A familiar building at one of Toronto’s busiest intersections may soon be history. The 18-storey mid-century tower at 2 Carlton Street is on track for demolition, as developer Northam Realty revives long-standing plans to replace it with a striking 80-storey condominium skyscraper.
The site — located at the northeast corner of Yonge and Carlton — has been under redevelopment consideration since 2016. What began as a proposal for twin 72-storey towers has since evolved into a single soaring high-rise that would dramatically reshape the downtown skyline. If approved, the building would reach over 251 metres in height, placing it among Toronto’s tallest structures.
The latest version of the plan, designed by Arcadis, is the result of a years-long legal and planning process. Northam Realty and the City of Toronto reached a settlement in 2021 through the Ontario Land Tribunal (formerly the LPAT), and the current application reflects the terms of that agreement.
The redevelopment would bring 1,014 condo units to the intersection, adding significant density to the area. At street level, 1,366 square metres of retail space are proposed, although it’s unclear whether existing businesses like Shoppers Drug Mart and Bulk Barn will be retained in the new development.
The plan includes just 162 vehicle parking spots but makes a strong push toward sustainability with 1,191 bicycle parking spaces. Residents will also have direct underground access to College Station on TTC’s Line 1, reinforcing the tower’s transit-oriented appeal.
Originally constructed in 1959 as a rental apartment building, the current structure has served as office space in recent years. Its removal would mark the end of an architectural era — and the beginning of a vertical future for this central Toronto corner.
This application comes on the heels of another major proposal nearby: the redevelopment of the College Park complex, which could add even more height and density to the Yonge and College/Carlton node. Together, these plans signal a major shift in the city’s core, positioning it for a new era of vertical living and urban intensification.
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