An Italian designer and Toronto developer are teaming up on a residential tower they say will be inspired by the fashion world.
Missoni, a Varese, Italy-based fashion house founded in 1953 by Ottavio and Rosita Missoni, is partnering with Amexon Development Corp. on a planned 68-storey tower at 225 Jarvis St. in downtown Toronto on the site where the old Grand Hotel was located. The partners said the tower "will blend the world of high fashion with elevated urban living."
The project, called Missoni Sky, will offer condominium suites above a hotel and other commercial space.
No timeline was given for the development project, but it comes during as new home sales are at a historic low in the Greater Toronto Area, according to the Building Industry and Land Development Association.
Condominium apartment sales, including units in low-, medium- and high-rise buildings, stacked townhouses and loft units, were down 61% in August from a year ago and 81% below the 10-year average.
Alberto Caliri, creative director of Missoni Home, said the project represents "the successful translation of our brand's style into an immersive living experience."
The design company said the tower will showcase its geometric style, integrating the brand's iconic zigzag patterns and colour harmonies into various building elements.
Missoni has brought in Toronto-based design studio II BY IV DESIGN for the project in the King-Jarvis design district in downtown Toronto. Core Architects is designing the building.
Amexon, which is the firm behind the residences of Central Park at 1200 Sheppard Avenue East, said it has more than 50 years of experience developing luxury residential and commercial projects.