September 23, 2021
TERRY HUI ANNOUNCES THE ACQUISITION OF CANADA’S SECOND TALLEST RESIDENTIAL DEVELOPMENT IN TORONTO – CONCORD SKY
Terry Hui, President and CEO Concord Adex and Concord Pacific, “We are pleased to have acquired what will be one of Toronto’s most iconic tower projects. We have put our name on Concord Sky and will be exceptional stewards of this landmark property for future generations.”
Concord Adex announces its latest acquisition, Concord Sky. It is set to be a Toronto icon due to its unique shape and height like the Transamerica Pyramid is to San Francisco. I will be the Country’s second tallest residential tower at 299 m and 4th tallest structure overall. Centrally located at Yonge and Gerrard, it will be to market with 95 stories, approximately 1100 homes and is now due to complete in 2026.
Judge Sean .F. Dunphy in his decision regarding Concord as the Proposal Sponsor: Para (12) At no point in the process have I questioned the good faith or propriety of the actions of the Proposal Sponsor. The Proposal Sponsor was a third party who was invited to consider a commercial opportunity and did so. It had the institutional stomach for enduring the rough and tumble dynamic of a restructuring process whose uncertain course would deter many less steady hands. The process ultimately benefitted from the involvement of the Proposal Sponsor.
David Gruber, Partner Bennett Jones, “Acquiring a site of this size in this market was not an undertaking for the faint of heart. The judge confirmed that the parties were dealt with in “good faith” and moving forward, Concord will have maintained the almost all the 700 plus buyers put forth.
Isaac Chan, Vice-President Sales and Marketing, “Concord’s track record will re establish confidence for past and future buyers. This will be a future forward building with significant added value from the original offering including Concord BioSpace Systems that will manage air quality and touch points throughout common spaces post Covid.
Concord Adex will be revamping the original specifications and enhancing the amenity complement to better befit a development of this stature for its future residents.
Concord will be releasing new information later this fall at www.concordsky.ca
See full release here:
Current Media
Jack Landau, Blog TO
Vancouver-based developer Concord Adex — best known in Toronto for their CityPlace community — has brought the project back from the dead, or at least a heavily modified version of it.
A proposal to build one of Toronto’s tallest buildings is back from the dead (blogto.com)
Shane Dingman, Globe and Mail
Concord Adex takes last Cresford property, plans 95-storey tower
Michelle McNally, Livabl
Concord Adex takes over second Cresford project, pitches 95-storey tower
https://www.livabl.com/2021/09/concord-adex-second-cresford-95-storey-tower.html
Laura Hanrahan, Daily Hive
Scrapped 95-storey Toronto skyscraper given a second life
https://dailyhive.com/toronto/scrapped-95-storey-toronto-skyscraper
