A new condo development project is forcing out two iconic establishments in Toronto – Second City and Wayne Gretzky’s restaurant.

Tom Bitove, whose family owns the building that houses the two downtown staples, confirmed to CityNews that a condo project is being developed in partnership with CentreCourt.

Bitove says the new building will be over 40 stories high but the number of units it will house is yet to be determined.

The first floor of the development is slated for retail space, including a major restaurant chain that Bitove said could not be disclosed just yet.

The condo is set to be completed by 2023 and sales are to open by the middle of next year.

Second City COO D’Arcy Stuart confirmed that they have to vacate the premises by November 2020 and are on the hunt for a new spot.

He told CityNews they are in “active conversation” with three downtown locations that could potentially be the iconic improv house’s new home and he sees it as an opportunity for growth.

“We’re talking about a larger facility, wherever we move … our training centre business has grown dramatically, so we’ll be adding to our current roster of 10 classrooms and a 75-seat student theatre” he said.

He added that finding a suitable new location is challenging and any new venue will need to be retrofitted to house the company’s sketch comedy club.

“Places aren’t thinking of 300-400 seat theaters when they’re being built in rapidly densifying urban cores, so we knew it would be challenge to find a space,” he said adding that the response from city’s landlords and developers has been very encouraging.

Second City is credited with launching the careers of several Canadian icons, including Eugene Levy and Catherine O’Hara who were recently nominated for Emmy Awards for their roles in Schitt’s Creek.

The facility’s current location on 51 Mercer Street is its third home since opening in Toronto in 1973.

CityNews reached out to Wayne Gretzky’s restaurant for comment but did not receive a response at the time of publishing.