Downtown Toronto Life Square
Toronto Life Square, at Yonge and Dundas may be the first sign of the North American credit crunch taking hold in Toronto’s commercial-real-estate sector.
This new downtown Toronto square was intended to be like New York’s Time square with large video, electronic and print billboards which lit up the Yonge and Dundas area.
Toronto Life Square is a 13-floor building with four levels of shopping. food and an AMCÂ Cinema that transforms into Ryerson University classrooms during the day.
According to the Globe and Mail, creditors foreclosed on the property in April after debts reached nearly $280-million.
Surprisingly, the tenants already established in the building were doing well despite the economic slowdown, with many of the restaurants starting to have a steady clientele.
Like it or not, The Toronto Life Square brought new life to the Yonge and Dundas area and was a start to a much needed reconstruction of Yonge Street.
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