Article on Bazis Tower
Tower plans for Yonge/Bloor
Known infamously as one ofthe ugliest corners in downtown Toronto,the intersection ofYonge and Bloor is about to be given a ritzy facelift.
Two weeks from now,Toronto-based developer Bazis International will unveil its plans to redevelop Canada’s “most important corner†at Yonge and Bloor streets. Bazis has acquired a one-acre property at 1 Bloor Street East on the southeast corner to build a mixed-use development featuring a nearly 80-storey tower with a four-storey double-height podium making it Toronto’s tallest residential/commercial build-
ing, claims Bazis president Michael Gold.
“This is an extremely important project for this corner—the armpit of the city,â€Councillor Kyle Rae said. “Although it’s the busiest intersection in Toronto,it is also the most embarrassing.This will make it fabulous.†“This is exactly where this project belongs.â€
Gold will unveil his plans,which are still being finalized,with Bazis’ architect Roy Varacalli, along with Rae on April 5. The news conference will be held in the Panorama Room on the top of the nearby ManuLife Centre, a vantage point that offers a bird’s eye view ofthe site. The location will also allow people to view the location of Bazis’first Toronto project,the 35-storey Crystal Blu condominium (Burka Varacalli Architects),which will soon break ground on Balmuto Street just south of Bloor. Known for developing mega-projects in Europe, the building on Bloor Street will mark the first time Gold has attempted a similar project in North America.
The project was first approved a number of years ago when a consortium of developers owned the various properties,which
were gradually bought. Originally approved for 60 storeys,the development initially planned to house a 10-screen Famous Players theatre.That has changed,however,since the theatre company was sold and Gold bought the building.
Under a Section 37agreement, the original project included $2 million for Bloor Street improvements,which Kyle expects will be included with the new plans.