One King Street West, Toronto
Encyclopedia
One King Street West or 1 King West is a condo hotel in the heart of the financial district
in Toronto
. Completed in 2006, a tower was added onto the heritage Dominion Bank
Building (1914), itself an early 12-storey skyscraper
. The Dominion Bank Building was designed by Darling and Pearson in the Beaux-Arts style with Renaissance Revival detailing. The condo tower stands at 51 storeys or 176 metres. Stanford Downey Architect Inc. were the architects involved in the renovation.
The building offers 500 suites, as well as a 2-storey penthouse. Rooms are either in the new tower, or in the historical building forming the base of the complex.
The building was originally a bank. The Grand Banking Hall is a magnificent example of early 20th-century classicism with ornate detailing including stately Corinthian columns and towering windows. It has been converted into a large meeting room with a bar. The historic vault in the basement can be used for private meetings or meals.
Each suite in the hotel is individually owned, but the profits are shared amongst suite owners who have placed their suites in the hotel pool. Similar projects are usually seen in resort towns. The individual owners of the units in the building financed the purchase of the common assets of the hotel and now control the company that manages the hotel operations. Recent upgrades include converting several suites to have two beds instead of just king beds so that the hotel can be more appealing to group bookings.
The investors in 1 King West are currently disputing the property tax assessments for their units, as rather than being taxed at residential rates (approximately 1% of market value), they are being taxed at commercial hotel rates (approximately 4%).
On March 9, 2007 Harry Stinson
, the developer and operator of this project, filed for bankruptcy protection using the Companies' Creditors Arrangement Act at the Ontario Superior Court of Justice as a result of an $11.8 million dispute with David Mirvish
, the financier of 1 King West.
Financial District, Toronto
The Financial District is a business district in Toronto, Ontario, Canada, within the downtown core. It was originally planned as New Town in 1796 as an extension of the Town of York . It is the main financial district in Toronto, and is the financial heart of Canada...
in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
. Completed in 2006, a tower was added onto the heritage Dominion Bank
Toronto-Dominion Bank
The Toronto-Dominion Bank , is the second-largest bank in Canada by market capitalization and based on assets. It is also the sixth largest bank in North America. Commonly known as TD and operating as TD Bank Group, the bank was created in 1955 through the merger of the Bank of Toronto and the...
Building (1914), itself an early 12-storey skyscraper
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
. The Dominion Bank Building was designed by Darling and Pearson in the Beaux-Arts style with Renaissance Revival detailing. The condo tower stands at 51 storeys or 176 metres. Stanford Downey Architect Inc. were the architects involved in the renovation.
The building offers 500 suites, as well as a 2-storey penthouse. Rooms are either in the new tower, or in the historical building forming the base of the complex.
The building was originally a bank. The Grand Banking Hall is a magnificent example of early 20th-century classicism with ornate detailing including stately Corinthian columns and towering windows. It has been converted into a large meeting room with a bar. The historic vault in the basement can be used for private meetings or meals.
Each suite in the hotel is individually owned, but the profits are shared amongst suite owners who have placed their suites in the hotel pool. Similar projects are usually seen in resort towns. The individual owners of the units in the building financed the purchase of the common assets of the hotel and now control the company that manages the hotel operations. Recent upgrades include converting several suites to have two beds instead of just king beds so that the hotel can be more appealing to group bookings.
The investors in 1 King West are currently disputing the property tax assessments for their units, as rather than being taxed at residential rates (approximately 1% of market value), they are being taxed at commercial hotel rates (approximately 4%).
On March 9, 2007 Harry Stinson
Harry Stinson
Harry Stinson , born in Toronto and educated at the University of Toronto Schools, is a high-profile real estate developer from Hamilton, Ontario, Canada. He is president of Stinson Properties, Inc. He has been called Toronto's "condo king"...
, the developer and operator of this project, filed for bankruptcy protection using the Companies' Creditors Arrangement Act at the Ontario Superior Court of Justice as a result of an $11.8 million dispute with David Mirvish
David Mirvish
David Mirvish, CM, O.Ont is a Canadian art collector, art dealer, theatre producer and son of the late "Honest" Ed Mirvish, Toronto discount department store-owner and artist Anne Lazare Macklin....
, the financier of 1 King West.