A mixed-use condo tower with 488 residential units has been proposed for a strip of commercial buildings and a heritage property on King Street East.
On December 22nd, 2020, a rezoning application was submitted to Toronto city planners to construct the 40-storey tower at 234-250 King Street East and 162 Princess Street.
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The rectangular development lot is located on the northwest corner of King Street East and Princess Street, and is occupied by eight commercial properties ranging from one to three storeys in height.
The two-storey building at 240 King Street East was built in 1862, while its one-storey neighbour at 242 King Street East was built in 1869, according to the project’s planning rationale by Bousfields Inc. Neither building is listed under the Ontario Heritage Act, however, 240 King Street East is home to popular neighbourhood bar, Betty’s.
234-236 King Street East, a three-storey commercial building with vacant ground-floor restaurant space, is listed on the city’s heritage register as the Carolyn Smith Building, built in 1888.
The new condo high-rise would deliver a six- to seven-storey base building below a 33-storey tower. The front portions of the 234-236 King Street East heritage property, in addition to 240 and 242 King Street East, would be preserved and integrated into the development, says the planning rationale.
Of the building’s 488 condominium units, the breakdown would include 51 bachelor, 313 one-bedroom, 74 two-bedroom and 50 three-bedroom units.
Approximately 6,506 square feet of retail space is slated for the building’s ground floor, plus a three-level underground parking garage with 113 car parking spaces.