A group of developers appears to have big plans to transform the northeast corner of Yonge and Eglinton, beyond a condo tower that might be as tall as 60 storeys. A press release outlining RioCan’s third-quarter results indicated that the developer has purchased a 50 per cent stake in the properties running from 2272 to 2285 Yonge St. This includes the anchoring TD Canada Trust building, as well as 10 Eglinton Ave. E. and 25 Roehampton Ave., at a total cost to RioCan of $17 million. Bazis Inc. and Metropia own the other 50 per cent.
Coun. Josh Matlow said that, although he’s happy with the designs he’s seen at grade, a 60-storey building would be too tall. Matlow is also concerned about the Roehampton site. According to the local councillor, the developer is looking at building 40 storeys there.
Tim Burkholder, a senior planner at the City of Toronto, said that the northeast corner of Yonge and Eglinton is currently zoned for approximately 21 storeys and five times lot coverage. The more up-to-date official plan policies indicate that the site is slated for greater height and density than elsewhere in the area, he noted, but not to the detriment of adjacent neighbourhoods.
Michael Gold, president and CEO of Bazis Inc., and his partners are in consultation with city planning staff, the local councillor and residents. Gold said that the details of the plans have yet to be finalized and they’re working to address the feedback they’ve received before a formal planning application is submitted.
“It is going to be a beautiful landmark development which would improve city life,” he said.
Ben Daube, president of the Sherwood Park Residents’ Association, is trying to bring together the area’s stakeholders to look at the bigger picture.
“What concerns us more than anything is the lack of coordination in planning of the whole Yonge-Eglinton intersection,” he said.