Tri-Metro Investments Inc. has submitted an application to the City for the rezoning of the property located at 2721 Danforth Avenue, southeast of the intersection of Main Street and Danforth Avenue. The proposal would bring two towers that would be connected by a podium.
Urban Toronto reports that the site is currently occupied by a big-box Canadian Tire store. It is next to a huge surface parking lot that is owned by the Canadian Tire Corporation, but the surface parking lot is not part of the proposed development site.
RAW Design is the designer of the mixed-use redevelopment. A mid-rise building will transition to towers of 35 storeys/115.96m and 55 storeys/177.55m. The buildings would include:
- Retail and service commercial uses along the Danforth Avenue frontage
- Main entrances of the proposed building would front onto the public road network which includes Guest Avenue along the east edge of the site
- Balconies of both towers will offer an irregular pattern that resembles tears in the facade
Other features will include:
- GFA of 75,330 m2 is proposed for the development
- 390 m2 of retail at grade
- Total of 1,139 residential units are proposed
- 77 studios
- 611 one-bedroom units
- 334 two-bedroom units
- 117 three-bedroom units
- North building will have 466 units
- South building will have 673 units
- Gross density of 13.41 floor space index
- Total of 2,450m2 of indoor amenity
- 2,272m2 of outdoor amenity space
- Three-level underground parking structure through a proposed private laneway
- Parking for 360 vehicles and 1,141 bicycles
There will also be the addition of a 0.136 acre public park to the west of the site with a mid-block connection. The intent is for the parkland dedication to be consolidated with another eventual parkland dedication to the west to form a larger, central park feature in the centre of the overall development area. The public park will be facing what is now the surface parking lot.
The site is within walking distance from Main Street subway station and Danforth GO station, which are both within 250 metres.
According to The Retail Insider, the proposed plans for the two towers will encompass about 2.4 acres.
High real estate prices in Canadian centres is leading to landlords seeking to intensify building sites. That includes individual stores with enough land and even entire shopping centre properties. It's a trend expected to continue for years to come amid a population and housing boom in some markets.
