The southwest corner of Richmond St W and University Ave, will be welcoming a brand new tower that will be the perfect addition to the populous neighbourhood.
250 University Avenue is a pre-construction development that will grace the bustling and dynamic Downtown Toronto District. The high-rise building from Northam Realty Advisors will stand 54-storeys tall at 250 University Avenue. The site is currently home to an 8-storey office built back in 1958 which will be used as the podium for the impending development.
Investors will want to take note in this mixed-use development that will see the inclusion of spacious retail and office spaces facing its street level. These additions are also bound to further improve the urbanization of this already cosmopolitan city centre.
The mixed-use development boasts modern blue glass panels — and it will be its minimalist exterior that will help it to effortlessly fit in the densely populated and urban community. However, its unique design is also bound to help it stand apart from all of its neighbours.
The building will retain the 8-storey office — the former Bank of Canada building — currently standing on the site, and revamp it. The space will be repurposed to be the building’s podium that is proposed to hold retail and office space. Floors 12 to 54 will house the development’s residential units. The tower will be designed by IBI Group and boast impressive rooftop mechanical equipment.
The development will be comprised of an impressive 7,200 square feet of ground level retail space and 134,150 of office space.The tower itself will stand 176 metres tall — and house an impressive 495 units! The balance of layouts will be as follows; 80 one-bedroom units, 328 two-bedroom units and 87 three-bedroom units. There is truly a suite size for everyone! The project does a stellar job of appealing to a variety of lifestyles. The sizes will respectively be 592 square feet, 710 square feet, and 904 square feet.
The project also calls to modify the basement levels of the existing building. The site’s current bank vault and mechanical rooms will be remodelled to make room for 562 bicycle parking spaces. An additional two new underground levels will be excavated to house an automated parking system with 48 residential parking spaces.
Residents will have access to outdoor and indoor amenity space, totalling 6,953 square feet. Indoor space will be available on the 11th and 12th levels of the building. These luxuries will likely include a pool, fitness room and party room. The roof of the already existing building will be home to the expansive outdoor amenity space. Residents will be able to enjoy incorporated balconies, terraces, courtyards, and scenic rooftop gardens. The tower will contain a balance of 6,296 sq. ft of indoor amenity space and 10,656 sq. ft. of outdoor amenity space.
Location & Neighbourhood
You can’t get more central than the neighbourhood of this development. Investors will want to take note of the location of the project, which stands steps away from the Osgoode Subway Station on the TTC’s Yonge-University line. Bus routes are also seamless, as the site is nearby 501 Queen streetcar.
With the development nestled in the central Bay Street Corridor, students and professionals will find travelling from point A to point B seamless. In fact, the site boasts an unbeatable walk Score of 100 out of 100, and an identical perfect transit score. Investors will want to take note of the tower’s prime access to Toronto’s public transit, as most will flock towards the development that will make it easy to get around the city.
Students particularly will enjoy being able to get to and from both early and late classes with ease. After all, the development’s access to public transit makes for easy travelling to the city’s major universities like Ryerson University, and OCAD. The location will be specifically ideal for University Of Toronto students, as the school boasts a campus that extends to along Osgoode and bordering streets — this makes the campus almost steps away, ideal for a school/life balance living downtown Toronto.