It's been vacant for 25 years, but things are finally stirring inside the venerable old Canadian Bank of Commerce building at 197 Yonge Street.
Bought by Montreal's
Parasuco jean company about a decade ago, the building's been through any number of attempted re-uses, but everything's fallen through, until now.
Work has finally begun on renovating the interior of the neoclassical, Darling and Pearson-designed bank building, which will within six weeks be serving as a showroom for the
Hariri Pontarini-designed condos slated to be built on top of it.
The tower, which is still being considered by the city, would be 60 storeys with 689 units.
According to restoring architect
Michael McClelland of ERA, the fact that the building is finally moving ahead is a reflection of the changing face of the downtown core.
"Developments are quite large and this has been regarded as quite a small site," he says. "It's been very difficult to figure out how to make this site work. There's all kinds of complex easements for the Elgin Winter Garden theatre and Massey Hall. You have to be very patient landowners to make this happen."
And until recently, it's not really been worth it. But now, with the city's large plots mostly spoken for, the smaller ones are looking better and better.
The vacant lot on the north side of the site will, as a result of a stipulation in the sales agreement, become a Parasuco Jeans shop, that will include some form of commemoration for the old
Colonial Tavern that once stood there.
Writer: Bert Archer
Source: Michael McClelland
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