Location: 55 Yonge Street, Toronto
Developer: H&R REIT
Architect: BDP Quadrangle and PARTISANS
A prominent section of the downtown Yonge Street corridor could be the future location of a new 66-storey tower with rental apartment units and office space.
H&R Real Estate Investment Trust (H&R REIT) is collaborating with Toronto-based architects BDP Quadrangle and PARTISANS on a high-rise development proposed for 55 Yonge Street, according to the developer-made project website and initial reporting by UrbanToronto.
At the time of publication, no official application documents for the tower had been made available on the City of Toronto development portal, but the rezoning application submission is expected to happen this month as per the project website.
“With this rezoning application, we are proposing to redevelop the site with a new landmark commercial-residential building; a building that will provide a significant architectural contribution to this section of Yonge Street, one of the city’s iconic destinations and most important thoroughfares,” explains the website for 55 Yonge Street.
If approved, the tower would deliver 482 residential units with studio, one-, two- and three-bedroom layouts. The tenure of the units has been described as purpose-built ‘residential rental units’ on the developer’s project page. An open-air terrace, pool and gym would be accessible to the office and residential tenants.
Approximately 12,000 square feet of retail space would span two levels in addition to a commercial lobby. Thirteen levels of office area would also be incorporated in the building’s podium for a total of 146,000 square feet, replacing the amount of office space that currently exists on the lot.
Two office buildings presently occupy the development site located on the southeast corner of Yonge and Colborne streets, just south of King Street East. The buildings would be demolished to make way for the tower, the project website says.
A pre-application meeting with the City was reportedly held for 55 Yonge Street in November 2020. H&R REIT stated online that they expect to receive re-zoning and site plan approval in the fourth quarter of 2022.
According to UrbanToronto, H&R REIT is also working on another nearby mixed-use development — a 69-storey tower with 550 rental units for 310 Front Street West.
