Item - 2026.TE34.24

The Acting Director, Community Planning Toronto and East York District recommends that:

1. City Council amend the Official Plan for the lands municipally known as 420-444 Yonge Street and 1-23 College Street substantially in accordance with the draft Official Plan Amendment included as Attachment 6 to this Report.

2. City Council amend City of Toronto Zoning By-law 569-2013 for the lands municipally known as 420-444 Yonge Street and 1-23 College Street substantially in accordance with the draft Zoning By-law Amendment included as Attachment 7 to this Report.

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

4. City Council direct the City Solicitor to withhold the necessary Bills for enactment until City Council has approved the Rental Housing Demolition Application Number 25 191175 STE 11 OZ under Chapter 667 of the Toronto Municipal Code pursuant to Section 111 of the City of Toronto Act, 2006 to permit the demolition of 210 existing rental dwelling units at 420-444 Yonge Street and 1-23 College Street.

5. City Council approve in accordance with Section 42 of the Planning Act, the acceptance of a 600 square metre on-site parkland dedication, subject to the owner transferring the parkland to the City free and clear, above and below grade, of all easements, encumbrances and encroachments, in an acceptable environmental condition; the owner may propose the exception of an underground parking garage, where such encumbrances are deemed acceptable by the Executive Director, Development Review, in consultation with the City Solicitor; and such encumbrances will be subject to the payment of compensation to the City, in an amount as determined by the Executive Director, Development Review and the Executive Director, Corporate Real Estate Management and subject to the following:

a. prior to the issuance of the first above grade building permit for the tower construction in Phase 1, the owner shall convey the 600 square metre parkland, located in the southwest portion of the development site, and as shown in drawing L1-200 of the architectural submission, to the satisfaction of the Executive Director, Development Review; and

b. prior to the issuance of the first above grade building permit for each subsequent Phase, the owner shall satisfy in cash-in-lieu the remaining portions of Section 42 parkland dedication value pertaining to each respective development phase and corresponding building permit, the value of which to be appraised by Corporate Real Estate Management, to the satisfaction of the Executive Director, Development Review, and the Executive Director, Corporate Real Estate Management.

6. City Council approve a development charge credit against the Parks and Recreation component of the Development Charges for the design and construction by the owner, if the owner elects to design and construct the Above Base Park Improvements, to the satisfaction of the General Manager, Parks and Recreation; the development charge credit shall be in an amount that is the lesser of the cost to the owner of designing and constructing the Above Base Park Improvements, as approved by the General Manager, Parks and Recreation, and the Parks and Recreation component of development charges payable for the development in accordance with the City's Development Charges By-law, as may be amended from time to time.

7. City Council authorize the General Manager, Parks and Recreation, to negotiate and execute any agreements necessary with the owner to use the on-site parkland dedication lands at 420-444 Yonge Street for the stockpiling of any soils or materials, and for construction staging and construction access for nominal consideration, following the conveyance of the on-site parkland dedication lands to the City for a term of up to 6 years, commencing when the parkland dedication is conveyed to the City, on terms and conditions acceptable to the General Manager, Parks and Recreation, and in a form satisfactory to the City Solicitor.

8. City Council direct the Executive Director, Development Review, in consultation with the local Ward Councillor and the City Solicitor, to continue to work with the applicant to explore an in-kind community benefit package pursuant to 37(6) of the Planning Act and to report back to City Council for further instruction on any offer of in-kind community benefits made by the applicant.

This Report recommends approval of an application to amend the Official Plan and Zoning By-law to permit a mixed-use development consisting of three towers of 65, 75, and 96-storeys (227, 247, and 320 metres, excluding the mechanical penthouses) above the existing heritage designated building at 420-444 Yonge Street and 1-23 College Street.

The application is proposed in three phases and includes the following:

- A total of 2,342 residential dwelling units, including 216 replacement rental units;

- 6,000 square metres of event space (The Carlu);

- A minimum of 23,500 square-metres of non-residential gross floor area including hotel, commercial, and retail space;

- Conservation of the existing heritage designated 7-storey College Park building and completion of the base building consistent with the original design intent; and

- A 600 square metre on-site parkland dedication to expand the adjacent College Park.

An Official Plan Amendment is required to permit the development within the protected view corridor of City Hall and Old City Hall.

A separate report from the Senior Manager, Heritage Planning, on the proposed alterations to the designated heritage property will be considered by City Council in conjunction with this Report.

A Rental Housing Demolition Report will also be considered by City Council in conjunction with this Report as the proposal includes the demolition of 210 existing rental housing units. A Tenant Assistance Plan is proposed that addresses the right of existing tenants to return to replacement rental units at similar rents and provides financial compensation to mitigate hardship.

The Development Review Division confirms that there are no financial implications resulting from the recommendations included in this Report in the current budget year or in future years.

The Chief Financial Officer and Treasurer has reviewed this report and agrees with the information as presented in the Financial Impact Section.