New development details have been released for eight landmark properties located across Toronto, including the city’s former bus coach terminal near Bay and Dundas streets.
In a CreateTO meeting held on Monday, March 7th, a recommended portfolio strategy was unveiled in a presentation dubbed ModernTO – Eight Properties being Unlocked, for the eight city-owned buildings.
The ModernTO program, which was adopted by Toronto City Council in October 2019, was implemented to modernize and optimize Toronto’s office space portfolio to unlock properties for building purposes. ModernTO would reduce Toronto’s three million square feet of owned and leased office space across 55 properties down to 15 locations.
Through ModernTO’s City-Wide Real Estate Strategy and Office Portfolio Optimization report, Toronto City Council identified eight City-owned properties that are underutilized. CreateTO — the city’s real estate branch — was asked to report back with recommendations for the eight properties.
Combined, the properties are worth a total market value of approximately $450 million. The sites include 610 Bay Street, 931 Yonge Street, 277 Victoria Street, 95 Esplanade, 18 Dyas Road, 33 Queen Street East, 75 Elizabeth Street and 1900 Yonge Street.
The properties at 33 Queen Street East, 75 Elizabeth Street and 1900 Yonge Street were identified for long-term development. An update on these sites and their proposed visions is slated for a future report. The other five properties are available for redevelopment in the short-term, two of which have been proposed to be repurposed for other city uses.
ModernTO’s approach includes consultations with key stakeholders to determine portfolio objectives, plans for each site’s reaccommodation and identifying development potential. The report also outlined priorities for adaptive reuse and to create at least 33 per cent affordable housing in all of the portfolio’s residential redevelopment opportunities. There are also plans for new city service, institutional and public realm improvements.
Public meetings will be held on all of the redevelopment properties prior to any planning applications. The ModernTO report will be brought before Toronto’s Executive Committee later this month and to city council in early April.
In 2022, CreateTO hopes to begin public consultation on 610 Bay Street and 277 Victoria Street, in addition to 931 Yonge Street which would also submit a planning application. Design works would start on 95 The Esplanade and 18 Dyas Road this year.
Here’s a brief rundown of the visions for the five short-term development properties:
610 Bay Street and 130 Elizabeth Street
In June 2021, it was announced that the Toronto Coach Terminal would cease operations the following month.
According to the report, the Terminal could be converted into a mixed-income, mixed-use, high-rise development with market condos, rental units and affordable housing. A paramedic multi-hub and employment uses with a “preference for life science partnerships,” would also be integrated.
Known as the Gray Coach Bus Terminal, 610 Bay Street was built in the 1930s and is listed on Toronto’s heritage register. The report notes that there would be potential adaptive heritage reuse at this location.
277 Victoria Street
Currently used as a Toronto Public Health building near Yonge-Dundas Square, 277 Victoria Street could be converted into a high-rise, mixed use, institutional development with retail and community space on the ground and second levels. Potential adaptive heritage reuse and public realm improvements could be considered.
Plans would also include a replacement for the Sam the Record Man sign and consideration for any other of the site’s heritage elements.
931 Yonge Street
Located just south of the Rosedale TTC subway station, 931 Yonge Street would be reworked as a mixed-income, mixed-use, high-rise development that includes affordable ownership housing. The design principles for this site would “achieve appropriate density,” while reducing shadows on nearby green spaces.
The building is currently used as the head office for the Toronto Community Housing Corporation (TCHC).
18 Dyas Road
Southeast of York Mills Road and Leslie Street in North York, 18 Dyas Road could be repurposed into new city uses such as a multi-function paramedics hub. A fuel station would be relocated from Oriole Yards to make room for additional density and more affordable housing at Phase 2 of the nearby Housing Now site.
95 The Esplanade
In the Saint Lawrence neighbourhood, one of the city’s building inspection department facilities could be reworked into city services, entrepreneurship or incubator space. The structure could also be used for a not-for-profit tenant with below-market rent.
“With the retail / commercial market depressed due to COVID-19 impacts, the proposal for this site is to keep it for city uses and revisit a sale option in approximately five to ten years, or when the retail market supports a more favourable business case,” said the report.
