This is one heck of a development idea for the 415 Yonge Street proposal that’s been posted on the sidewalk out front of the building on the north east corner of Yonge & Gerrard Streets in downtown Toronto.
We’ve seen parking lots along Bay and Yonge Streets turn into condos. We’re getting more used to low-rise retail/commercial buildings getting demolished and turned into residential towers. But this huge change for 415 Yonge Street is unlike anything we’ve really seen in the neighbourhood.
This idea put forth for review by Toronto city council proposes building up on top of an existing 19 story office building, to extend its height to 61 stories. That’s 42 stories of residential units on top of an office tower! Toronto can say that it’s hit the big time when there really isn’t any more practical spaces to build homes for people than on top of current 19 story office towers!
I have to say that the design looks pretty cool in the way the residential portion slices through the rather drab and dowdy office tower. It’s like a giant shard of ice that’s been dropped from on high.
The units will be treated as apartment units – not condos – so there will be no purchase options here for those landlord or end-user buyers considering the future of the site. I’d imagine the entire tower, with both residential and office units will be owned and managed by the same entity. No doubt that if this project moves forward, it will help establish more badly needed places for people to live as the downtown Toronto population expects to nearly double in the coming 20 years. And I think it’s good to mix up the rental options in the neighbourhood so that people aren’t forced into only considering individually-owned condo units, as opposed to a professional apartment rental company that takes care of an entire building.
To get a clear view of what this means for the Yonge and Gerrard area, take a peak at this video I shot from an east-facing balcony at Aura Condos: