For more than a decade, various investors, developers and even the City of Toronto have explored the possibility of building above the rail corridor that cuts through the heart of downtown, a longstanding ambition that would better connect some of the city’s busiest and fastest-growing neighbourhoods. In recent years, that vision – and the air rights needed to realize it – has been stewarded by LiUNA Pension Fund of Central and Eastern Canada. Working alongside Fengate Asset Management, the partners unveiled a re ned version of their proposal last week, scaling back earlier plans in favour of a more focused and achievable development concept.
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Under the updated proposal, seven towers ranging from 34 to 70 storeys would rise above and alongside the rail corridor south of Front Street West, between Bathurst Street and Spadina Avenue. The project would deliver nearly 4,000 residential units, 51,000 sq ft of retail space, 915,000 sq ft of of ce space and two childcare centres. Unlike previous iterations that envisioned decking over the entire corridor, the revised plan would span 14 acres, including six acres built atop a new deck extending over a portion of the rail lands.