In Development: 48 Power Street
By Lucas on Jun 20, 2013
A few months ago, we discussed a potential new condominium headed to 48 Power St., near the corner of King St. East. and Parliament. The site, currently occupied by the Sing Tao Daily building, was put on the market in order to capitalize on the city's thirst for condominium living.
Great Gulf at 48 Power St.
When the site first went on sale, we speculated about potential purchasers. Given the potential of this high profile site, we had no doubt that one of the bigger players within the industry would make an aggressive push to pick it up. Recently, Great Gulf announced that they purchased the site, with an eye to bringing a new mid-rise condominium project to the area.
Great Gulf's plans for 48 Power St.
This week, Great Gulf submitted an application to the City, seeking approval to develop a new 22-storey mixed-use building at 48 Power St. The plan calls for a total of 431 units, 204 parking spaces, and retail space. The building will feature a six-storey podium that will house the retail component.
Eastern Toronto's recent boom
Eastern Toronto is experiencing quite the boom. With the recent announcement of The Canary District, as well as completed projects such as The King East by Lamb Developments and Corktown District Lofthouses by Streetcar, the area east of Jarvis is certainly in the midst of an exciting transition.
We at the Toronto Star's Newinhomes.com are looking forward to watching the east end of Toronto develop in the coming years.
