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Tom Bitove, whose family owns the building that houses the two downtown staples, confirmed to CityNews that a condo project is being developed in partnership with CentreCourt.
Bitove says the new building will be over 40 stories high but the number of units it will house is yet to be determined.
The first floor of the development is slated for retail space, including a major restaurant chain that Bitove said could not be disclosed just yet.
The condo is set to be completed by 2023 and sales are to open by the middle of next year.
Second City COO D’Arcy Stuart confirmed that they have to vacate the premises by November 2020 and are on the hunt for a new spot.
CityNews
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