[5] The Settlement Proposal will facilitate the redevelopment of the Subject Lands with a mixed use, tall building proposing a total height of 251.1 metres ("m") including the mechanical penthouse. The proposed building will include: 1,642 square metres ("m²") of retail space on the ground and mezzanine levels, a 792 m² business centre on the 2nd floor as an amenity to the building residents, a minimum of 8,282 m² of office space located on the second through sixth floors, and residential units and amenity space starting at the seventh floor. The residential units will be comprised of a mix of one, two, and three bedroom units with a total of 990 units proposed. The proposed building will have a total of 80,434 m2 which represents a Floor Space Index of 33.3.
[6] The Settlement Proposal includes the dedication of a park across the Carlton Street frontage of the Subject Lands having an area of 238 m².
[7] The proposed retail space will be located along Carlton, Yonge and Wood Streets with a retail lobby located centrally along Yonge Street. The office lobby will be situated on the Carlton Street frontage of the proposed building adjacent to the proposed park and the existing Toronto Transit Commission ("TTC") College subway station entrance and the TTC streetcar stop. The residential entrance lobby is proposed from Wood Street. Access to the underground parking area will be from Wood Street and the service and loading access is proposed from the public lane located along the easterly side of the Subject Lands.
[8] The Applicant has negotiated a Section 37 Agreement with the City, which includes provisions for contributions to: capital improvements for new or existing affordable housing, cultural or recreational facility in the community, local area streetscape capital improvements; and local area park capital improvements.
