Menkes to Develop a New Four Seasons Hotel and Private Residences in Toronto's Yorkville
July 25 2005 - 8:00AM
PR Newswire (US)
Menkes to Develop a New Four Seasons Hotel and Private Residences
in Toronto's Yorkville Four Seasons, the Standard Bearer of Quality
in the City to Further Define Yorkville as Epicentre of Affluence
and Style TORONTO, July 25 /PRNewswire-FirstCall/ -- 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 the 'catalyst for a new Yorkville.' The new Four Seasons
hotel and residences will have a similar effect, anchoring the next
generation of Yorkville that will extend beyond Bay to Yonge
Street." "Toronto now appeals to an ever-growing group of travelers
and residential buyers who want the very best." said Isadore Sharp,
Founder, Chairman and CEO, Four Seasons Hotels and Resorts.
"Looking ahead, there is a unique opportunity to serve those needs
with a hotel and residential experience which will be second to
none. We are delighted to be working with Bay-Yorkville
Developments and Kingdom Hotels on this exciting new project."
Planning approval applications are currently underway for the
project. A sales presentation centre for the condominium residences
is scheduled to open in early 2006. Construction is expected to
begin by the end of 2006, with project completion slated for the
beginning of 2009. Further details on the project can be found at
http://www.yorkvilleresidences.com/. Four Seasons continues to
manage its award-winning Toronto hotel, at Avenue Road and
Yorkville Avenue. Home to Truffles, the city's only AAA-rated
Five-Diamond restaurant and Avenue, one of Toronto's top bar and
dining venues, the Hotel will continue to be a draw for
sophisticated visitors to the city as well as local patrons. About
Menkes Developments Ltd.: Menkes Developments Ltd. is a fully
integrated real estate company involved in the construction,
ownership and management of office, industrial and residential
properties. The Company was founded in 1954 by Murray Menkes and is
one of the leading home builders in the Greater Toronto Area, with
a proven track record in creating quality living spaces through
innovative design and meticulous craftsmanship. Menkes has
constructed over 10,000 homes to date, including single-family and
condominium residences. About Four Seasons Hotels and Resorts:
Founded in 1960, Four Seasons has followed a targeted course of
expansion, opening hotels in major city centers and desirable
resort destinations around the world. Currently with 65 hotels in
29 countries, and more than 20 properties under development, Four
Seasons continues to lead luxury hospitality with innovative
enhancements, making business travel easier and leisure travel more
rewarding. For more information on Four Seasons, visit
http://www.fourseasons.com/. About Kingdom Hotels: Kingdom Hotels
is owned by a trust for the benefit of Prince Alwaleed and his
family. Prince Alwaleed, directly or through trusts and other
entities for the benefit of himself and his family, has made
substantial investments in multiple sectors including hotels,
banking, media, telecommunications, technology, construction and
real estate, entertainment, and upscale fashion, among numerous
others. About Lifetime Urban Group: Lifetime Urban Group headed by
Mel Pearl and Sam Herzog is a 20 year partnership of friendship and
success. From suburban residential communities to prestigious urban
neighbourhoods, to the awarding winning "Waterpark City
Condominiums" on Toronto's waterfront and finally to Liberty Market
- a 350,000 square foot state of the art office renovation,
Lifetime has devoted itself to enhancing the architecture, economy
and lifestyle of Toronto's neighbourhoods. About Halcyon Ventures:
Halcyon Ventures was formed in December 2004 by Martin Zieff and
Mark Potter, formerly principals of AEW Capital Management LP.
Based in Boston, Halcyon Ventures is a real estate private equity
firm that seeks to create value with local entrepreneurs through
the acquisition, development or repositioning of real estate to
generate high yield returns for our investors. Managing Partners
Zieff and Potter have nearly 40 years of combined real estate
investment experience and have worked together for over a decade.
DATASOURCE: Four Seasons Hotels and Resorts CONTACT: Alan Menkes,
President, Menkes Developments Ltd., (416) 491-2222; Aynsley
Wintrip, Four Seasons Hotels and Resorts, (416) 441-4237,
Copyright