A proposed 24-story student residence near the University of Toronto campus may be joined by a second, 30-story tower in a plan that has drawn protests from residents. Last week an Ontario Municipal Board held a pre-hearing to consider the projects’ rezoning applications.
In June, US-based Bailey & Company Inc. put in a rezoning application for a mixed-use building that would include office, retail and residential space, according to local media. The recently added 30-story Knightstone building, which was designed by Diamond Schmitt Architects, is intended to house students from nearby universities.
The next hearing into the zoning case is set for Nov. 28.
Toronto is currently experiencing a period of tall building growth, including an unprecedented increase in city residential construction.
There are a record 196 residential high-rise projects under construction in Toronto, according to housing research company Urbanation. “About half of condo projects that have pre-sold 70 percent of the units have not yet begun construction,” The Toronto Star reports.
Newly imposed mortgage restrictions and provincial rules limiting Toronto land use may limit the supply of condos in the future and increase prices.