Entire penthouse floor at Frank Gehry-designed Forma sold in a momentous deal valued at over $20 million
The 8,500 square foot suite is one of the most expensive penthouses ever sold in Toronto, bringing Forma to nearly $700 million in sales in just six months
November 14, 2022 (Toronto, ON) – Marking one of the most successful condominium sales launches in 2022, Great Gulf Group, Dream (consisting of Dream Unlimited Corp. [TSX: DRM] and Dream Impact Trust [TSX MPCT.UN]), and Westdale Properties announce the sale of the highly-desirable penthouse suite at Forma valued at over $20 million. Providing exquisite views of the city skyline and waterfront, the 8,500 sq. ft. residence occupies the entire 72nd floor of the Frank Gehry-designed building at King St. W. and Ed Mirvish Way. In just a few short months, Forma has reached close to $700 million in sales.
“Since its inception, Forma has gained a reputation as the most prestigious mixed-use development in Toronto,” says Mitchell Cohen, Chief Operating Officer, Westdale Properties. “Despite economic headwinds, this extraordinary penthouse sale proves that demand for world-class architecture in well-located neighbourhoods remains strong. We are thrilled with the overwhelmingly positive response we’ve received so far, and we firmly believe in the continued resilience of the new construction luxury market in the city.”
Launched for sales in June 2022, Forma is world-renowned architect Frank Gehry’s first residential project in Canada and his tallest building in the world. As one of only a few Gehry-designed penthouses, Forma’s over $20 million penthouse suite was envisioned as the crown jewel of the building, offering a once-in-a-lifetime opportunity to live in one of the most luxurious architectural masterpieces. At 73 storeys, Forma was designed to capture the essence of Gehry’s home city of Toronto and took inspiration from some of the buildings that were important to him growing up, including Old City Hall, the Parliament Buildings and the Royal York Hotel.
As a testament to the vision for his homecoming project, Gehry has also purchased a suite at Forma. With unmatched northeast views of University Avenue and the surrounding cityscape, Gehry’s suite welcomes beautiful, natural light throughout the day, and a shimmering skyline at night. Having grown up in Toronto, Gehry's purchase marks a special return to the place where it all began - and where his love of architecture was initially formed.
Interior spaces, including the well-curated amenities and elevated suites, were designed by internationally recognized designer, Paolo Ferrari of Studio Paolo Ferrari. Striking a balance between exuberant and serene, amenities include a Grand Suite with sweeping views of Toronto, a Creator’s Club with multi-functional workspaces and an adjoining Maker’s Studio for hands-on activities, as well as a Health and Wellness Retreat boasting the latest gym equipment, a spa, jacuzzi and dedicated spin room.
“The incredible sales success of Forma in less than six months underscores the confidence in the new construction market. Generating unprecedented interest both locally and internationally, this momentum not only reflects Toronto’s place on the world stage, but the strength of a powerhouse team of renowned developers and designers,” says Barbara Lawlor, CEO, Baker Real Estate, who leads sales for the project.
To register and learn more about Forma, please visit: formatoronto.com
For additional information please contact:
About Great Gulf Group
Established in 1975, the Great Gulf Group including Great Gulf Homes, an international award-winning, low-rise and landmark high-rise residential developer providing over 80,000 families with places to call home; Ashton Woods Homes, the 2nd largest private builder and 15th largest in the U.S.; First Gulf, an innovative market leader in sustainable, accessible and transit-oriented commercial developments and large scale design-build industrial facilities; Tucker HiRise, a leading construction management company, specializing in the construction of high-density, mixed-used projects; H+ME Technology, a precision engineering panelization manufacturing facility; and Taboo Muskoka, one of Canada's top-ranked golf courses, is one of North America’s premier real estate organizations. With major projects in Canada and the United States, the company’s fully integrated activities span the entire real estate spectrum. Learn more at greatgulfgroup.com
About Dream Unlimited Corp
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 $17 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: www.dream.ca
About Dream Impact Trust
Dream Impact 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 investment 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
About Westdale Properties
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.