The northeast corner of Yonge Street and Carlton Street is slated for major redevelopment, as property owner Northam Realty is looking to rezone the Downtown Toronto site to allow two 72-storey twin towers. Featuring a design by IBI Group Architects, the project proposes the demolition of the existing 18-storey mid-century office building located at 2 Carlton Street in order to allow the construction of two residential towers reaching a height of 233 metres (764 feet), including the 9-metre mechanical roof.

Rendering of 2 Carlton Street, western view, image retrieved via submission to the City of Toronto

A development application was submitted to the City of Toronto last week, proposing two 65-storey towers rising on top of a 7-storey podium covering most of the site and containing retail uses at grade. Amenity spaces would be provided from the sixth through tenth floors. A total of 1,100 residential units would be found across the podium and the twin towers, made up of a mix of 572 one bedroom units, 446 two bedroom units and 82 three bedroom units. A total of 256 parking spots will be offered in conjunction with 1,129 bicycle parking spots for a site that sits atop a subway station and a major streetcar stop. The gross floor area of the redevelopment is 89,330 m2, comprised of 2,293 m2 of non-residential GFA and 87,037 m2 of residential GFA, with an FSI of approximately 36.9.

Located on a busy portion of Yonge Street and along the Yonge subway line, the site currently houses a mid-century Modernist building dated circa 1959. Although the building was originally intended for residential uses, a major renovation a few decades ago repurposed the property into an office and commercial building. These uses will not be retained in the redevelopment of the site, as only two floors of retail and service commercial uses are being proposed.