Toronto City Council has approved the sale of the city owned Green P Yorkville Cumberland Parking Garage to Developer Minto. Located directly south of the New Four Seasons Hotel & Private Residences, it started out as a surface parking lot in the mid-1950's and in 1974 was developed into a 1000 space parking garage.
The footprint of this property expands across the entire city block as it fronts on both Yorkville Avenue to the north and Cumberland Street to the south. The six storey garage has both a retail component with the Shops of the Village Arcade including Dinah's Cupboard and an office space component.
Developer Minto is proposing to build two condominium towers on the site, one 69 storeys (North Tower or Tower A) and the other 55 storeys high (South Tower or Tower B) which will house a total of 1166 residential condo units. The 11 storey podium of the project will feature retail space on the first and second floors and then seven levels of above ground parking.
Approximately 802 parking spots will be provided for public parking through the Toronto Parking Authority on floors three to nine. Three levels of underground parking, 370 spaces, will be alloted for residents of the condominium towers and accessed from Cumberland Street.
The North Tower or Tower A will have a total of 655 residential condo units with a proposed breakdown of:
52 Studios or Bachelors 484 One Bedroom Units 107 Two Bedroom Units 12 Penthouses
The South Tower or Tower B will have a total of 511 residential condominium units with a proposed breakdown of:
52 Studios or Bachelors 364 One Bedroom Units 83 Two Bedroom Units 12 Penthouse Units
With the sale slated to close in 2015 the design work is in the early stages. Initially as the project goes into the construction phase, the Yorkville neighbourhood will lose 1000 parking spaces and then it will gain back 800 public parking spaces once the project is complete.