6.6K 
Two neighbouring high-rise proposals in Midtown Toronto are advancing through settlement offers with the City, setting the stage for a potential joint ratification hearing at the Ontario Land Tribunal (OLT) this October. The 49-storey 2350 Yonge Street is designed by Rosario Varacalli for Bazis, while 54-storey 2346 Yonge is designed by CGL Architects for Diamond Corp and Fineway Properties. In a rare scenario, the two towers, separated by only a few centimetres, have been reviewed in tandem, and treated as a single massing for planning purposes.
The site at 2346 Yonge Street is on the northwest corner of Yonge Street and Orchard View Boulevard, a block north of Eglinton station on Line 1 and the as yet unopened Line 5, and is an L-shaped parcel currently occupied by a two-storey Royal Bank branch and a surface parking lot. Just north of it, the site at 2350–2352 Yonge spans a narrow lot currently occupied by two retail storefronts. Two further storefronts separate that property from the recently completed 31-storey Whitehaus Condominiums.
The application for 2346 Yonge was first submitted in May, 2024 as a 56-storey mixed-use tower with 407 condominium units and 272m² of retail at grade. Following a City refusal later that year, the project was appealed to the Ontario Land Tribunal in January, 2025. A revised version filed that spring introduced minor changes, including added retail frontage. (The 2350 proposal is not shown in the rendering below.)
Meanwhile, the rezoning application for 2350–2352 Yonge was filed in July, 2022, proposing a 50-storey condominium tower with 323 units and no retail. The project drew criticism for its minimal setbacks, lack of ground-floor activation, and adjacency to the neighbouring 2346 Yonge proposal. After the City failed to issue a decision, the application was appealed to the OLT, where it was scheduled to be heard alongside the 2346 Yonge case. Revised plans, dated November, 2024, responded to planning concerns with a reduction to 49 storeys.
A settlement offer for 2346 Yonge was submitted by Davies Howe LLP on behalf of the developers in June, 2025 and approved by City Council later that month. It reduces the proposal by two storeys and nearly 6m from the original application, down to 54 storeys and 179.97m in height. The revised plan includes 391 condominium units, trimming 16 units from the initial 407. Gross Floor Area (GFA) has been scaled back from 36,656m² to 33,018m², with at-grade retail modestly increased to 293m². The overall Floor Space Index (FSI) dropped from 29.5 to 26.5 times coverage of the 1,245m² lot.
One underground level would accommodate four visitor parking spaces, two fewer than the original six, while bicycle parking totals 442, down from 461, including 367 long-term and 96 short-term stalls. No long-term vehicular parking is proposed. With four elevators, there would be approximately one elevator cab for every 98 units, indicating short waits for for service.
Due to its narrowness, projecting balconies are explicitly prohibited in the settlement. Meanwhile, the tower’s north facade remains subject to the outcome of the adjacent 2350 Yonge appeal: if the neighbouring tower rises above the 12th floor, 2346 Yonge will avoid openings on that side but will use facade detailing to avoid a blank-wall condition.
In the meantime, a July, 2025 with-prejudice settlement offer for 2350 Yonge, submitted by Goodmans LLP on behalf of Bazis, revises the proposal to 49 storeys and 173.08m. This is down one storey from the original 50-storey plan, though slightly taller overall due to increased mechanical screening. The unit count is reduced from 323 to 302, while the GFA climbs from 20,562m² to 22,027m², and a 39m² retail space has been added along Yonge Street. Four elevators are planned, for a ratio of about one per 76 units, indicating prompt response times. The FSI remains at 39.8 times coverage of the 516m² lot.
Two underground levels are proposed, accommodating a single accessible/visitor parking space, up from none previously. Bicycle parking increased from around 200 to 335 stalls, including 272 long-term and 63 short-term spots. The application will be brought to the Ontario Land Tribunal in tandem with the 2346 Yonge settlement, with both parties seeking coordinated approval.
Both sites benefit from their location within a Major Transit Station Area, with Eglinton station about a two-minute walk south. Already a major stop on Yonge Line 1, the station will soon serve as an interchange with Eglinton Line 5.
There is plenty of other development activity nearby. To the east, 2345 Yonge is proposed with towers of 54 and 56 storeys, while 2323 Yonge is planned at 65 storeys. Just northeast, Sixty Five Broadway is under construction with twin 39-storey towers, while 44 Broadway is proposed at 43 storeys. To the south, proposals include 17–41 Henning (40 storeys), 50–90 Eglinton West (49 storeys), 36 Eglinton West (59 storeys), and 1 Eglinton East (65 storeys). South and east of the sites, 77 Roehampton and 55 Eglinton East are each proposed at 50 and 55 storeys, respectively, along with 141 Roehampton at 58 storeys. Madison Group’s 110 and 150 Eglinton East would introduce four towers up to 58 and 61 storeys, designed by Rafael Viñoly Architects. Between them, 120 Eglinton East is proposed at 70 storeys.
With 2346 Yonge already approved by Council and 2350 Yonge pending approval of its settlement, both are set to be heard together at the OLT on October 6, 2025. If ratified, final zoning would follow once outstanding conditions are cleared, allowing the projects to proceed to Site Plan Approval.
UrbanToronto will continue to follow progress on these developments, but in the meantime, you can learn more about them from our Database files, 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.
* * *
UrbanToronto has a research service, UTPro, that provides comprehensive data on development projects in the Greater Golden Horseshoe — from proposal through to completion. We also offer Instant Reports, downloadable snapshots based on location, and a daily subscription newsletter, New Development Insider, that tracks projects from initial application.
