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Seems like it's been up in the air for far too long. Wasn't it around six or more months ago they announced a franchise to open there? There's so many buildings up for sale, they should have found a proper location by now. Maybe the old Slacks?
I posted a message on their Facebook Timeline, and they said:

"Hey Khristopher, we actually do not have an exact location yet, but stay tuned and we will be sure to update you as soon as we do!"
 
Starbucks at FCP revealed.
Sbux FCP.jpg
 

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Application: Building Additions/Alterations Status: Not Started

Location: 12 QUEENS QUAY W
TORONTO M5J 2V7

Ward 28: Toronto Centre-Rosedale

Application#: 13 234695 BLD 00 BA Accepted Date: Sep 12, 2013

Project: Multiple Unit Building Interior Alterations

Description: Proposal for interior alterations for a "Tim Hortons" with 26 seats and an existing patio on the South West corner (Unit 101) of existing multiple unit building. (154.6m2)
 
Application: Zoning Review Status: Not Started

Location: 219 FORT YORK BLVD
TORONTO ON M5V 1B1

Ward 19: Trinity-Spadina

Application#: 13 235271 ZZC 00 ZR Accepted Date: Sep 13, 2013

Project: Multiple-Use Building Other Proposal

Description: To complete interior alteration to allow for a cafe containing 24 seats to be located in Unit 8 on the ground floor of the existing condo building. Note: The cafe unit fronts on to Fleet St and but is part of a building legally known as 219 Fort York Blvd.
 
Yeah, I walked by Friday when they were loading in some kitchen equipment marked "McDonalds"...but what happened to Times Square Billiards and that independent sports gear shop?
 
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I think it's partly because they're not on other streets around Yonge. None on Bay. Only 1 on Church.
 

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