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Proposals in Toronto’s Yonge-Wellesley neighbourhood are continuously reaching for new heights, and the latest application to add to that trend is a 68-storey tower at 543 Yonge Street. Designed by Arcadis for CentreCourt,, Fitzrovia Real Estate Inc., and Choice Properties REIT, the site is a short walk south of Wellesley station on Yonge Line 1, and within walking distance of College station, placing it within the Major Transit Station Area (MTSA) designations of both. Official Plan and Zoning By-law Amendment applications submitted this month call for a mixed-use building, with the application noting the underutilized site being a prime location for growth.
The rectangular site measuring approximately 1,270m² in area is an assembly of three parcels at 543 through 549 Yonge Street. It is currently home to a 4-storey mixed-use building, with an LCBO at grade and a Dollarama below, as well as office units on the upper floors.
According to the application, over the past 15 years, the neighbourhood has seen a significant influx of high-rise residential and mixed-use towers along the Yonge Street corridor, particularly at key nodes that include Gerrard, College, and Wellesley streets. Amidst this transformation is the proposed Historic Yonge Street Heritage Conservation District, currently under appeal, within which this site is located. A comprehensive Heritage Impact Assessment by ERA Architects has determined that the new development would ensure no adverse effects on the surrounding heritage assets.
The tower is proposed to stand at a height of 228.85m, housing 663 residential units. Its ground floor would include 356m² of retail space to enhance the street-level experience. The design also includes 995m² of indoor and 663m² of outdoor amenity areas.
With a total Gross Floor Area (GFA) of 40,465m² and a residential GFA of 40,108m², the building would have a Floor Space Index (FSI) of 31.9. The design calls for five elevators, resulting in approximately one for every 133 units, indicating long wait times.
One level of underground garage would provide 597 resident bicycle parking spaces, along with 133 residential visitor spots and 10 short-term spaces at grade. Three car parking stackers at ground level would provide nine visitor parking spots. In line with the transit-focused initiative of the MTSAs, there are no provisions for residential vehicular parking. Located just 60m south of Wellesley station and about 300m north of College station, the site is positioned for easy access to Toronto's extensive transit network.
Several high-rise projects are contributing to the neighbourhood's upward trajectory, and 543 Yonge Street is pushing this verticality even further. Northwest of the site, 8 Wellesley Street | Residences at Yonge is under construction on its way to 55 storeys, another project from Arcadis and CentreCourt, but in that case in joint venture with Bazis. To the east, 34 Maitland Street is proposed at 56 storeys. The submission for 510 Yonge Street calls for 59 storeys, while Wellesley on the Park at 11 Wellesley Street West was completed in 2021, standing 60 storeys, with Arcadis one of the architects involved. Projects proposed at a greater storey count than this one include 646 Yonge Street and 475 Yonge Street to the north and south respectively, with towers proposed at 75 and 78 storeys.
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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Tis story has been corrected to recognize that this is a joint venture of three developers; CentreCourt, Fitzrovia Real Estate Inc., and Choice Properties REIT.
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| Related Companies: | Arcadis, Bousfields, EQ Building Performance Inc., Fitzrovia Real Estate Inc., Gradient Wind Engineers & Scientists |
