1 Yonge Sold to Pinnacle International

Reports suggest that the vacant Toronto Star parking lot located at 1 Yonge Street has been purchased by Pinnacle International for a mind-numbing $255 million, making it one of the (if not, THE) largest land acquisitions by any developer in Toronto.

It is understood that two developers were bidding on the site (unconfirmed rumours suggest that Cityzen were the other developer) with Pinnacle coming out on top.  Pinnacle International, based in Vancouver have recently completed 55 and 53 storey developments at Pinnacle Centre known as 33 Bay and Success Tower.  They are currently selling Pinnacle on Adelaide (Adelaide & John) and two developments in Mississauga (Pinnacle Grand Park and Crystal at Pinnacle Uptown).

Attention now turns to see what Pinnacle has in store for 1 Yonge, and condo-geeks are already punching in the numbers to determine how many towers are required to justify the $255 million price.  Early suggestions of 2x or 3x 80-100 storeys are certainly exciting, but we’re waiting for something more official before we start jumping out of our seats.

The existing Toronto Star building will not be affected by the purchase.