A proposal to permit the addition of a 42-storey residential building on top of a current 19-storey office building has been submitted to the City of Toronto.
The proposed property is at 409 – 415 Yonge Street and 9 and 17 McGill Street, and is currently occupied by a retail/commercial use building.
According to the rezoning application, the current use at the location represents an “underutilization of land within Downtown Toronto and in proximity to higher order transit infrastructure.”
The applicant, The Marwest Group of Companies, says that the proposal aims to revitalize the site with a mixed-use development by adding a residential portion to the existing building, which would continue to be maintained for office uses.
The rezoning application states that the McGill Parkette near the site would stay in its current form.
The development would include a total of 53,064.78 square metres of gross floor area, comprised of 36,128.5 square metres of new residential gross floor area in addition to the 16,936.3 square metres of existing nonresidential gross floor area, according to the applicant.
There is also a plan to add 900 square metres of new amenity area proposed.
As for the residential component in the 61-storey building, a total of 450 rental suites are proposed, with a mix of 1-, 2- and 3-bedroom unit types and 74 parking spaces are to be provided within the existing three levels of below-grade garage, gaining access from the existing ramp from McGill Street. As well, 577 bicycle spaces are proposed within the development.
“The proposed development of the subject site would result in a building addition that is complementary to the existing and approved high density, high-rise development in the Downtown, along the Yonge Street corridor,” states the application’s planning rationale. “It will appropriately intensify the subject site with residential uses which will contribute to the City’s rental housing stock, as well as retain existing employment uses.”