A 95-storey building is planned for the Pinnacle 1 Yonge site, which is marketed to be the tallest in the city. At 307 metres high, according to site plans submitted in June to the city’s development web portal, the proposed highrise would edge out First Canadian Place, which currently holds the honour.
But Sam Mizrahi, president and founder of Mizrahi Developments, the company behind the One, an 85-storey building that’s already under construction at One Bloor St. W., told the Star his tower comes in at a planned 308 metres, including the parapet, an extension of the wall above the roof.
“We’re still the tallest,” he said.
His building will be completed by 2023, he added, and features its own postal code, and 416 residential units — a nod to downtown Toronto’s area code.
Mizrahi said they didn’t set out to build the tallest building in Canada. It happened because tenants, both residential and commercial, wanted high ceilings.
Although he said they didn’t chase the title, it is part of what makes it “exceptional.”
“It’s part of our marketing without a question,” he said.
The Pinnacle official plan and rezoning amendment at 1-7 Yonge St., which includes the current Toronto Star building, has been approved in principle by the Local Planning Appeal Tribunal, which replaced the Ontario Municipal Board, according to the city.
The plan calls for three towers, with the construction of a 65-storey tower being Phase 1.
The 95-storey mixed-use building is part of Phase 2 of the development and an 80-storey building is part of Phase 3.
Almost two thousand residential units (including 120 affordable rental housing units) are proposed for phases 2 and 3, as well as 852 parking spaces and 2,228 bike parking spots.
“Affordable” is currently defined by the city as at or below average market rent, so $1,200 for a one-bedroom — a figure Mayor John Tory said Tuesday may need to be redefined in the midst of a housing crisis as it’s out of reach for many.
Sandy Liu of the Pinnacle sales team said they don’t have any more information to provide regarding the 95-storey building yet and directed calls to the marketing manager who did not respond to a request for comment by deadline.
Prominent Toronto developer Brad Lamb, who’s not involved with Pinnacle, said he doesn’t think consumers care if they’re living in the tallest building in the city.
“Being the highest is just purely a marketing thing, it gets you attention, noise,” he said.
While “height matters” Lamb said people just want good views. He thinks developers should focus on building “amazing architecture,” rather than jostling over an extra metre or two.
“Developers have huge egos, it goes with the territory,” he said.
“It’s just another thing to kind of elevate your ego a bit.”
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