Groundbreaking at 1 Bloor Street East, Toronto
Overview
– A Phoenix Arising From the Ashes
The 70-storey mixed use residential/commercial tower took flight on Friday, July 15, 2011. The Great Gulf Project had its groundbreaking ceremony with numerous media and political representatives in attendance, as well as senior executives from Great Gulf. Councillors Doug Ford and Kristyn Wong-Tan were in attendance to congratulate not only the developer, Great Gulf Homes for getting this signature project off the ground, so to speak, (or actually into the ground), but as well, the entire Toronto development community. Doug Ford, on behalf of the Mayor, sent a special message to all developers that "Toronto is going to be cutting down the red tape and knocking down the barriers....... and that Toronto is open for business".
A very welcome sentiment from the municipal government in Toronto after years of increased red tape and nimbyism. The launch of this Project and the sentiments of the new administration bode well for Toronto's development future.
Stay tuned for our next blog on the continuing naval gazing in the GTA as to whether or not the bubble is going to burst on the housing market.
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