en.Wedoany.com Reported - Canderel has officially commenced construction on the Forêt™ Forest Hill project, a master-planned community comprising three towers located at Bathurst Street and St. Clair Avenue in Toronto, Canada.
The project recently secured construction financing from five major Canadian banks, with the syndicate led by the Canadian Imperial Bank of Commerce (CIBC) and including National Bank, TD Bank, Desjardins, and Laurentian Bank.
Jonathan Wener, founder and chairman of Canderel, noted that this financing milestone reminds him of the Aura at College Park project, which, after the 2008 recession, advanced to construction with a financing structure backed by a syndicate of 10 banks. Despite the different challenges in the current environment, the Forêt project has earned the confidence of leading Canadian financial institutions amid significant headwinds facing the industry.
The site, long vacant, is being transformed by Canderel into a new community hub with three residential towers and ground-floor retail space. The towers, at 35, 37, and 41 stories, will house approximately 1,310 residential units. The project team includes BDP Quadrangle (architecture), II BY IV Design (interior design), and Site/C (landscape design). Excavation for the underground infrastructure of the geothermal heating and cooling system was completed last year.
The redevelopment will also feature a new park, a childcare center, and community spaces. The new condominium community will offer approximately 50,000 square feet of indoor and outdoor amenities, including a two-story fitness center, indoor and outdoor pools, a sauna, a steam room, a juice bar, children's play areas, a pet spa, private dining areas, and entertainment spaces such as a wine lounge.
The top nine floors of the east tower will offer boutique suites with a private lobby and elevator, dedicated amenity spaces, and ultra-premium finishes throughout. Typical suites can reach up to 2,000 square feet, with options for combination.
Riz Dhanji, president of RAD, which handles sales for Forêt and other condominium projects in the city, said the groundbreaking marks a renewed vitality in Toronto's condominium market, reflecting both a strong ongoing sales program and a recent uptick in homebuying activity. In today's market, buyers gravitate toward projects with excellent design, prime locations, and reputable developers.
