- What Dream submitted reworked development plans for a site in downtown Toronto
- Why The update dropped previously planned office space and increased the storey count
- What next The proposal is awaiting approval from Toronto City Council
Dream Asset Management is looking to bring over 700 new rental units to downtown Toronto with a reworked version of a previously approved development.
New plans filed with the City of Toronto last week call for a 719-unit rental apartment building at 250 Dundas Street West, just west of University Avenue and the St Patrick subway station. The tower would reach 57 storeys, a significant change from the eight-storey office building that occupies the site.
Dream initially filed redevelopment plans in 2018, for which it received approval in 2020, calling for a 49-storey mixed-use building with an office component and 441 rental apartments. But in response to the changing office environment post-pandemic and the demand for more housing, Dream decided to axe the planned office space.
The updated tower design, however, has a significantly smaller building footprint than the 2018 version to make way for a 740 sq m public park to be built on site in lieu of the office space. Toronto’s bylaws typically require the replacement of any demolished office space in a new development, though the city council is considering dropping that requirement across the board.
Roughly 35% of the units in the proposed tower will be two- or three-bedroom suites, and the development will include an affordable-housing component. The tower’s podium will have 250 sq m of retail space at grade.
Amenities, located on the second and 57th floors, will include a large rooftop terrace and a pet relief area.
Dream said it has met with representatives from the city several times over the past year to discuss its revised vision for the site, receive feedback and make appropriate adjustments before submitting its now-pending official plan amendment and zoning bylaw amendment application.
The application will now make its way through city council for approval.
