The City of Toronto has reached a settlement for a proposed development kitty corner to the Five Thieves food purveyors on Yonge Street in the Rosedale neighbourhood.
The settlement for 1134-1140 Yonge St. includes lowering the height of the building from 13 storeys to 10 and securing an extension to nearby Ramsden Park. City council voted on May 11 to approve the negotiated settlement that will be presented at an upcoming Ontario Land Tribunal (OLT) hearing.
The Rosedale building currently on the site dates back to the 1930s and has been home to Staples, a CBC studio and a Pierce-Arrow car dealership. It features historical arched windows on the ground floor that will be brought back to life by developers Devron Developments and Constantine.
Park levy money gained from the deal has been used to purchase a property along Avenue Road that will expand Ramsden Park to the street to make it more visible and accessible, according to local councillor Mike Layton and ABC Residents Association president Ian Carmichael. The park’s expansion was not on the table prior to this application, Layton said.
ABCRA has been negotiating with the developers for about two-and-a-half years since the proposal was first submitted in 2020, and Layton said the association has been “in the driver’s seat” throughout that process.
The negotiation included keeping the number of units originally proposed, 66, roughly the same as the height was lowered to 39.5 metres, as well as a substantial setback from the historic facade to allow appropriate transitions to nearby properties.
“(ABCRA) deserve credit for finding common ground with the developer and city planning that addressed everyone’s concern,” Layton said.
Carmichael said ABCRA is happy with the results of the negotiation.
“We are pleasantly surprised and pleased with what we managed to achieve,” he said.
The development will be in addition to other mid-rise projects in the area, including a proposed 19-storey building across the street at 1087 Yonge St., and a 21-storey building at Scrivener Square.