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Plans have changed for 69 Yonge Street, where a previously proposed residential intensification with a multi-storey addition has given way to an adaptive reuse of the existing heritage building. Now under the ownership of Montreal-based Artifact Group, a hospitality-focused real estate firm making its first Toronto acquisition, the 15-storey former Canadian Pacific Railway Building at the southeast corner of King and Yonge streets will be converted into a 162-key hotel under Marriott’s Tribute Portfolio brand. Designed by Giannone Petricone Associates, the proposal centres on the conservation and repositioning of the 1913 Darling & Pearson landmark within the Financial District.
As seen below, a rendering from the previous proposal included a vertical addition, though the current plan is expected to result in a similar appearance for the heritage base:
The structure remains in commercial use, with retail space lining the street, including a long-standing Shoppers Drug Mart occupying part of the former Canadian Pacific ticket hall. Surrounded by a mix of office towers, retail, and institutional uses, the property sits within one of the city’s most active employment nodes.
Completed in 1913 as the headquarters of the Canadian Pacific Railway, the building was designed by Darling & Pearson in the Beaux Arts style, with its stone facades contributing to a historic cluster of early 20th-century commercial architecture at King and Yonge. More recently, the property was the subject of a 2022 redevelopment proposal designed by PARTISANS for H&R REIT that sought to convert the structure to residential use while introducing a contemporary five-storey addition above, which would have brought the building to 21 storeys and 89m in height. That plan, which emphasized intensification and adaptive reuse, has now been set aside following the sale of the property, clearing the way for the current hotel conversion approach.
The new plan results in the adaptive reuse of the existing 15-storey heritage building, maintaining its established massing and footprint while modifying the interior for a new hospitality program. Rather than pursuing additional height or expansion, the plan focuses on working within the existing envelope, preserving the building’s defining form and relationship to the street.
Within this framework, the building would be transformed into a 162-key hotel operating under Marriott International’s Tribute Portfolio brand, a collection known for design-led, independent-style properties, bringing lifestyle-oriented hospitality to the Financial District with an emphasis on curated guest experience, while aiming to serve both business and leisure travellers.
The design by Giannone Petricone Associates, with interiors by Ivy Studio of Montreal, would focus on repositioning the asset through targeted upgrades and spatial reorganization. While full details of amenities have yet to be released, the hotel is described as incorporating wellness-focused features alongside common spaces.
The site is located at King Station on Yonge Line 1. Streetcars ply King street east and westwards. Nearby office towers are connected to the PATH system, offering sheltered pedestrian connections to retail and employment destinations throughout downtown.
Surrounding the site is a wave of high-rise proposals. To the south, 49–51, 60, and 55 Yonge Street are proposed at 62, 65, and 68 storeys respectively, while to the west, 191 Bay Street would rise to 64 storeys. Further southwest, 20 Front Street West and One Front Street are planned at 40 and 49 storeys, with the 49- and 50-storey CIBC SQUARE under construction. To the northeast, 34–50 King Street East is proposed at 33 storeys, with additional plans at 15 Toronto Street and 23 Toronto Street reaching 56 and 91 storeys.
Construction on 69 Yonge is anticipated to begin in the first quarter of 2027, with completion and opening targeted for 2028.
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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