- What Capital Developments filed plans to convert a downtown Toronto office building and add a high-rise condominium component
- Why The conversion would create affordable rental units
- What next Toronto City Council will review for approval
Capital Developments is looking to convert a downtown Toronto office building and add a high-rise residential tower atop it.
An application submitted to the City of Toronto called for the nine-storey office building at 111 Peter Street to be reconfigured into 24 affordable rental units and one level of flexible commercial space that can “meet a variety of needs … based on market demand.”
A tower reaching 52 storeys would be built above the existing building. It would contain 852 condominiums, 65% of which would be one-bedroom units. The remainder will be split among studios, two-bedroom and three-bedroom units.
Roughly 2,500 sq m of amenity space is planned, including a terrace, a play area and pet relief space. Just 31 parking spaces would be provided for the development in an underground garage, 10 of which will be for visitors.
The office building, which sits midblock between Adelaide Street West and Richmond Street West, was constructed in 1971 and spans 23,000 sq ft. Capital Developments said in its application that retaining the building “not only reduces waste but also respects the historical character of the King-Spadina Heritage Conservation District.”
Office-to-residential conversions have yet to pick up steam in Toronto, with City Council approving just a handful in recent years. In Calgary, where office conversions are incentivized, nearly a dozen projects are underway with more conversion applications in the pipeline.
The Peter Street property is in a sought-after area, in the heart of the city’s entertainment district. It’s close to restaurants, stores and entertainment venues, and is well-served by public transit.
Toronto City Council will now review the application for approval.
