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Colonia Treuhand, a family-run real estate investment company, has submitted a proposal for a mixed-use development at 494 Richmond Street East in Toronto's Corktown neighbourhood. The application outlines plans for 16 and 35-storey mixed-use rental buildings on the northwest corner of Richmond Street East and Berkeley Street. The development is located approximately 350m east of the upcoming Moss Park Station on the Ontario Line.
Currently, the site is a parcel assembly comprised of 494 to 526 Richmond Street East, and 156 and 162 Parliament Street. It spans approximately 3,530m² and is occupied by a surface parking lot, a low-rise office building, and a private Montessori school. The developer aims to densify this site by introducing purpose-built rentals to supply the ongoing rental housing shortage.
The design by Sweeny &Co Architects Inc. features a 5-storey podium along with two towers standing at 16 and 35 storeys, or 63 and 119 metres respectively. It outlines a total gross floor area of approximately 36,521m², with about 409m² dedicated to various commercial uses at grade. This results in a total Floor Space Index (FSI) of 10.1.
The residential component of the development includes 588 purpose-built rental units, which would be housed in the two towers of the development. The taller tower would be serviced by three elevators, and the smaller one by two, meaning approximately 118 units for every elevator, putting the development above the 1 elevator per 100 unit threshold, meaning longer wait times for residents.
The proposal also includes plans for a 333m² POPS (Privately Owned Publicly accessible Space) at the corner of Berkeley and Richmond. Due to the location of the underground parking garage beneath the proposed open space, the developer has stated that they cannot provide a clear title or freehold dedication of this area.
Vehicle access to the development would lead to an underground garage spanning two levels, which would provide 152 vehicular parking spaces. Of these, 59 would be for visitor and commercial use, with additional loading and barrier-free parking spaces also provided. Cyclists have not been overlooked, with plans for 649 long-term and 65 short-term bicycle parking spaces included in the proposal.
The commercial component of the development, located at grade, would be complemented by private amenities for the residents on the first, second, and sixteenth floors across 1,610m² of indoor and 770m² of outdoor amenity area. The developer also plans to incorporate about 1,327m² of green roof space, located primarily on the top of the 35th, 16th, and 8th floors.
The 494 Richmond Street East proposal is one of several market-rate rental proposals in the area. These include developments at 49 Ontario Street, about 150m southwest, 301 Queen Street East, about 100m north, and 351 Queen Street East, about 150m northeast. The developers for each of these projects aim to introduce new residential and commercial spaces to the area.
The proposal's proximity to the upcoming Moss Park Station, as well as Queen station about 1.1km west on Line 1 Yonge, positions it within a Major Transit Station Area, where the Province wants higher-density construction.
UrbanToronto will continue to follow progress on this development, but in the meantime, you can learn more about it from our Database file, linked below. If you'd like, you can join in on the conversation in the associated Project Forum thread or leave a comment in the space provided on this page.
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| Related Companies: | Gradient Wind Engineers & Scientists, Land Art Design Landscape Architects Inc, MHBC Planning, Sweeny &Co Architects Inc. |
