{"id":20093,"date":"2023-07-28T22:22:18","date_gmt":"2023-07-29T05:22:18","guid":{"rendered":"https:\/\/essential.construction\/news\/market-rate-rental-development-proposed-in-corktown\/"},"modified":"2023-07-28T22:22:19","modified_gmt":"2023-07-29T05:22:19","slug":"market-rate-rental-development-proposed-in-corktown","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/market-rate-rental-development-proposed-in-corktown\/","title":{"rendered":"Market-Rate Rental Development Proposed in Corktown"},"content":{"rendered":"

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Colonia Treuhand<\/a>, a family-run real estate investment company<\/a>, has submitted a proposal for a mixed-use development at 494 Richmond Street East<\/a> in Toronto’s Corktown neighbourhood. The application outlines plans for 16 and 35-storey mixed-use rental buildings on the northwest corner of Richmond Street East and Berkeley Street. The development is located approximately 350m east of the upcoming Moss Park Station on the Ontario Line.<\/p>\n

An aerial view of the site as well as current and future transit routes, image from submission to City of Toronto<\/span><\/p>\n

Currently, the site is a parcel assembly comprised of 494 to 526 Richmond Street East, and 156 and 162 Parliament Street. It spans approximately 3,530m\u00b2 and is occupied by a surface parking lot, a low-rise office building, and a private Montessori school. The developer aims to densify this site by introducing purpose-built rentals to supply the ongoing rental housing shortage.<\/p>\n

Looking east to the current site, image retrieved from Google Street View<\/span><\/p>\n

The design by Sweeny &Co Architects Inc.<\/a>\u00a0features a 5-storey podium along with two towers standing at 16 and 35 storeys, or 63 and 119 metres respectively. It outlines a total gross floor area of approximately 36,521m\u00b2, with about 409m\u00b2 dedicated to various commercial uses at grade. This results in a total Floor Space Index (FSI) of 10.1.<\/p>\n

An aerial view of 494 Richmond Street looking east, designed by Sweeny &Co Architects Inc for Colonia Treuhand<\/span><\/p>\n

The residential component of the development includes 588 purpose-built rental units, which would be housed in the two towers of the development.\u00a0The taller tower would be serviced by three elevators, and the smaller one by two, meaning approximately 118 units for every elevator, putting the development above the 1 elevator per 100 unit threshold, meaning longer wait times for residents.<\/p>\n

Looking west to 494 Richmond Street East, designed by Sweeny &Co Architects Inc for Colonia Treuhand<\/span><\/p>\n

The proposal also includes plans for a 333m\u00b2 POPS (Privately Owned Publicly accessible Space) at the corner of Berkeley and Richmond.\u00a0Due to the location of the underground parking garage beneath the proposed open space, the developer has stated that they cannot provide a clear title or freehold dedication of this area.<\/p>\n

Looking southwest the proposed POPS, designed by Sweeny &Co Architects Inc for Colonia Treuhand<\/span><\/p>\n

Vehicle access to the development would lead to an underground garage spanning two levels, which would provide 152 vehicular parking spaces. Of these, 59 would be for visitor and commercial use, with additional loading and barrier-free parking spaces also provided. Cyclists have not been overlooked, with plans for 649 long-term and 65 short-term bicycle parking spaces included in the proposal.<\/p>\n

The commercial component of the development, located at grade, would be complemented by private amenities for the residents on the first, second, and sixteenth floors across 1,610m\u00b2 of indoor and 770m\u00b2 of outdoor amenity area. The developer also plans to incorporate about 1,327m\u00b2 of green roof space, located primarily on the top of the 35th, 16th, and 8th floors.<\/p>\n

An aerial view of 494 Richmond Street looking east, designed by Sweeny &Co Architects Inc for Colonia Treuhand<\/span><\/p>\n

The 494 Richmond Street East proposal is one of several market-rate rental proposals in the area. These include developments at 49 Ontario Street<\/a>, about 150m southwest, 301 Queen Street East<\/a>, about 100m north, and 351 Queen Street East<\/a>, about 150m northeast. The developers for each of these projects aim to introduce new residential and commercial spaces to the area.<\/p>\n

Status and storeys of developments in the area, image from submission to City of Toronto<\/span><\/p>\n

The proposal’s proximity to the upcoming Moss Park Station, as well as Queen station about 1.1km west on Line 1 Yonge, positions it within a Major Transit Station Area, where the Province wants higher-density construction.<\/p>\n

UrbanToronto will continue to follow progress on this development, but in the meantime, you can learn more about it from our Database file, linked below. If you’d like, you can join in on the conversation in the associated Project Forum thread or leave a comment in the space provided on this page.<\/p>\n

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UrbanToronto has a research service,\u00a0UrbanToronto Pro<\/a>, that provides comprehensive data on construction projects in the Greater Toronto Area\u2014from proposal through to completion. We also offer\u00a0Instant\u00a0Reports<\/a>, downloadable snapshots based on location, and a daily subscription newsletter,\u00a0New Development Insider<\/a>, that tracks projects from initial application.<\/p>\n<\/div>\n