April 9, 2012
In an application submitted to the City of Toronto, Lanterra is seeking permission to redevelop the hotel into a 41-storey mixed-use condominium which would add an additional nine storeys to the already 32-storey tower. Lanterra is also looking to bring 772 suites to the tower, with 43 of them being rentals. The Sutton Place Hotel, originally completed in 1967, is a luxury condominium in the heart of the city. Although not registered as a heritage building, it has become known as one of the top destination spots for the who’s who of Toronto. With striking interiors and a perfect location, the site has a tremendous amount of potential.
This isn’t Lanterra’s first venture into the Bay and Wellesley area. In the past few years, they have completed Murano, just south of The Sutton Place Hotel, and are quickly completing Burano, also in the general area.
Nothing is approved as of yet, but it will be interesting to see what Lanterra presents at The Sutton Place Hotel.
Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto real estate team. You can find him on Twitter and Google+. For over 10 years, Ilan has provided more than 1300 buyers and sellers valued advice and service, enabling them to reach their real estate goals. He’s kind of like the Bruce Willis of real estate.