When the Capitol Theatre at Yonge and Castlefield opened in 1918, pork-pie-hatted visitors and their flapper dates packed the place to watch Mary Pickford films and vaudeville acts. As time shot forward, silent pictures at the Capitol gave way to talkies, several decades of them, but by 1998 the Art Deco pile was primarily hosting weddings and other private functions.

“It’s a spectacular building,” says Josh Zagdanski, vice-president of high rise at Madison Group.

Together with Westdale Properties, the developer is stage-managing the landmark’s next act, its transformation into The Capitol Residences.

Suites at the 145-unit 14-storey building, which has a move-in date of July 2022, average $1-million for 1,950 square feet and up; smaller units — 425 square feet priced in the high $700s, for example — run for slightly less.

“The building set its sights on us,” says Zagdanski, recalling how he was approached by the McClelland family that built, owned and operated the theatre.

“We do a lot of work in this area and they recognized it’s time for the building’s next iteration,” says Zagdanski. “We were honoured they came to us — it’s a really special boutique project for Midtown. One we’re extremely honoured to shepherd into its next life.”

Yonge and Eglinton has it all, notes Zagdanski. “It’s an incredible location in the heart of the Yonge north village, where you have shops and restaurants. It’s close to transportation and amenities.”

The Madison Group, a five-decade-old developer, is behind several nearby high- and low-rise office and retail spaces, rental and retirement properties, as well as the ART program, the illuminated walkway designed by muralist David Guinn and lighting designer Drew Billiau.

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