The corner of Yonge and Eglinton could look very different in the not too distant future.
A City of Toronto report released earlier this month details the plans for a five-tower development at the southwest corner of the North Toronto intersection. According to the report, the development will consist of five towers at varying heights, which would add a total of 2,701 residential units, and there would be quite a bit of open public space.
The developers behind the project, Oxford Properties, are still awaiting a zoning variance approval from the City before they can get started, but they’ve already got the first phase of construction planned out.
The first part of the project to be built would be a 60-storey tower that would have retail on the first floor, office space on the first through 27th floors, and 420 residential units on the remaining floors.
There would also be a large-scale transformation of pedestrian-level space during the first phase, including replacing two of the nearby subway station entrances, building a new bus terminal, and creating an open public plaza at Yonge and Eglinton with green space and a covered outdoor area.
Future phases of construction have not yet been finalized but would include the construction of four more towers that will sit at 70 storeys, 60 storeys, 55 storeys, and 45 storeys. The 70- and 60-storey towers would include retail use, and the 45-storey tower would incorporate an unspecified community use.
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To complete the project, the two office buildings, parking structure, and decommissioned bus terminal that currently occupy the land would need to be demolished.
Public outdoor space is a major part of the plans and will include:
- The Yonge-Eglinton Plaza.
- The Central Community Green that would be built over the new bus terminal.
- The Mid-Block Open Space at the centre of the site connecting Yonge Street and Duplex Avenue.
- A new 1,835.75-square-metre public park along Duplex Avenue.
- A residential courtyard that includes a private residential driveway for the towers proposed in future phases.
- The Berwick Parkette at the south end of the site.
- The Covered Outdoor Area located above the mid-block TTC entrance. This area
would be at a higher elevation than Yonge Street and is proposed to connect the
Central Community Green and Yonge-Eglinton Plaza.
The City expects that this development will add significant value to the area, saying it will be a “major centre of economic activity,” “a civic and cultural hub,” and “a focal area for retail and service uses that meet the day-to-day needs of residents and workers in Midtown and draw visitors from across the city.”
These buildings will likely have some pricey residential units, but according to the report, it’s also likely that some will be made affordable.
“Given the scale of the development, it is expected that affordable housing will form part of the housing options available on the site,” the report reads.
Oxford properties filed their rezoning application in December and are still awaiting approval from the City.