and vibrant area. In addition to the restaurants, clubs and upscale retailers, the redeveloping King-Spadina district features many new condominiums and a broad mix of creative offices uses, with a concentration of media, IT, advertising and communications firms. The area is continuing to develop rapidly with new hotel and condominium construction. One block south of 328-338 Adelaide West sits the new headquarters of the Toronto International Film Festival (TIFF) which has contributed significantly to the dynamic growth of the area.
Near the corner of Adelaide Street West and Peter Street, the existing 25,000 square foot property was a two-storey Art Deco warehouse-style building. that's tenants included a ground floor bar and restaurant, and an innovative office use on the second floor.
ONE Development worked with the property owner and the owner of an adjacent property to assemble and re-zone a combined property to allow for much greater height and density. The new combined and re-zoned property was sold to another property developer and resulted in the peter street condos.
The original plan for redevelopment by ONE Development called for a mixed-use tower of approximately 35 - 40 stories, consisting of retail, office and residential uses. At-grade retail was to reinforce the street front; office uses to complement the neighbourhood's converted "brick and beam" warehouses; and a slim residential tower to rise above a mid-level landscaped roof garden to provide light-filled open units with stunning city views. The revised, residentially-focused, peter street condos consists of 40 floors housing 429 units.
The assembly and re-zoning plan drafted by ONE Development amalgamated two properties, including one bordering on the corner of Adelaide St. and Peter St., to create a property with the size that could accomodate a 35 - 40 story building without extensive re-zoning or bureaucratic intervention.