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Graywood Developments has acquired the site of a previously approved proposal at 34 Montgomery Avenue in Midtown Toronto from First Capital REIT. Now with a design by Turner Fleischer Architects in place of the previous plan by RAW Design, the proposal calls for a 27-storey rental building with 10 affordable units on the northeast corner of Duplex and Montgomery avenues, steps from Yonge Street Eglinton station.
The development site spans 13 assembled lots from 34 through 70 Montgomery Avenue, occupying the north side of Montgomery Avenue east of Duplex. The properties are currently occupied by a mix of detached and semi-detached homes, most now vacant following their acquisitions between 2019 and 2022. To the east stands the heritage-listed Fire Station #134, while to the west and north are low-rise houses. Much of the area is in transition from low-rise to high-rise development, especially as they get closer to Yonge Street.
The proposal traces its origins to 2022, when First Capital REIT submitted applications for a 24-storey mixed-use tower. Following appeals, the proposal advanced to the Ontario Land Tribunal, which issued an interim order in 2024 approving the development in principle. A settlement later that year increased the height to 27 storeys and introduced 10 affordable rental units. In early 2025, Graywood Developments acquired the site and recently filed a new submission to clear OLT conditions. The latest plans refine the building’s design and simplify its program to a fully residential, purpose-built rental tower.
Bousfields has submitted an Official Plan Amendment and Rezoning application, as well as a Site Plan Approval application, to the City of Toronto on behalf of the developer. The 27-storey rental tower would rise 92.2m, up from 22 storeys / 80.26m in 2022, maintaining a compact, rectangular tower form above a podium that transitions to the surrounding streetscape.
The project would deliver 335 rental units (increased from 306), including 10 secured as affordable, across a total Gross Floor Area of 23,717m² for a Floor Space Index of 7.81 times coverage of the 3,036m² assembly. This represents a modest increase over the 21,917m² and 7.22 previously approved. Four elevators, or about one for every 84 units, would serve the tower, indicating reasonable response times. The podium's footprint maintains a parallelogram shape while its height has increased slightly from 21.3m to 21.6m, and the tower above now shifts to a rectangular floor-plate. Balconies have been removed to achieve a cleaner vertical expression, and the tower’s west setback has been reduced to optimize the floor-plate.
Massing would also emphasize continuity with the adjacent heritage fire hall while modernizing the material palette and simplifying the facade articulation compared to the previous angled base design, with heritage work overseen by GBCA Architects. The revised application converts the entire program to purpose-built rental housing, aligning with the City’s goals for expanding rental supply in transit-oriented areas. Indoor and outdoor amenity spaces would be split evenly at 670 m² each.
Below grade, the garage has been reduced from two levels to one, providing 37 resident parking spaces and no visitor spaces, down from 124 total. Bicycle parking entails 370 spaces in total; 176 long-term and 58 short-term for residents, the balance provided through a cash-in-lieu arrangement for 126 long-term and 10 short-term spaces nearby.
Located roughly 350m northwest of Eglinton station, the site is served by both Yonge Line 1 and the soon-to-open Eglinton Line 5. Montgomery Avenue forms part of the City’s on-street cycling network, providing shared routes that link west toward Marlee Avenue and east toward Broadway Avenue and Serena Gundy Park.
Development activity is intensifying in the Midtown Toronto Area. To the west of the site, 500 Duplex is proposed at 12 storeys. To the north, projects under construction include The Capitol at 15 storeys and 2444 Yonge Street at 31 storeys. To the east, proposals include 66 Broadway Avenue at 22 storeys, 77 Erksine at 42 storeys, and 44 Broadway Avenue at 43 storeys. Development activity intensifies closer to the station, including proposals for 2350 Yonge at 49 storeys, 2346 Yonge at 54 storeys, 2345 Yonge at 54 and 56 storeys, and 2323 Yonge at 65 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: | Bousfields, Mulvey & Banani, RWDI Climate and Performance Engineering, Turner Fleischer |
