Lanterra Developments

Lanterra Developments

February 08, 2012 07:00 ET

Lanterra Developments Acquires Sutton Place Hotel Property

Redevelopment Plans Envision New Luxury Residential Condominiums That Incorporate Existing Sutton Place Tower

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2012) - Lanterra Developments, a leader in the ongoing development and revitalization of Toronto's urban landscape, is pleased to announce its acquisition of Toronto's iconic Sutton Place Hotel building and plans to redevelop the property as a luxury residential condominium. The redevelopment and retrofit of the building will allow the property to benefit from improved energy efficiency while maintaining the essential historical structure of the building.

Originally constructed in the 1960's as a glamorous British-style hotel, the Sutton Place has a rich and colourful position in the history of the city. Lanterra will redevelop this property and work with architecture and design partners to imbue the new building with some of the key characteristics and influences that celebrate its gloried past.

The redeveloped property will have improved loading and transportation capabilities and streetscape improvements to both modernize the facility integrate the facility more closely with the surrounding community while serving to renew and revitalize the character of the neighbourhood.

"By retaining the core element of the existing building, the redevelopment of the Sutton Place will be well aligned with the urban development priorities of the City of Toronto," said Mark Mandelbaum, Chairman of Lanterra Developments. "We recognize this significance of this property, its place in Toronto's history and a central feature of this vibrant downtown community. Our focus at Lanterra is to renew this property and create a unique address that connects to a storied past and opens the window on a bright future."

Initial plans contemplate a conversion of the building to a primary residential use. Lanterra is evaluating the prospect for including a boutique hotel within the overall plans for the property.

Current plans include an expanded base to the existing tower structure where the presence of 20,000 square feet of retail space can be expected to provide the surrounding community with a new and vibrant focal point to the area. The reconstructed tower base would also significantly improve the wind conditions for pedestrians in and around the street level access to the building. At the same time, Lanterra plans to increase the height of the building by 9 floors, giving the building greater prominence in the immediate area and creating dramatic new vistas for the residents of the highest floors.

"Lanterra has had a proud decade of award winning achievement in the renewal and development of the urban landscape of Toronto," said Barry Fenton, President and CEO of Lanterra Developments. "Our history shows an extensive commitment to quality and design excellence including the dramatic use of public art to enhance the experience of our buildings by both residents and the community as a whole. The project will carry forward this tradition and will provide a new canvas for Lanterra to showcase our instinct for creating truly unique and elegant urban environments."

The plan to maintain the main structure will allow the project to provide a more modest level of demands on the surrounding neighbourhood during construction while making dramatically lower use of aggregate and other building materials that would be reality in a new build approach. This creates an environmental benefit to the project that along with its significant design improvements for energy efficiency will allow Lanterra to apply for environmental certification of the building adding yet another significant attractive quality to the development when it is completed.

The architects for the project are Page & Steele who have worked with Lanterra and other developers on a number of residential and commercial properties across the Greater Toronto Area (GTA).

About Lanterra Developments

For more than a decade, multi-award-winning Lanterra Developments has been a leader in condominium design and sales in the Greater Toronto Area. Lanterra is known for creating landmark residential communities admired for their exceptional architecture, brilliant interior design and amenities that make urban living both exciting and vital.

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