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Surely it is an improvement over what is there now. There's a few frumpy 60's and 70's era office blocks in that area that I wouldn't mind seeing converted.
 
I think we'll be seeing a lot more of these types of 'conversions' and improvements ala the Davids store at Bloor and Bay.
 
Maybe it's the W hotel?

Does anyone know for certain if it's gonna be a condo? It just might be a hotel....

I have always liked the existing highrise; infact all along that strip of Bloor are simple modernist office buildings that still look classy. Now there's several lowrise buildings (including Roots--or is that now gone?) that could go midrise. Then of course there's Holts--surely Galen Weston must be thinking that one day (within a decade?) his property will be worth more as a condo opportunity than as a Holt Renfrew?
 
This is rapidly becoming the zombie-corpse-living-dead-rictus-ratcheted-up-facelift neighbourhood:

Two new floors on top of Harry Rosen; mock-Georgian apartment building facades to be incorporated into the Hariri Pontarini development on St Thomas; a Quadrangle piggyback thing on top of 130 Bloor; the Lyle facadectomy at One Bedford; a Windsor Arms Hotel that is an exact reconstruction of the one it replaced with a big faux tower behind; the faux deco Stern, and now a fashionable facegraft for this building, seeing it through the next ten years until stylistic sag sets in again.
 
Don't forget the University Theatre across the street--and of course to the W, another 60s spec skyscraper totally stripped/rebuilt as a Y2K-era condo...
 
I wouldn't be too sure... I bet places like Sao Paulo, Mexico City or any number of get-rich-quick Asian cities have similar boutiques in strange buildings or locations. Archivist was recently talking about how one of the Prada boutiques in Tokyo is located next to a gas station or something ridiculous.
 
Then of course there's Holts--surely Galen Weston must be thinking that one day (within a decade?) his property will be worth more as a condo opportunity than as a Holt Renfrew?
I could be wrong, but I'm sure I read somewhere that Holt Renfrew was built in such a way that it could eventually have a tower built atop it.
 

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