In response to government encouragement to build new housing stock near transit, and the reduced demand for office space, RioCan REIT and Minett Capital have revised their vision for a proposal in Midtown Toronto, just north of Eglinton station at 2323 Yonge Street. The revised Official Plan and Zoning By-law Amendment applications submitted in June, 2024 — while deleting previously proposed replacement office space — requests increased density and height including 24 more storeys, to create a 58-storey mixed-use, predominantly residential tower.

Looking northeast to 2323 Yonge Street, designed by DIALOG for RioCan REIT and Minett Capital

The site at 2323 and 2329 Yonge Street on the northeast corner with Roehampton Avenue, covers approximately 1,930m². It is occupied by an eight-story office building with ground-floor retail, and a single-story commercial building currently housing a dollar store. Located just a block north of the Yonge and Eglinton intersection, the immediate area includes high-rise condominiums, office buildings, and retail outlets.

Looking east to the current site, image retrieved from Google Maps

Initially proposed in 2020 as a 37-storey tower, City Council eventually approved a 34-storey tower with 4 storeys of office space plus 352 residential units. Now with Provincial government legislation that directs increased densities in designated Major Transit Station Areas around rapid transit stations, the proposal abandons earlier plans for 5,796m² of replacement office space in response to lessened post-Covid office space use, and allocating much more space to respond to the demand for housing.

Previous design by DIALOG for RioCan REIT

Designed by DIALOG, the revised proposal now calls for 58 storeys, reaching a height of 190.8m — a significant increase from the previous 34-storey, 125.9m design. The tower would now house 750 residential units, essentially doubling the earlier plan's units. It would boast a total Gross Floor Area (GFA) of 46,875m², up from the previous 30,600m², with 45,877m² dedicated to residential space, along 998m² for sidewalk-accessed retail.

Site plan, designed by DIALOG for RioCan REIT

A total of 1,234m² of indoor and 1,301m² of outdoor amenities would be located on the second and third levels of the three-storey podium. The retail spaces would be housed at grade and on a mezzanine level. The building would be served by six elevators, for approximately one elevator for every 125 units, indicating longer than preferable wait times for residents.

Podium, designed by DIALOG for RioCan REIT and Minett Capital

There would be two levels of underground parking, offering 50 motor vehicle spaces — 12 of which would be equipped for EVs — plus 750 bicycle parking spaces, divided into 675 long-term and 75 short-term spots.

Ground floor plan, designed by DIALOG for RioCan REIT

Located a mere 180m from Eglinton station on Lines 1 and 5 and served by multiple TTC surface bus routes.

An aerial view of the site and surrounding area, image from submission to City of Toronto

There are many other proposals nearby, along with current residential towers under construction, and several recently completed ones in the area. To the northwest are proposals for 12 and 27 storeys at 500 Duplex Avenue and 34 Montgomery Avenue respectively. To the east, the 29-storey and 38-storey towers at 65 and 75 Broadway Avenue are progressing through construction, while proposals at 66 and 44 Broadway Avenue call for 22 and 39 storeys. Just north of the site, 2345 Yonge Street calls for 47 and 49-storey towers. To the west are 50 and 56-storey proposals at 2350 and 2346 Yonge Street respectively.

Southwards, 55 Eglinton Avenue East calls for 50 storeys, along with dual towers of 46 and 58 storeys at 50 Eglinton Avenue West. A 59-storey building is proposed at 36 Eglinton Avenue West, alongside dual towers of 58 and 61 storeys at 110 and 150 Eglinton Avenue East, and 58 storeys at 141 Roehampton Avenue. A 65-storey building is planned at 1 Eglinton Avenue East. Further south, the 38-storey Y&S Condos is under construction, and 2180 Yonge Street calls for five towers ranging 45 to 65 storeys, with two reaching that maximum height.

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:  Bousfields, o2 Planning and Design, RioCan REIT, RWDI Climate and Performance Engineering