328-338 Adelaide Street West

  • 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. ONE Development lost the existing tenants shortly after acquisition. So it redeveloped the property and operated a restaurant in one half, and shared office space business in the other half to generate income while working on rezoning.

    While working to assemble the neighbour and rezone the property for greater height and density, ONE identified potential buyers for the development project. It ultimately sold the project to CentreCourt who completed rezoning and constructed the property into the Peter Street Condos.

  • The original plan for redevelopment by ONE Development called for an energy-efficient, mixed-use tower 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-concept units with stunning city views. The revised Peter Street Condos consists of 40 floors housing 429 units.

  • ONE Development worked with The Design Agency to design and launch a “roaring 1920s” concept, art deco style restaurant in one half of the building. And in the other half ONE Development built and operated shared office space. This stabilized the asset to provide income while ONE Development continued work on assembling the neighbour and plans for rezoning.