Sakto Corp. is looking to increase the offerings in its Preston Square portfolio, proposing a new 24-storey residential building on the site as well as a single-storey addition to its existing Adelaide rental property.
Sakto’s present portfolio is heavily weighted towards office buildings. The new development would expand its residential real estate holdings with 175 new rental units in the 24-storey building and 22 additional units on top of its Adelaide property.
The site, known as Preston Square, is currently zoned as a traditional mainstreet and mixed-use, and is bound by Highway 417 to the north, Aberdeen Street to the south, Preston Street to the east and Rochester Street to the west.
Currently occupying the site are Sakto’s office buildings - two 11-storey structures and one four-floor building - as well as its Adelaide property. Included in the area are pedestrian walkways and an interior courtyard, as well as an underground parking garage featuring 1,056 spaces, 34 of which would be lost to the development. Thirteen additional spaces would be added in compensation.
The development requires zoning changes as well as an official plan amendment to proceed. The city says it plans to review the application and present its recommendation to the planning committee by January.