Description
The Palace Arms is being repurposed into a new development by Intentional Capital, and the building will be the luxurious addition the neighbourhood needs.
950 King Street West Condos is a new project headed to the bustling Niagara neighbourhood of Toronto. The tower will stand 16 storeys at 58 metres, and is slated to add to the site’s existing 3-storey heritage building. The development will take up the spaces of 938, 940, 942, 944 and 950 King Street West, in addition to 95, 97 and 99 Strachan Avenue,
Located in the heart of the city, this mixed-use development is bound to capture investors’ attention with its proximity to major transit stops, and the wealth of entertainment and culture downtown Toronto has to offer. Not to mention, it will also involve condo, rental and retail space.
The tower designed by Sweeny &Co Architects Inc and ERA Architects will stand at the northeast corner of King Street West and Strachan Avenue. It is proposed to boast a modern, minimalist design that ensures it will fit in perfectly in the cosmopolitan area. It will feature a trendy stepped back design from its 9th floor through to the 16th, making it stand apart from its neighbouring buildings.
The development’s Gross Total Area will span almost 9,950 square feet. The project is proposed to retain the site’s existing heritage building– The Palace Arms — and re-develop the site into a mixed-use tower. Back in the 1970s, the structure was repurposed to house small bed-sitting rooms and apartments, dubbed “dwelling rooms” — 89 of these units made up the building. According to The Heritage Impact Statement, the heritage site is one of of the last of its type. The new development will also take the place of four 2½-storey brick townhouses at 938-944 King Street West and three 2½-storey brick townhouses at 95-99 Strachan Avenue.
The Palace Arms will ultimately act as the building’s two story base. It will span a gross area of 595 square metres.The project will be comprised of 217 units and one rental unit. The unit mix will be comprised of 46 bachelor suites, 120 one-bedroom suites, 30 two-bedroom suites, and 21 three or more bedroom suites. The sizes of the unit sizes respectfully will be 316 square feet, 595 square feet, 797 square feet, and 947 square feet.
Boasting such a wide variety of layouts, the project is bound to attract residents with various lifestyles. The project will allot space for 74 parking spaces underground — 52 of which will be for residents, the other 22 designated for visitor parking. Cyclists will be able to make the most of 223 bicycle parking spaces. Residents will have access to indoor and outdoor amenity spaces on the north side of the tower’s second level.
The residential Gross Floor Area will total 154,293 square feet, while retail and commercial space will span 6406 square feet. The retail space — as well as commercial services — will be accessible at floor level.
Investors will want to take note of this repurposed development that will add to the urbanized neighbourhood. With its central location, large stature and variety of suite layouts this development offers something for everyone — investors included.
Location & Neighbourhood
King West offers all the excitement the city has to offer. It’s in the heart of Toronto nearby major transit routes, and is one of downtown’s most walkable points. There is always something to do in the area, and residents will never be bored.
Shopping and dining is plentiful in the trendy neighbourhood. High-end restaurants in the area aren’t limited to Cibo Wine Bar, Buca, Luma, Canteen and Oretta.
Business professionals will love working in the neighborhood nearby the Entertainment District and with such prime access to public transit, with close proximity to the 504 bus. The development boasts an impressive walk score of 92 out of 100, and a perfect transit score of 99/100.
Investors will particularly want to take note of the neighbourhood that is bound to attract more and more residents due to the improved transit system in the area thanks to the King Pilot Project. This project involves a street car line that runs down King where cars will no longer be allowed access. The end purpose is to ultimately create a seamless east-west corridor for downtown’s public transit users.
