Oxford Properties has announced plans to create three-million square feet of mixed-used development in midtown Toronto.

The developer, working in conjunction with CT REIT, submitted a rezoning application for Canada Square. The plan calls for a complete redevelopment of the 9.2-acre site.

Located at the southwest corner of Yonge Street and Eglinton Avenue in Toronto, the proposed development includes five mixed-use towers with more than 650,000 square feet of new office space, street-level retail, 2,700 new homes, new community amenities and landscaped open spaces, improved transit infrastructure and a dedicated community space.

When completed, approximately half of the site will include outdoor spaces.

“The rezoning application marks an exciting milestone for the redevelopment plan and builds on the stakeholder engagement process that Oxford initiated back in 2017,” said Oxford vice-president of development Andrew O’Neil. “The development will deliver much-needed modern workspaces, new housing—which is planned to be predominantly rental—transit infrastructure improvements and create substantial new landscaped open space including new parkland. The plan will help maximize the impact of the province’s investment in the Eglinton Crosstown LRT.”

Already involved in the project is an architectural design team that includes high-profile firms Pelli Clarke Pelli Architects, Hariri Pontarini Architects, Adamson Associates Architects and OJB Landscape Architecture.

Oxford’s plan is to build the development in phases, and divide the site into three precincts.

A mixed-use precinct on the north side of the site will feature a tower with 650,000 square feet of office space and 420 residential units. Located directly above the Eglinton interchange station for the TTC’s Line 1 subway and Line 5 Eglinton Crosstown LRT, the precinct will be the first development. It will also accommodate transit improvements including a new TTC bus terminal that integrates with the existing subway concourse.

A residential precinct at the south side of the site will include four residential towers with street-level retail and office spaces. The towers will be oriented around a central courtyard, and configured with heights scaling down to the south and west. The residential buildings will also overlook new parkland proposed along Duplex Avenue.

Finally, the central precinct will feature significant amounts of open spaces to transition between the north and south-side precincts, and to provide a new accessible east-west route linking Yonge Street and Duplex Avenue. The precinct will include a 10,000-square foot community space.