A small commercial building in North York City Centre could be replaced by a high-rise condo that would also deliver new retail and office space to the community.
On December 14th, 2020, an Official Plan Amendment and Zoning Bylaw Amendment application was submitted to city planners to construct a 42-storey mixed-use building with 350 condo units at 5051-5061 Yonge Street. The developer, First Capital, has a collection of other high-rise projects in the works across Toronto, including a 29-storey tower in Yorkville and a 227-unit rental building on King Street West.
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The application’s planning rationale, authored by Urban Strategies Inc, explains that an initial development concept was pitched to city staff during the summer. In response to the city’s feedback, the building proposal has been revamped to reduce the amount of residential use while including new office space.
The 30,730 square-foot development lot in question is located on the east side of Yonge Street on the corner of Hillcrest Avenue. A two-storey commercial building with one- and two-storey retailers occupy the site, which provides frontages onto both streets.
Spanning 417,790 square feet of gross floor area and topping out at 135 meters, the proposed condo tower would sit atop a six-storey base building which would house office space and 8,072 square feet of ground-floor retail facing Yonge Street. Approximately 111,449 square feet of office area would occupy floors two to six. Separate entrances for both the residential and commercial portions of the tower would be accessible from Hillcrest Avenue.
The breakdown of the 350 residential suites would include 227 one-bedroom, 106 two-bedroom and 17 three-bedroom units that would average 505, 807 and 861 square feet in size, respectively.
Indoor and outdoor amenity space, totaling 13,476 square feet, would be included on the seventh floor, with the 350 condo units located in the tower above.
Five levels of underground parking would be accessed from a ramp accessible via Hillcrest Avenue, providing 278 vehicle parking spaces.