Another Toronto strip mall may soon be facing the wrecking ball.

Silvercore Inc. has submitted an application to the City of Toronto that will see Newtonbrook Plaza at 5799 Yonge St. transformed into a massive, new condominium development. The plan states that there will be four new condominiums, ranging in height from 28 to 44 storeys. The towers will be home to over 1,674 units and feature retail and office space within the podium. A new public street will also be part of the project.

This application is the type we are seeing much more of in the city as we run out of available, undeveloped land. The strip malls that were prevalent in the early ‘80s are slowly starting to disappear, being replaced by mixed-use developments, accommodating the need for commercial and residential space. To this point, the plan is just that, a plan, but one that shows some really strong potential.

The next step is for the City to review it for consistency with the Provincial Policy Statement and ensure that it agrees with the Yonge Street North Planning Study. Also, don’t be shocked if you see Silvercore Inc. partner with a more experienced builder when the project is ready to go.

To read more about Silvercore Inc.and their plans for Newtonbrook Plaza, click here. 

Keep the Toronto Star’s NewInHomes.com bookmarked, we’ll have more on this development as the information becomes available.