Item - 2024.TE10.9

The Toronto and East York Community Council recommends that:

1. City Council amend the Official Plan for the lands at 69 Yonge Street and 3 King Street East, substantially in accordance with the draft Official Plan Amendment attached as Attachment 6 to the report (January 8, 2024) from the Director, Community Planning, Toronto and East York District.

2. City Council amend City of Toronto Zoning By-law 569-2013 for the lands at 69 Yonge Street and 3 King Street East, substantially in accordance with the draft Zoning By-law Amendment attached as Attachment 7 to the report (January 8, 2024) from the Director, Community Planning, Toronto and East York District.

3. City Council authorize the City Solicitor to make such stylistic and technical changes to the draft Official Plan and Zoning By-law Amendments as may be required.

4.  Before introducing the necessary Bills to City Council for enactment, City Council require the owner to:

a. enter into a Heritage Easement Agreement with the City for the property at 69 Yonge Street and 3 King Street East substantially in accordance with the plans and drawings dated July 11, 2023, prepared by ERA Architects Inc. and Partisans, and on file with the Senior Manager, Heritage Planning; and the Heritage Impact Assessment, dated October 26, 2023, prepared by ERA Architects Inc., all on file with the Senior Manager, Heritage Planning, subject to and in accordance with the Conservation Plan required in Recommendation 4.b. below, to the satisfaction of the Senior Manager, Heritage Planning, including execution of such agreement to the satisfaction of the City Solicitor;

b. provide a detailed Conservation Plan, prepared by a qualified heritage consultant that is substantially in accordance with the conservation strategy set out in the Heritage Impact Assessment for the property at 69 Yonge Street and 3 King Street East, to the satisfaction of the Senior Manager, Heritage Planning; and

c. enter into a Limiting Distance Agreement, or similar legal instrument, between the owners of 69 Yonge Street and 3 King Street East, 7 King Street East and the City, to be registered on title to the 7 King Street East property, that would prevent the erection of a building above existing height permissions for the western portion of the 7 King Street East site, to the satisfaction of the Chief Planner and Executive Director, City Planning, and the City Solicitor.

The Toronto and East York Community Council held a statutory public meeting on January 24, 2024 and notice was given in accordance with the Planning Act.

This report reviews and recommends approval of the application to amend the Official Plan and Zoning By-law to: conserve the entire 15-storey designated heritage building; convert the use in the existing building from office to residential on levels 2 to 15; infill the southeast corner of the building; infill the southeast corner of the building; and add six storeys on top of the existing building at 69 Yonge Street and 3 King Street East. The proposal includes 127 dwelling units and 1,361 square metres of retail and restaurant uses on the ground floor, mezzanine and basement levels. The Official Plan Amendment is required to amend the Downtown Plan policies for the Financial District to permit a portion of the existing non-residential uses to be converted to residential uses, along with the replacement of 1,361 square metres of the existing non-residential gross floor area on the site.