40-storey cap on midtown site
Yonge-Eglinton limit follows high-rise protest
Councillor Michael Walker offered a small amendment this week to the transfer of the old TTC bus barns on that corner to the Build Toronto property agency, limiting anything built there to 120 metres.
That means any private developer who later purchases the long-unused site wouldn't be able to exceed 40 storeys.
RioCan has 750,000 square feet of office space in its two towers at 2300 Yonge Street and 20 Eglinton Avenue West, not counting the proposed additional space which they may or may not construct. I don't know how much space Canadian Tire will be vacating at 2180 Yonge Street, but it will be substantial.
I think the "elephant in the room", with regards to new development on the TTC lands, is the fact that leasing up a lot of new office space may be a hard sell. I can't see why they wouldn't do well selling new condos at this desirable location, but office space in large chunks is a different story.
WRT office space, you're talking about new buildings with probably several hundred thousands of square feet of floor space. There are a limited number of companies who would lease such large amounts of space. The large banks, law firms, accounting firms, etc. who consider location important would all want to be in the core, or at least the Bloor Street corridor. Relatively few large tenants want to be at Yonge and Eglinton.
On the other hand you also have the companies who don't need to be in the central city. A large number of those have been simply moving to the 905, for a range of reasons including lower taxes.
You could aim new office space at smaller tenants, which I think is the situation in the existing Yonge - Eglinton Centre. It could certainly work, but most building owners would prefer fewer, larger tenants.