200 University Avenue Proposal Preserves Heritage Design with Elegant 33-storey Residential Addition
Toronto, ON, June 16, 2022 (GLOBE NEWSWIRE) -- GWL Realty Advisors (GWLRA) on behalf of its client, The Great-West Life Canadian Real Estate Investment Fund No. 1, announced today it is proposing to add a 33-storey residential addition on top of the existing 14-storey office building at 200 University Avenue in the heart of downtown Toronto.
The site is currently occupied by an early 1960s office building that established a benchmark for modern architecture in Canada. The proposed hybrid design maintains the building's signature heritage architecture including its distinctive aluminum façade design. The additional 33 stories will include approximately 475 residential suites with contemporary, high-quality finishes and an abundance of amenities and conveniences.
"Adding residential living opportunities to this esteemed building, brings hard-to-match proximity to employment and cultural amenities while helping to address the pressing need for housing in downtown Toronto," says Adam Schneiderman, Senior Vice President, Development, GWLRA. "This project reflects our desire to apply complex, next generation thinking to legacy real estate, meeting the evolving needs and preferences of our downtown tenants and residents."
The existing structure will undergo a complete retrofit to accommodate the new development. Office use will be retained on 12 floors and an additional retail pavilion will be added at ground level. The design concept adapts and reuses the former mechanical penthouse as an amenity space for commercial tenants during the day and social function rooms for residents in the evening.
Designed by Toronto-based KPMB Architects, the proposal preserves and revalues the original architecture while adding contemporary flare. "The new additions embrace the same concepts that inspired John C. Parkin's design for this building, maintaining the legibility of the original building while adding a new floating mass that echoes the elegant articulation of the lantern-like mechanical penthouse." Says Chris Couse, Founding Principal of KPMB Architects.
A Zoning Bylaw Amendment for this proposal is currently with City Planning for review.
Cautionary note regarding Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements. These statements include, without limitation, statements about the completion of future developments. Forward-looking statements are not historical facts but instead represent only GWL Realty Advisors' belief regarding future events, many of which, by their nature, are inherently uncertain and outside GWL Realty Advisors' control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed in periodic filings by GWL Realty Advisors' parent company, Great-West Lifeco Inc., with Canadian securities regulators. These filings include Great-West Lifeco's management's discussion and analysis for the year ended December 31, 2021 (see "Risk Management and Control Practices") and annual information form dated February 10, 2022 (see "Risk Factors"), which, along with other Great-West Lifeco filings, are available for review at www.sedar.com. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking information. Other than as specifically required by applicable law, GWL Realty Advisors does not intend to update any forward-looking information whether as a result of new information, future events or otherwise.
About GWL Realty Advisors
GWL Realty Advisors Inc. is a leading North American real estate advisor focused on growth and on delivering strong, long-term returns for our clients. We provide asset management, property management, development and customized real estate advisory services to pension funds and institutional clients. GWL Realty Advisors Inc. oversees a diverse portfolio of office, industrial, retail, residential and mixed-use assets as well as a dynamic pipeline of new development projects.
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