The Yonge Street location is rather underutilized, some feel. But what’s not right about the site also happens to be exactly what’s right about it. Well, that’s about to change now – thanks to KingSett Capital. Yes, it’s right, something new is coming up. The developer has proposed a new redevelopment project on Yonge Street just south of Wellesley. The project is expected to rise 67 stories high with a total of860 new residential units divided into 52 studios, 584 one-bedroom units, 137 two-bedroom units, and 87 three-bedroom units. What’s more, the residents would get 874 bicycle parking spaces. The proposed mixed-use building would have a new retail, community cultural space, and much-needed housing.
The Toronto-based architecture firm Giannone Petricone Associates is behind the design of the building. As per the renderings released by the company, the building will have a contemporary structure. In addition, there will also be a privately owned publicly accessible space (POPS), which will include platform seating covered by a canopy and striking geometric wall art.
KingSett submitted the plan for redevelopment in early November. It is currently pending review. If approved, it will be the biggest project in the area in recent times. In total, the development would span approximately 560,649 sq. ft of gross floor area (GFA) comprising 5,844 sq. ft of retail space, 23,454 sq. ft of amenities, 5,048 sq. ft of community cultural space, and 549,766 sq. ft square meters of residential GFA.
Well, now it will be interesting to see how the redevelopment will impact the real estate valuation in the neighborhood. It seems there is an opportunity for both buyers and investors. While investors would want to get the most out of it, homebuyers would have their eyes on what the building offers.
