Concord Completes Restructuring of Canada's Second Tallest Residential Tower And Names It Concord Sky

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Sep 22, 2021, 16:59 ET

FORMER YSL DEVELOPMENT NOW UNDER CONTROL OF CONCORD ADEX
MOVES FORWARD WITH POSITIVE MOMENTUM

TORONTO, Sept. 22, 2021 /PRNewswire/ - Concord Adex announces its latest acquisition, Concord Sky. It is set to be a Toronto icon due to its unique shape and height like the Transamerica Pyramid is to San Francisco. It will be the Country's second tallest residential tower at 299 m and 4^th tallest structure overall. Centrally located at Yonge and Gerrard, it will be to market with 95 stories, approximately 1100 homes and is now due to complete in 2026.

"We put our name on Concord Sky and intend to be exceptional stewards of this property for future generations.." Terry Hui, Concord Adex / Concord Pacific President and CEO (CNW Group/Concord Pacific)

Terry Hui, President and CEO Concord Adex/Concord Pacific
We are pleased to have acquired what will be one of Toronto's most iconic tower projects. This will continue our skyline defining presence in Toronto including CityPlace and ParkPlace. This tower will be a vertical neighbourhood. The scale of the Concord Sky development is equivalent to 4-5 condo tower projects in Vancouver. We put our name on Concord Sky and intend to be exceptional stewards of this property for future generations.

David Gruber, Partner Bennett Jones
Acquiring a site of this size in this market is not an undertaking for the faint of heart. This restructuring was complicated with many uncertain market and financial factors. Concord is one of the few developers in the country with the wherewithal to take this on. The judge confirmed that interested parties were dealt with in good faith and moving forward, Concord will have maintained almost all of the 700 plus buyers put forth.

Isaac Chan, Vice-President Sales and Marketing Concord Adex
Concord's track record will re establish confidence for past and future buyers here. This will be a future forward building with significant added value from the original offering. For one, it will benefit from Concord BioSpace Systems that will manage touch points and air quality throughout common spaces post Covid.

Concord Adex will be upgrading the original specifications and enhancing the amenity complement to better befit a development of this stature and its future residents. Concord will be releasing new information later this fall at www.concordsky.ca and www.concordpacific.com .

SOURCE Concord Pacific