Nothing is more awesome than this architectural landmark known as Casa Loma, which was originally a private home. Sir Henry Pellatt paid 300 men to build his home, which took 3 years to complete.
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 recover some cash. With such grandeur and lots of space the property was to become a affluent hotel. Of course refurbishments to make the property suitable for purpose took place, but the idea of a luxury hotel never caught on 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 permission to turn it into a museum centred round the original owner and Toronto itself. Thirty thousand visitors a year come to see this extremely prominent attraction, which proves that the Club had the right idea. With no money from any other source, the property is completely self sufficient; it also pays taxes and fees which of course is a nice contribution to the municipal budget.
Despite the apparent success of the Kiwanis Club at turning the residence into a useful and popular venue, City Council recently decided to regain the management of the property and devise a new long-term strategy. It’s suggested that the property will be placed on the Toronto housing market and sold off to an interested buyer. Another suggestions is that the Council may decide to change the use of the building into separate condos, if no buyer is interested in purchasing it.
A modern and spacious building, the Casa Loma would make homely condos for those on the lookout for luxury and grandeur. The castle is not far out of the city, actually it is opposite the Forest Hill neighbourhood, so it has the opportunity of easy access to city living.
All of these features would make it one of the most popular places to live in Toronto. The property market is showing us that luxury homes is extremely sort after, especially as the most expensive apartment in Toronto has just been sold at a staggering $28m.
Some people may like the concept of the opportunity to buy a slice of this history, but not everyone; many of the public are used to the fact that the museum is a reminder of history and is an attraction they can visit. They maintain that the monetary value to the council if it is sold should not be part of the equation, that the historical value of the venue as well as cultural heritage is more important.
