A trio of condo buildings in the Junction Triangle could get the go-ahead after proponents of the project at 221 Sterling Rd. sought site plan approval from the city.
The 1.09 hectare property is on the east side of Sterling Road, south of Bloor Street West and southeast of the Bloor GO Station, also near Landsdowne subway station.
In the application, developers proposed building three condo towers where there is currently a strip of artsy lofts in a former industrial building. The proposed construction would see the demolition of 56 existing rental units on the property.
First Capital and Firm Capital, the companies behind the proposal, said the three residential towers would be various heights, standing 27, 24 and 21 storeys.
The proposed architectural design for the buildings, which has yet to be accepted by the City of Toronto, features a mix of residential and community spaces.
Collectively, the three towers would provide for a total of 861 condo units and 58 rental replacement units.
The proposal also would see 157 vehicle parking spaces within a single level of underground parking.
After a delay by the city in responding to the application, it ended up before the Ontario Land Tribunal and is now moving ahead under an agreement with the city that was adopted by city council this past summer.
A key element of the agreement appears to be the fate of the existing tenants in the loft building.
The agreement with the city calls for a tenant relocation and assistance plan for all eligible tenants of the 56 existing units that would be demolished. Under the plan, tenants would have the right to return and occupy one of the 58 replacement rental units at similar rent rates.
The replacement units would be the same total floor area as the existing rentals. At least 18 units would be designated live-work replacement spaces, including a minimum of 14 ground floor units with tall ceilings.
Monthly rates for the replacement units would be based on the rent payments of the existing tenants in the loft, differentiated by unit type at the time of application. The new rental rate for returning tenants would last for a period of at least 10 years, according to the application documents.
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