The Canadian housing market may be in something of a slump, but one of the country’s most recognizable retailers is banking on the strength of Toronto’s condo segment.
On Tuesday, Official Plan and Zoning By-law Amendment applications were submitted to the City on behalf of Canadian Tire Real Estate Limited proposing the redevelopment of a Canadian-Tire-owned site at 2681 Danforth Avenue. The developments would be 44- and 33-storeys in height with a three-storey base element to be dedicated to Canadian Tires retail operations.
Although the site currently contains an existing Canadian Tire building, the proposed stands to better utilize the centrally-located spot, enhancing the public realm and condo offerings along Danforth Avenue.
If approved, the two towers would add 905 new condo units to Danforth Avenue, including 565 one-bedrooms, 249 two-bedrooms, and 91 three-bedrooms. In addition to 68,788 sq. m of residential gross floor area (GFA), the proposed developments would contain 11,066 sq. m of non-residential GFA for a total GFA of 79,854 sq. m.
Turner Fleischer Architects
Turner Fleischer Architects
The development would be served by 1,810 sq. m of indoor amenity space and 1,810 sq. m of outdoor amenity space. Four green roofs would be located on the fourth and ninth floors. A two-level underground parking garage containing 200 vehicular parking spaces (including barrier-free spaces and spaces with EV capabilities) and 907 bicycle parking spaces would serve the residential component. An additional 140 vehicular parking spaces would serve the retail portion. The underground parking garage would include a 1,245-sq.-m auto service centre to be operated by Canadian Tire.
The proposal also details plans to create a public park south of the development.
This is not Canadian Tire’s first foray into residential real estate. In October, the company’s development arm proposed a mixed-use project consisting of two towers, 41- and 49-storeys in height, for a Canadian-Tire-owned site at 839 Yonge Street. Applications pertaining to 839 Yonge Street and 2681 Danforth Avenue are currently under review by the City.
