Posts Tagged ‘Sutton Place Hotel’
The Sutton Place made it’s first major break into the mainstream news! I first wrote about back in November then again in January. Yesterday, The Toronto Star’s Susan Pigg interviewed Barry Fenton from Lanterra Developments and unearthed a ton a juicy details on the project, it’s Hollywood history and it’s 102 year old renter! Check out the article below:
It’s not often — not ever, really — that a condo developer gets to boast he’s not only snapped up one of the prime building sites in the city, but the piano bench graced by Liberace.
And don’t get Barry Fenton started on the bathtub where one of the world’s most beautiful women, Sophia Loren, soaked her worries away.
“I can’t keep it, unfortunately, but I saw it,” says the president and CEO of Lanterra Developments which yesterday announced it has bought Toronto’s landmark Sutton Place Hotel and will convert it into luxury condos.
Lanterra, perhaps best-known for its development of highrise condos and the boutique Hotel St. Germain in the once-barren Maple Leaf Square area, plans to resurface and renovate what used to be Toronto’s palace to Hollywood stars.
This is just the latest sign that Toronto’s film epicentre has now completely shifted south to King St.: Last month Cresford Development announced it’s converting the site of nearby Bistro 990, the beloved restaurant of the stars, into condos as well.
While plans are still being finalized, Lanterra hopes to add about nine storeys to the 33-storey Sutton Place, convert its 400 hotel rooms into up to 600 condo units and widen the footprint of the building at Bay and Wellesley Sts.
Where limos used to pull up and unload their precious cargo under the glare of cameras during what would become the Toronto International Film Festival, Lanterra plans to add restaurants and retail space while retaining many of the trademark — if dated — charms of the Sutton Place’s grand lobby.
Some 20 people who have rented suites in the hotel for years — one of them 102-years-old — will be relocated during construction and then returned after the work is done, said Fenton.
“Most times as developers we’re starting from scratch. It’s so exciting to find a project in the city, an iconic building, that you can help make even better,” said Fenton Wednesday.
“We like to be selective about our sites and you can’t get any better than this. It’s just yards from the downtown, from Yorkville and City Hall. And talk about being next to a park — you’re just a block away from Queen’s Park.
“If you were playing Monopoly, this would be like purchasing Boardwalk.”
Fenton, and Lanterra chairman Mark Mandelbaum are keenly aware, however, that this isn’t a game, but a key piece of Toronto and Hollywood history.
Which is why Fenton was fielding calls all day from friends and business associates grateful Lanterra plans to preserve the basics of the building that welcomed the likes of Michael Jackson, Robin Williams, and Loren to Hollywood North.
“We plan to keep a lot of the old theme, that British elegance from the ’70s, but add some modern elements to it,” says Fenton.
Lanterra is also considering adding a boutique hotel to the site, but is keenly aware that Toronto has seen a surge in five-star hotels — from the already opened Ritz-Carlton to the new Four Seasons slated to open later this year.
But as far as condos go, this is a rare find in the city, steps to the subway, shopping and the financial district.
The sales price won’t be disclosed until the deal finalizes in June, but Fenton ranked this No. 1 among the 10,000 condos Lanterra has built, from Liberty Village to its other Bay St. property Burano, slated to open later this year.
“Sutton Place is a very very famous complex. Even with all the rumblings that the market is slowing down — which I don’t believe — I think the market will welcome this project with open arms.” Read the rest of this entry »
On Tuesday night, the Lanterra development team hosted an exclusive dinner for their top sales representatives! I was invited to the dinner and had a wonderful time listening to Mark Mandelbaum and Barry Fenton (who is incredibly funny and very witty) unveil the companies new development sites for 2012!
The project I was most interested in learning more about was their conversion of the Sutton Place Hotel at 955 Bay Street! The latest update is that they’ll be submitting their zoning application very shortly. They plan on making some minor adjustments to the building including the addition of a few floors above and wings on either side of the hotel! If all goes according to plan, the project should launch towards the summer of 2012! Read the rest of this entry »
Last night I had the privilege of joining a small group of Lanterra’s top selling Realtors for an intimate cocktail at the beautiful One Bedford! The companies two founders, Mark Mandelbaum and Barry Fenton hosted the party kept the laughs coming all night!
Of course, it wasn’t all fun and games… as we sat in a gorgeous 9th floor suite, overlooking the downtown skyline – Barry shared Lanterra’s plans for it’s 2012 condo launches! The companies latest project to launch is also their newest acquired property: The converstion of the Sutton Place Hotel at 955 Bay Street! Their timing couldn’t have been any better as hotel was just bought last Friday!
The crowd went wild to hear that Lanterra would be bringing another project to the Bay St. corridor… but the launches didn’t stop there! Lanterra is no stranger to the Bay St. Area as they’ve already built the two Murano Towers on the East side of Bay St, followed by Burano on the West. In 2012 they’re venturing to the other side of Grosvenor St and planning to launch 501 Yonge St (at Alexander St)! The project will be made up of 2 towers similar to Murano. The current application calls for two 58 storey towers containing 960 units and a shared 7 story podium!
Both 3018 Yonge St. and the Treviso Condos sold very well in 2011! 3018 has only 19 units left and Treviso Phase 2 is still moving along quickly! At Treviso we should see equipment and demolition crews on sight very shortly!
Receive a special cash discount for a limited time on all purchases in phase 1 and 2! As part of Treviso’s VIP Realtor group I can exclusively offer my clients this promotion PLUS a N’Espresso coffee machine at closing!