Architectural icon Frank Gehry joins development group to celebrate start of construction at Forma, Toronto's most anticipated condominium residence
The official start of construction on Forma, Frank Gehry's homecoming masterpiece, comes as the project reaches over $1 billion in sales
TORONTO, June 8, 2023 /CNW/ - Developers Great Gulf Group, Dream (consisting of Dream Unlimited Corp. (TSX: DRM) and Dream Impact Trust (TSX: MPCT.UN)), and Westdale Properties were joined by Frank Gehry to celebrate the official start of construction on the world-renowned architect's homecoming project, Forma. Gehry is among the most influential in contemporary architecture with award-winning work spanning across the globe, including the Guggenheim Museum in Bilbao, the Walt Disney Concert Hall in Los Angeles, and Fondation Louis Vuitton in Paris. Forma marks Gehry's first residential tower in Canada and his tallest building in the world, setting the stage for the esteemed architect's return to his place of birth and the city that inspired his love of architecture. The construction milestone for the East tower comes as the team reaches over $1 billion in sales in less than a year.
"We are thrilled to be standing on the future site of Forma to celebrate the official start of turning this exceptional vision into a reality," says Mitchell Cohen, Chief Operating Officer, Westdale Properties. "This project truly raises the bar for the future of urban living in Toronto. There are hundreds of people who have worked to get us here and I am proud to work with a powerhouse team that bolsters a visionary approach to architecture and interior design. After almost a decade of planning, the momentum for this project has only continued to grow, made evident by the incredible reception we have received to date."
Since launching in June 2022, Forma has been an outstanding success. In November, the project saw the sale of the highly desirable penthouse suite at Forma valued at over $20 million. The recent sales milestone reinforces the continued appetite for new construction luxury condominium residences in Toronto.
"This building is very close to my heart. Toronto is my hometown, and I wanted to do right by it. We wanted to make a building that paid homage to Toronto's rich past while also looking forward to its optimistic future. I hope that we have succeeded in making a sculpture on the skyline to reflect the light and essence of this city that I love" says Frank Gehry, Gehry Partners LLP.
Defined by its shimmering façade and twisting shape, Forma will establish an unforgettable statement on Toronto's skyline. By offsetting the floorplates, the design ensures unparalleled views from every suite, giving residents the exclusive opportunity to experience Toronto from a myriad of angles. The exterior is designed to reflect the light and colour from the city.
Alongside Gehry, internationally acclaimed interior designer Paolo Ferrari, founder of Studio Paolo Ferrari, was brought on to design the interiors. Taking inspiration from Gehry's vision, Ferrari drew from his extensive experience working on international hospitality projects to create a design for the amenities that establishes a compelling balance between exuberance and serenity. Amenities include a Creator's Club with multi-functional workspaces, an adjoining Maker's Studio for hands-on activities, a Grand Suite with sweeping views of the cityscape, as well as a Health and Wellness Retreat, a spa, jacuzzi and dedicated spin room.
To register and learn more about Forma, please visit: https://formatoronto.com/.
Established in 1975, the Great Gulf Group includes Great Gulf Homes; Ashton Woods Homes, the largest private homebuilder in the US; First Gulf, a commercial developer specialized in industrial, lab, data centres, and mixed-use properties; Tucker HiRise, specializing in the construction of high-density, mixed-used projects; H+ME Technology, a precision engineering panelization manufacturing facility; a new Recreation and Resort division responsible for Taboo and Lora Bay in Ontario, and Killington Mountain in Vermont; and a Build-To-Rent division with a growing presence across the U.S. Sunbelt States. Learn more at www.greatgulfgroup.com.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $24 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information, please visit our website at www.dream.ca.
Dream Impact Trust is an open-ended trust dedicated to impact investing. Dream Impact's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and investing holdings, and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities; while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.
For more than 60 years, Westdale has owned, managed and developed real estate across Canada and the United States. A family-owned company, Westdale is committed to creating positive experiences for the tens of thousands of North Americans who call our buildings home, and for those who work and shop at our properties. This commitment extends to our partners, suppliers, contractors, and our team of over 1,400 dedicated employees. With a core business consisting of over 50,000 residential units in Ontario, Quebec and 11 U.S. states, Westdale continues to expand its portfolio to include over 4 million square feet of retail, office, industrial, food & beverage, hotel and resort properties on both sides of the border. Westdale is also actively involved in a number of significant urban residential developments across North America, including projects in Toronto, Halifax, Kitchener, Atlanta, Dallas and Miami. please visit: www.westdaleproperties.com.
SOURCE Great Gulf Group
Samantha Lem, [email protected], 613-983-8365; Raquel Ruiz, [email protected], 647-268-0990
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