In March, we reported on a land acquisition by Lanterra Developments at 501 Yonge St.
We now have more information on Lanterra’s impressive looking plans for the site.
On May 5th, Lanterra submitted an application with the City of Toronto to build two mixed use towers on a common podium. The towers will be 58 stories with 960 residential units. There will be ground floor retail and a two-level above ground parking garage with 360 spaces. There are also plans for 940 bicycle parking spaces.
The .87 acre site fronts Yonge St., between Alexander St. and Maitland St. An excellent future selling feature for prospective owners is the site’s physical location directly above the Yonge subway line.
It will be interesting to see how Lanterra manages to incorporate such a large development on this site.
Are 58 stories too high? Is this a positive for Yonge Street?
Have your say. Send us your thoughts.