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One of downtown’s most prominent redevelopment sites now has a proposal, with a rezoning request filed with the city to replace the Alterna Savings credit-union building on Slater Street with a condo tower.

The city itself had once wanted to buy the whole block between Bay and Lyon streets for a new central library but wasn’t willing to meet Alterna’s demands for its headquarters. After that plan fell through, Alterna sold out to Broccolini, which now wants to build a 23-storey condominium.

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It would be the first phase of three on the block, the company’s application for a rezoning says. Although Broccolini has previously said it has some pretty ambitious ideas for the property, the current proposal is for a fairly ordinary downtown buildings: condos up top, stores on the ground floor, a parking garage underneath. The company needs the city’s approval for a building that’s 75 metres tall instead of the current maximum of 46 (which is about 14 floors), to include less bike parking than would usually be needed (132 spots instead of 148), and to fill much of the ground level with retail instead of gardens or grass.