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Claridge Homes has kick-started its highrise development application for land beside the Lyon LRT station with an eye on the rental market, while possibly using some of the complex for a hotel.

It’s the latest proposal for land around the two O-Train lines, although Claridge has had its plan in the works for several years. It was only recently that the developer built a sales centre at the 383 Albert St. property, which in conjunction with land at 340 Queen St. will form the new footprint for the company’s multi-tower complex.

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The Queen Street property is currently home to a brick building with a pub, strip club and restaurant, while the Albert Street property is a surface parking lot.

Claridge hasn’t moved on the project since a 2011 Ontario Municipal Board decision on minor variances because of “weakened market conditions,” according to a planning rationale filed with the development application at city hall.