Twin towers of 40 and 45 stores proposed for ‘prime downtown site’

Two new massive residential towers may rise downtown as a Toronto-area investor envisions adding more than 1,000 apartment units across the street from CitiPlaza mall.

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Bell Ridge Capital, which owns the downtown mall now called CitiPlaza, has applied to build 40- and 45-storey towers at 267 York St. in a parking lot on the southwest corner of York and Wellington streets. The project would add 1,067 apartments downtown.

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Building on a parking lot, on the bus rapid transit line and with increased density, is just what the city has asked of developers, said Ward 13 Coun. David Ferreira, who represents the core.

“I am fully supportive of it. I knew it was coming. It is an under-used space now. This is a great spot,” he said.

“We need housing and this is a perfect area. It is what we have been asking for.”

The city is working to increase sewage capacity to allow more homes to be built downtown, Ferreira said.

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“There are questions around capacity we are looking at,” he said.

The proposed development will go to city council’s planning and environment committee this summer, said Casey Kulchycki, senior associate with Zelinka Priamo, who is working with Bell Ridge.

“This is a very prime downtown site. It is essentially a gateway to downtown as you come into the core. It will be on the BRT line, be close to the market, Bud Gardens and access to the Thames Valley Parkway. There are a lot of advantages,” Kulchycki said.

Zoning downtown now allows a 35-storey tower. Kulchycki acknowledged the height of the towers is “ambitious” but after seeing 53-storey and 43-storey towers approved at 50 King St. for York Developments, “the time to increase the height is now,” he said.

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Bell Ridge Capital, which has offices in Toronto and Florida, bought CitiPlaza in 2020 and the parking lot site was part of the deal. The company sees an opportunity to add to its core-area investment.

“They see an investment opportunity and it’s now a vacant lot, other than being used as a parking lot. There is more returned to be made from towers,” Kulchycki said.

The towers would be connected by a six-storey podium with two levels of underground parking for a total of 609 parking spaces. It also would offer more than 1,000 long- and short-term bicycle parking spaces and there would be a rooftop terrace on top of the podium.

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