The Future of the Four Points Sheraton

The Four Points Sheraton at 1926 Lake Shore Blvd. West is a familiar sight for locals and frequenters of Toronto. Formerly known as the “Inn on the Lake,” the hotel has been a go-to for anyone looking to stay close to the water and still have access to the downtown core.You can imagine our surprise when we discovered that the hotel had been acquired by a finance/investment company,  and ceased operations at the end of October. Carttera announced their purchase of the 1.1 acre site on their website.Carttera's Urban Intensification Fund 2 recently acquired a 1.1 acre site located at 1926 Lake Shore Boulevard West in Toronto. This site fronts onto Sunnyside Park and has spectacular views of Lake Ontario, High Park and downtown Toronto. Carttera plans to redevelop the site as a residential condominium.

So, another Humber Bay hotel is stepping aside to make way for a new condominium. The hotels and motels along Lakeshore are quickly being replaced.  It was just a couple weeks ago that Empire started demolition on a motel to make way for their high-rise community, Eau du Soleil. With the amount of development in the GTA, and the constant rise of population, it was only a matter of time before the waterfront of Humber Bay was targeted for intensification.

Carttera is not new to the Toronto real estate game. Recently, they teamed with Freed Developments to bring Sixty Colborne to King St. East and Church St., while also partnering with Harhay to develop One Eleven at the corner of Bathurst and Adelaide.So the biggest question is, what should we expect here? The area is rich with high-rise condominiums like Park Lake Residences and NXT Phases 1 and 2. It is also the last bit of residential land before Sir Casimir Gzowski Park and the Sunnyside Boardwalk, which is one heck of a selling point.What are your thoughts on this news? What developer would you like to see partner with Carttera?

Comment below.