A strip of low-rise mixed-use buildings on downtown Yonge Street could be the site of a new condominium tower that would deliver 500 new residential suites to the area.
In mid-October, an official plan amendment and zoning bylaw amendment application was submitted to city planners to build a 59-storey condo building at 510-528 Yonge Street and 7 Breadalbane Street. The developer, KingSett Capital, is behind a handful of other major project proposals in Toronto this year, including a 30-storey tower at 1801 Eglinton Avenue West and a 61-storey rental complex at 700 University Avenue.
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The development site in question sits on the southwest corner of Yonge and Breadalbane streets, south of the Yonge and Wellesley intersection. Spanning 19,015 square feet, the rectangular lot is occupied by five properties ranging from one- to three-storeys in height with a total of 19 occupied residential rental units on the upper levels.
The new 59-storey tower would include a three-storey podium base that would house 5,591 square feet of ground-floor retail space and approximately 5,000 square feet of community hub space on the second level.
An indoor amenity area is proposed for the fourth floor, which would lead onto the roof of the podium with outdoor amenity space. Residential suites would occupy levels five and up. At the top of the tower, an outdoor amenity terrace with rooftop access from the lower mechanical penthouse level would be built. A total of 21,527 square feet of amenity space is proposed throughout the development.
The majority of the residential units included in the proposal would be designated for condo use, according to the application’s project data sheet, with 19 residences slated as rental replacement units. The breakdown consists of 280 one-bedroom, 170 two-bedroom and 50 three-bedroom suites.
Vehicle parking would be provided through a four-level underground parking garage with 94 spaces. Five-hundred bicycle parking spaces would be added to the P1 and P2 levels of the garage.
An off-site parkland dedication encompassing 4,467 square feet is pitched for 431 Yonge Street as part of the proposal.