Toronto is witnessing another major change in its skyline: Cartareal Corp has submitted reworked plans for the redevelopment of 505 University Avenue, at the corner of University Avenue and Edward Street, in the Discovery District.
This proposal replaces the former Shell Oil Building — a heritage office tower with Modern Classical styling — with a new 63-storey, predominantly residential mixed-use tower designed by BDP Quadrangle. The plan includes salvaging and reinstalling much of the original limestone cladding, reworking the podium, and introducing a stepped tower with significant residential units. Below are all the key details, what it means for the neighbourhood, and what to watch next.
Project Overview
- Developer: Cartareal Corp
- Architect: BDP Quadrangle; heritage support by GBCA Architects
- Location: Northeast corner of University Avenue & Edward Street, in Toronto’s Discovery District.
The existing 20-storey Shell Oil Building (originally built in 1958, with an addition in 1966) will be partly dismantled due to structural issues with its limestone cladding and steel frame in 505 University Avenue. The redevelopment strategy proposes to catalogue and salvage the stone, reusing it in recreating the lower 20-storey podium, so that the street‐level presence aligns with the heritage character of University Avenue.
Design & Composition
The tower at 505 University Avenue above the podium will rise to 63 storeys (≈ 217.56 metres), with a smaller floor-plate for upper floors and step-backs on the east, south, and west façades to reduce bulk and improve views and light ingress.
The reworked plan offers two options for replacement of office space:
- Option 1: Reinstates about 16.3% of prior office GFA on levels 3 and 4.
- Option 2: Retains only ~3.9% of the office space, possible reallocation of the remainder toward affordable housing, while expanding the residential component.
The development would include about 892 residential units in the second option, with over 60,000 m² of Gross Floor Area, mostly residential, and some retail at grade. Underground parking, abundant bicycle parking (long-term and short-term), and amenity space (indoor & outdoor) across multiple levels are all part of the plan.
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Heritage & Streetscape Considerations
The Shell Oil Building is under Part IV Heritage designation in Toronto as of May 2024. Because of structural concerns, the proposal includes dismantling parts of the existing building and reconstructing the podium to resemble the original tower base in massing, materials, and symmetry. Limestone will be salvaged and reused, window configurations adapted, and original massing reinstated to preserve its contextual contribution to University Avenue’s ceremonial boulevard.
The plan emphasizes that the podium (20 storeys) remains the dominant street presence; the upper tower will step back so as not to overpower the street.
Transit, Infrastructure & Neighbourhood Context
Because of its central location, 505 University Avenue, the site is extremely well served by transit. Stations like St. Patrick (Line 1) and Queen’s Park are within walking distance. Future transit expansions like the Ontario Line would further improve connectivity. The University Avenue corridor is home to major institutions (hospitals, universities, legal, governmental) which increase the appeal of mixed-use residential space nearby.
The Discovery District is already dense and dynamic, with other tall building proposals nearby. This project will contribute to that trend, but aims to balance heritage preservation, public realm (retail, pedestrian experience), and residential density.
What’s Changed & What’s Being Debated
The revised plan responds to earlier criticism over heritage loss, massing, and office replacement. The two options for office GFA reflect broader shifts in Downtown Toronto — post-pandemic, office demand has dropped, pushing developers to reduce commercial space in favour of residential.
Heritage authorities, the city’s preservation board, and public commentators are closely watching how faithfully the original building’s architectural features will be preserved or reconstructed. The reconstruction of podium, limestone cladding, and symmetrical façades matter for maintaining the character of University Avenue.
Final Thoughts
The reworked plan for 505 University Avenue demonstrates how Toronto is trying to navigate competing demands: heritage conservation, housing affordability, density, and evolving needs for commercial space. Rather than fully demolishing the existing mid-century tower, the proposal leans into reuse — reclaiming stone, preserving podium form, and reconstructing architectural features that tie back to the Shell Oil Building’s identity.
From a housing supply perspective, the 892 residential units in the more residential-heavy option could provide much-needed supply in a downtown area where people want to live close to transit and institutional hubs. The flexible approach to office replacement — especially with possibility of converting some commercial GFA into affordable housing — reflects shifting priorities in post-pandemic urban planning.
However, the project will not be without challenges. Heritage boards will demand rigorous documentation and fidelity to the original design. The Ontario Land Tribunal appeals add complexity, and potential objections from preservationists could affect the timeline. Meanwhile, market conditions (construction cost, materials, demand for high-rise residential) will influence execution.
If approved in its revised form, 505 University Avenue could serve as a model for how future towers on University Avenue might handle heritage and density side by side — preserving the ceremonial street’s character while still pushing upward to meet growth. For residents, investors, and planners alike, this proposal is one to watch.
