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$325 million Four Seasons Hotels Residences in Toronto's Yorkville |
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| TORONTO, July 25, 2005 - Bay-Yorkville Developments Ltd., a joint venture
between Menkes Developments and Lifetime Homes, both of Toronto and Halcyon
Ventures of Boston, announced today that it has recently signed an agreement
in principle with Kingdom Hotels to pursue the development of a new 265-room
luxury hotel. Four Seasons Hotels and Resorts has agreed to operate the
hotel, which is one component of a mixed-use development to include Four
Seasons branded and serviced condominiums and high-end retail. Owners of
the Four Seasons residences will have access to all hotel services and
amenities, including unparalleled dining, a pool, spa and health club facilities,
and banqueting and conference facilities. The total value of the project
is $325 million and is expected to create about 1,600 construction jobs
in the city.
Located in Toronto's exclusive Yorkville district, at the northeast corner of Bay Street and Yorkville Avenue, the new mixed-use development is just a few blocks from the current Four Seasons Hotel Toronto. The project will be co-developed by Menkes Developments and Lifetime Homes. "Four Seasons has a long track record of managing exceptional mixed-use hotel-condominium developments around the world," said Murray Menkes of Menkes Developments. "Given the landmark location and prestigious nature of this site, we feel this represents an unparalleled opportunity to build a new Four Seasons in Toronto, and to establish a new benchmark for luxury condominium living in the city. In recent years this type of mixed-use development has become the cornerstone of some of the world's most desirable urban neighbourhoods, including Four Seasons Residences in San Francisco, Miami, Hong Kong, and Moscow, and we believe the time is ideal to bring this world class standard to Toronto." "Yorkville is quickly becoming one of North America's most vibrant, exclusive residential and hotel locations," said Kyle Rae, Toronto City Councillor, Toronto Centre-Rosedale. "Recently Conde Nast Traveler magazine described the opening of the first Four Seasons Hotel Toronto in 1978 as |