A 24-storey rental building in downtown Toronto may soon be torn down and replaced by a gargantuan two-tower condo development.
The developer, Tenblock, filed plans with the City earlier this month for the proposed development at 25 St. Mary Street, near the intersection of Bay and Bloor. According to the plans, the new towers would be mixed-use with heights of 54 and 59 storeys.
The development would house a total of 1,143 new residential units, which will include 273 rental units to more than replace the 259 units in the 24-storey building that currently sits on the property. The remaining 870 units would be condos ranging from studios to three-bedrooms.
In Toronto, tenants of demolished and replaced rental buildings are typically given priority to return to the new rental units, which are required to be the same bedroom size as their unit in the previous building. Developers can only increase rent prices of these units by 4% of what tenants were previously paying.
In addition to the condo and rental units, the new Toronto towers, designed by gh3* architects, would also have 974 sq metres of commercial space, including a 577 sq metre daycare and multiple retail locations. There would also be a 521 sq metre public park built on the property.
Renderings of the building look quite striking, with an all-white exterior and contrasting green space.
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Since plans for the new development were just filed with the City, it will take quite some time for the application to go through the various levels of City Council before a final approval or rejection is decided.