A rendering has been released for 501 Yonge Street, Lanterra’s new development in the heart of the downtown core. The 52-storey tower will have a 7-storey podium with 5 levels of above-grade parking. Amenity space will be located atop the podium. With contemporary architecture by architects Alliance, the tower features a shimmering and crisply detailed minimalist glass façade. The Toronto architecture firm’s projects are consistently well executed—501 Yonge has great potential.
The tower will rise with a small setback from the podium. Built on a site with a subway tunnel, all parking will be located in the podium above ground. Storefronts will line the Yonge Street frontage.
The location features easy access to Wellesley and College subway stations. It’s within walking distance of College Park, the PATH network, Ryerson University, the University of Toronto, the Eaton Centre and Nathan Phillips Square. Nearby grocery stores include Metro at College Park, Sobeys on Bay Street and the flagship Loblaws at Maple Leaf Gardens—the finest in Canada. With a perfect 100 out of 100 Walk Score, daily errands can be done without a car.
501 Yonge replaces a low-rise strip mall-style plaza along Yonge Street. The project will be an improvement over the existing building and another revitalizing development for the city’s main street. Yonge is currently seeing a development renaissance with a series of new projects bringing new life to the city’s central corridor.
With the street’s revitalization, Yonge will see new shops, restaurants and bars. Already one of the most vibrant downtown streets, Yonge can be once again rise to be one of the greatest. Downtown Yonge’s renaissance will be led by condo development bringing sleek contemporary architecture while animating the street with new retailers and businesses respectful of the street’s historic character.
{google_map} 501 yonge street, toronto {/google_map}
As the city’s main street, Yonge will always be a prominent place downtown that gets renters’ attention by address alone. The investment potential is great. Lanterra is working with an unusual site that involves working around a subway tunnel, but residents will have a great home with access to downtown’s greatest amenities.
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