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With work-from-home reshaping office demand in this post-pandemic market, developers are re-envisioning spaces to prioritize residential density, especially in Downtown Toronto as residential demand has surged. In the Financial District, steps from King station, H&R REIT has made a resubmission of plans for 55 Yonge Street which now call for a 68-storey tower designed by PARTISANS with BDP Quadrangle as Architect of Record. The updated plan includes two additional storeys and adds over 350 units by replacing the previously proposed office space with housing.
Made up of 53 and 55 Yonge Street, and located on the southeast corner with Colborne Street, the site spans approximately 1,486m². Currently occupied by a vacant 12-storey office building from the late 1950s, this historically dense area, home to some of Canada’s most iconic office towers and high-rises, is experiencing a boost in development activity, with taller redevelopment plans along Yonge Street.
Initially proposed in March, 2021 as a 66-storey tower with retail, office, and residential spaces, the project's path to planning approval included an appeal to the Ontario Land Tribunal (OLT). In March, 2023, which went on to approve it in principle.
Now, Bousfields has submitted a combined Official Plan and Zoning By-law Amendment application to the City of Toronto on behalf of the developer for a tower now reaching a height of 232.86m, about 3 metres shorter than the initial proposal, but with an increased floor count from 66 to 68 storeys. The new plan replaces all previously proposed office floors with residential ones, which are typically shorter than office floors, while also shortening the architectural peak, allowing the higher number of floors despite the building being shorter. The tower’s massing would be similar to the first proposal, now anchored by a podium of 25 storeys, stepping back after an 80m rise to the more slender upper tower, with the same sinuous steel design marking its exterior.
The design’s Gross Floor Area now totals 56,665m², including 55,856m² of residential space and 811m² for ground realm retail. Compared to the 2021 plan, which allocated 16,491m² for office space in its podium and 1,315m² for retail on the first two floors, the current design focuses on residential density. The new residential floors have led to nearly doubling the number of units from the initial 482 to 836 in the new plan. Indoor amenities would be situated on floors 3, 25, and 26, and cover 838m². Meanwhile, 834m² of outdoor amenities would be on floors 3 and 26.
The building would feature a three-level underground garage with 96 parking spaces for residents. For cyclists, provisions include 250 long-term and 85 short-term spots. With seven residential elevators and one retail elevator, there would be approximately one elevator for every 119 units, indicating longer than preferable wait times.
The site is well-served by transit. King subway station on Line 1 is just 20m away, with additional entrances at King Street where the 504 King streetcar also operates. Union Station is within a 415m walk. Future transit developments include Queen station’s transformation into an Ontario Line 3 interchange just 500m north.
Surrounding the site are numerous high-rise proposals. To the immediate south, a 62-storey tower is planned for 49-51 Yonge, with a 64-storey structure slated for 191 Bay to the west. Southwest, One Front aims to bring dual towers at 45 and 49 storeys, alongside a 52-storey proposal at 20 Front West. To the north, proposals for 69 Yonge (also designed by PARTISANS for H&R REIT) and 34-50 King East would introduce towers of 21 and 33 storeys, respectively. Larger developments are emerging further north closer to Queen station, like the Cambridge Suites redevelopment at 71 storeys, and northeast with proposals for 15 and 23 Toronto Street reaching 53 and 80 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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| Related Companies: | BDP Quadrangle, Bousfields, Counterpoint Engineering, EQ Building Performance Inc., Janet Rosenberg & Studio |
