Nope, it's not being saved. It's faux heritage. Instant old.

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From former City Councillor Adam Vaughan's response to a constituent, per post #33 in this thread:

The building that many of you have written about is 620 King Street West. While this building appears to be of heritage value, in fact it is a faux Victorian façade attached to an early 20th century factory. The arched windows are decorative in nature and were added to the exterior in the early 80's as part of a renovation.
So, that said, everyone remembers what a gorgeous Hariri Pontarini design we're getting here, right? (If not, just click on the ole dataBase file link at the top of the page!) So, bring on the bulldozers, and let's get us some honest 21st century brick-ornamented, public realm-friendly, commercial office architecture.

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I was by this on the streetcar on the weekend, so they're already further ahead on this now but…

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Crunch. (A couple of hours ago):

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Not a significant loss overall, but I liked those mushroom columns inside. They're becoming rarer and rarer to find in Toronto, but they were a great innovation of industrial modern design in the early 20th century.
 
There's a rendering I hadn't seen before that's been attached to the hoarding. Was zipping by on the streetcar though, so no photos unfortunately.
 

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