One King Street West, Toronto
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One King Street West or 1 King West is a hotel-condo project in the heart of the financial district in Toronto, Ontario, Canada. The tower is built on an existing building, the Dominion Bank Building (Toronto) (180m) built in 1914. The condo tower stands at 51 stories or 176 metres. [ Stanford Downey Architect Inc. http://www.stanforddowney.ca] were the architects involved in the project.
The building offers 500 suites, as well as a 2 storey penthouse. Rooms are either in the new tower, or in the historical building forming the base of the complex.
Since the original purpose of this building was a bank, the main hall has been converted into a private club. The Dominion Club has a dining hall open to patrons of the hotel as well. The vault in the basement can be used for private meetings or meals.
This hotel differs in two ways from other downtown competitors. It offers an extensive list of in room amenities, such as: Vintage Limo service, Refrigerator, Microwave Oven, Dishwasher, and Washer & Dryer. The other way it differs is the way it was financed. Each suite is individually owned, but the profits are shared. Similar projects are usually seen in resort towns.
The investors in this project are currently disputing the property tax assessments for their units, as rather than being taxed at residential rates (approximately 1% of market value), they are being taxed at commercial hotel rates (approximately 4%). (Toronto Star article by Jennifer Wells, November 11, 2006 - see below)
On March 9, 2007 Harry Stinson, the developer and operator of this project, filed for bankruptcy protection using the Companies' Creditors Arrangement Act at the Ontario Superior Court of Justice as a result of an $11.8 million dispute with David Mirvish, the financier of 1 King West.
