A new 52-storey residential tower has been proposed for development atop an existing nine-storey office building in downtown's entertainment district.
The proposal for the new tower, situated at 111 Peter St., includes 852 residential units, 24 of which would be affordable rentals. Design plans include maintaining the existing office space already present at the site.
The unassuming building is owned by Industrial Alliance Insurance and Financial Services Inc. It’s located mid-block on the east side of Peter Street between Richmond Street West and Adelaide Street West.
The building already has ground-floor retail space, underground parking and a surface parking area to the north.
“In support of the city’s sustainability objectives, this proposal seeks to adaptively reuse the existing office building while introducing a new 52-storey residential tower,” Capital Developments wrote in a development application on behalf of the owners.
Developers said the proposed new tower is part of a "retention strategy" that "not only reduces waste but also respects the historical character of the King-Spadina Heritage Conservation District.”
The design is by WZMH Architects.
The redevelopment would feature 60,276 square metres of gross floor area and would include retail and flexible non-residential and residential spaces.
The proponents said the plan advances government housing goals while maintaining non-residential spaces that will "contribute to the area’s dynamic character, bolster pedestrian activity at street level and support a vibrant community”.
Just steps from the Spadina Avenue and King Street streetcar lines, develoipers said the proposal also aligns with government goals for intensification near "higher-order" public transit.
“From an urban design perspective, the development complements the existing and anticipated tall-building context within the King-Spadina east precinct,” the proponents said.
Structural improvements would be made to the current building in order to support the proposed residential tower.
While the letter to the planning department details a 52-storey tower on top of the existing building, drawings in the application suggest the plan may in fact be for a 43-storey tower on top of the existing nine storeys for a total of 52.
“The tower placement above the base building minimizes impacts on the public realm and adjacent properties, with careful consideration to shadow control,” Capital Developments said.
The developers have also a requested a zoning bylaw amendment related to the ground floor retail space that is currently under review.
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