Freed Developments Unveils $800 Million Toronto Project
Freed Developments Unveils $800 Million Toronto Project
Plan Calls for Luxury Hotel Rooms and Condominiums
Toronto-based real estate company Freed Developments is planning what it says is an $800 million skyscraper in the downtown core that will include condo units and high-end hotel rooms.
The Freed Hotel and Residences tower at Adelaide and Duncan, just west of the University, will be designed by Chicago-based Adrian Smith + Gordon Gill Architecture, known for the Jeddah Tower in Saudi Arabia and the Central Park Tower in New York.
The plan includes 100 luxury hotel rooms and 400 condominiums with a sky bar and restaurant on the 63rd floor, a boutique spa, and a 10,000-square-foot Katsuya restaurant on the second floor.
Sam Nazarian’s SBE, a hospitality company that develops, manages and operates restaurants, lounges and nightclubs, is behind the first Katsuya restaurant in Canada. This will be the 12th location globally.
The development is expected to launch in the fall of 2028.
“This project is a testament to my profound love for Toronto,” said Peter Freed, founder and chief executive of Freed Developments, in a statement.
Freed Developments has a 30-year track record in Canada’s largest city, specializing in condominium developments, food and beverage ventures and hotels and resorts.
Nazarian is the founder of SBE. In 2020, he sold the remaining 50% of his hospitality brand and management platform, which included over 100 hotels, more than 150 restaurants and lounges and luxury residential sales to Accor. He had sold a 50% stake in 2018.
The chairman and CEO of SBE has been focusing on the the company he founded in 2020 known as C3, Creating Culinary Communities. C3 is focused on a new way to approach food halls, ghost kitchens and mobile delivery via culinary talent and technology.
The Freed Hotel and Residences is scheduled to begin sales in March 2024 and will be located at 240 Adelaide Street West. Units will range from 270 square feet to over 9,800 square feet.
Source CoStar. Click here to read a full story.
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