Inside Four Seasons' Groundbreaking Ceremony For $500-Million Residences in Toronto

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A private gala affair took place in Toronto, when the Four Seasons Hotel and Private Residences broke ground in Toronto's Yorkville district yesterday. Condos start at $1.9 million for 1,000 square feet. Digital Journal TV went inside the ceremony.

Digital Journal -- The Four Seasons Hotel and Private Residences will cost $500 million to build and create approximately 1,600 construction jobs in Toronto.

At a special groundbreaking ceremony at Toronto's Bay and Yorkville streets, Four Seasons hosted a special private event catered with rosemary crusted lamb and lobster martinis. The event was flanked by rich and famous, and Four Seasons announced the building is already 70 per cent sold out.

Condos range in size from 1,000 square feet to a whopping 9,000 square foot penthouse and starting price is $1.9 million. The residences are set to be completed by late 2011.

"The design and refinement of the Four Seasons Hotel and Private Residences will be a valuable addition to our city," said Mayor David Miller in a press release. "Toronto is a worldwide leader in condominium sales and construction and the decision to build this first-class project here further underscores our reputation as a livable and prosperous city where people want to both live and visit."

Miller did not make it to the ceremony, but other dignitaries were on-hand, including Ontario Minister of of Municipal Affairs and Housing, Jim Watson; city councillor Kyle Rae; Four Seasons founder, chairman and CEO Isadore Sharp; and Menkes Developments president, Alan Menkes.

"It is a source of pride for me that Toronto, the birthplace of Four Seasons, will soon have such an impressive presences for the company," said Sharp. "This project celebrates the past and reflects the evolution of Four Seasons as it nears its 50th year of history.

In this sneak peek video, Digital Journal TV was at the gala evening to take you behind the scenes at the event that attracted hundreds of people interested in this unique real-estate development.