- What Dream Unlimited has submitted updated plans for a Toronto mixed-use development
- Why The firm is seeking additional density and a reduction in office space
- What next Toronto City Council will review the submission
Dream Unlimited is looking to add density and reduce the office space in a proposed mixed-use development in Toronto.
The project, at 49 Ontario Street in the St. Lawrence neighbourhood, was pitched in April 2022 as two towers of 35 and 39 storeys with 1,004 purpose-built rental units, 15,000 sq m of office space and 1,100 sq m of retail space. Later that year, Dream began acquiring neighbouring parcels from 72-82 Berkeley Street and has since expanded the development.
Revised plans submitted to the City of Toronto late last month call for three buildings of 49, 44 and nine storeys with 1,226 residential units. The proposed office space has been reduced by more than half to 6,100 sq m, and the retail space has been cut down to just under 800 sq m.
The office space will occupy the nine-storey building, with the taller towers reserved for residential and ground-floor retail purposes. Of the 1,226 units, 246 will be affordable rentals.
The units comprise a mix of studios, one-, two- and three-bedroom suites. Several amenity spaces are planned, including a rooftop pool.
An underground garage will provide 176 parking spaces, of which 59 will be for visitors.
49 Ontario Street is occupied by a midrise office building, and 72-82 Berkeley Street is occupied by four two-storey townhouses. The townhouses, built in 1883, are designated under the Ontario Heritage Act, and their facades will be maintained as part of the development.
The updated plans will now be reviewed by Toronto City Council for approval.
The site is between two stations planned for the future Ontario Line: Corktown and Moss Park. It is 800 m from the Gardiner Expressway and 450 m from the popular Distillery District. George Brown College is within 400 m.
The surrounding area has seen substantial high-rise residential development of late. Menke’s 39-storey condominium project the Whitfield is under construction 300 m southwest of 49 Ontario Street. Alterra Group and Diamond Corp.’s Celeste Condominiums, 450 m west at 125 George Street, is in the process of adding 40 storeys and 516 residential units to the area.
