An application for a 49-storey residential tower next to the much-discussed Quayside neighbourhood has been tendered to the City of Toronto.

The Plaza Partners development, located at 307 Lakeshore Blvd. East, will have 430 units and provide 700 sq. m of community space through its Section 37 contribution. Additionally, it will have 1,500 sq. m of indoor amenity space spanning four floors at the top of the tower, and more than 300 sq. m of outdoor amenities.

The current site is a low-rise auto-oriented commercial site with office space and grade-level parking, according to the application, but Brett Starke says the site could, and will, be put to much better use.

READ: New Quayside Details Reveal Cutting-Edge Green Tech, Affordable Housing

The area is currently barren now that Alphabet will no longer develop Sidewalk Labs, the innovative but controversial ‘smart city’ project. However, it is a rapidly intensifying neighbourhood, with Tridel’s Acquabella and Acqualuna condo developments located just down the shoreline.

Photo credit: BDP Quadrangle307 Lake Shore East (Photo credit: BDP Quadrangle)

“With Alphabet leaving, it gives people who have invested in that area more confidence to know that another top-quality builder and architect are doing a project there,” the head of the Starke Realty Team at RARE Real Estate Inc. said.

Quadrangle as an architect has already built an east-end staple everyone sees whenever they drive into the city on the Gardner, which is the BMW showroom that is elevated so that it’s level with the highway. It has been a marvel of Toronto architecture since it opened in 2004.”

Indeed, BDP Quadrangle has established itself as one of Toronto’s premier architects, as evidenced by the designs for 128 Peter Street and 357 King Street West in Toronto’s entertainment district.

Starke says Plaza Partners’ tower will also restore investor confidence in the area -- and there are plenty of fundamentals suggesting the area has much to offer.

“George Brown College is right there, so that will appeal to investors who can rent to students, and there’s also Sugar Beach and Cherry Beach. It will also be great for the east end businesses to have all these new residents come in there, especially St. Lawrence Market and the Distillery,” Starke said.

“The other waterfront projects are great, but this will give the neighbourhood some depth. People will have views of downtown and the water, so these should be highly-coveted units.”