For all the contemporary talk about density and mixed-use development in the city, this prime location at the northwest corner of Yonge and Sheppard seems to fly in the face of intensification around transit nodes. The development application approved for this former TTC lot at 4804-4812 Yonge Street states that the one-storey retail structure being built at the moment by Dov Capital Corporation will essentially serve as a placeholder until a proposal for a presumably more dense/mixed development is received and approved. The TTC had its own ideas for the future of this site as far back as 2004, and eventually transferred the lot to the City of Toronto for development a number of years later.
Since the repeal of the Citywide Zoning By-Law last year, the original zoning regulations still apply. The current regulations prohibit residential use of the site, however it is reasonable to assume that an amendment will be granted to permit commercial/residential once an acceptable proposal has been approved. This was the case for the Hullmark Centre at the southeast corner and Emerald Park Condos on the lot directly south of the southwest corner of Yonge and Sheppard, both of which are commercial/residential developments on former commercial-only lots. Rumours of an office tower at 4800 Yonge Street (southwest corner) have also been floated.
A lot of potential exists for this site, especially if the adjacent two-storey building at 4814-4828 Yonge Street is included. While it is better to use the land in some way than have it sit vacant, there is little doubt this inefficient land use above a major transit node won't be around for long.