Nothing is more stylish than this architectural landmark known as Casa Loma, which was originally a private property. Three years after it was started and with a man power of 300, the building was complete for Sir Henry Pellatt who commissioned the build.
When Sir Henry’s monopoly on street lighting in Toronto was removed by the city itself and his company was getting deeper and deeper into debt, Sir Henry’s insolvency forced him to sell his properties to retrieve some cash. In 1925, it was decided that the house would become a luxury hotel. Of course renovations to make the house suitable for purpose took place, but the idea of a luxury hotel never made money and 4 years later had to close its doors.
A few years after the failure of the hotel, the Kiwanis Club approached the City and was given a license to turn it into a museum centred round the original owner and Toronto itself. Over 70 years later the castle is still a well-known attraction for the 30,000 visitors that grace the doors each year. The museum pays fees and taxes to the municipal budget and is self sustaining, which means it doesn’t take cash from the budget like many visitor attractions do.
Despite the discernible success of the Kiwanis Club at turning the castle into a useful and popular venue, City Council recently decided to take back the management of the property and devise a new long-term strategy. An interested investor could well get their hands on this exceptional property if it is advertised on the GTA realty market, but that is speculation at this point. It’s hard to imagine that an individual would be happy to take possession of the entire property again, but the City may decide to turn Casa Loma into a condominium building.
A modern and spacious building, the Casa Loma would make suitable apartments for those on the lookout for luxury and elegance. The Forest Hill district is across the road and with fast access into the city, Casa Loma has everything a buyer would need.
With the state of the castle, exquisite surroundings and the advantage of city life, then Casa Loma is going to be a sort after area to live. And with the recent sale of the $28m most expensive condo in Toronto, it seems that the demand for luxurious residences is extremely strong.
Some investors may like the thought of the opportunity to buy a slice of this history, but not everyone; many people are used to the fact that the museum is a reminder of history and is an attraction they can visit. They simply argue that the tourist appeal and historical value of the residence and the cultural value of the expositions inside significantly outweigh the financial interests of the City.
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