MOD Developments have just closed the deal on their second major downtown property.
They announced this week their acquisition of a 20,000-square-foot site that runs from
197-201 Yonge Street, including the 1905 Darling & Pearson-designed Canadian Bank of Commerce building (the southernmost of the two with the columns—it's been vacant since 1987).
MOD, which is also developing
Five St. Joseph, is partnering with several other firms to build what they propose will be a 60-storey condo, including a full renovation of the
Darling & Pearson building.
"We're very excited about the restoration of the heritage landmark at 197 Yonge Street by MOD Developments," said the executive director of the
Downtown Yonge BIA James Robinson in a statement released by MOD's PR reps. "This section of Yonge Street is such an important destination for theatre, music and retail—to see this historic property revitalized will continue to add to the vibrancy of Yonge Street."
As part of the deal, MOD announced it would be donating part of the land on Victoria Street to Massey Hall to do with as they wish. MOD is also proposing to name their tower after the Massey family.
Architects are
Hariri Pontarini, along with
ERA Architects,
Cecconi Simone for the interiors and
Janet Rosenberg and Associates for the landscaping.
Writer: Bert Archer
Source: James Robinson
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Correction: The original version of this story mentioned Graywood Developments as a partner in the Yonge Street project. It is not.