H&R REIT has received approval to develop a 65-storey, mixed-used tower in downtown Toronto.

If everything goes as planned, the tower will rank as one of Canada’s largest buildings of any kind.

The REIT said in its second-quarter earnings report that Toronto’s city council approved a rezoning application in July for 310 Front Street. The approval and a corresponding bylaw will take effect upon the completion of a statutory appeal period after the city notifies the public about the council’s decision.

Meanwhile, the REIT revealed that it sold $277.68 worth of Canadian assets during the second quarter. The largest deal comprised the April sale of a 974,000-square foot downtown Ottawa office tower, located at 160 Elgin Street, for $277 million.

In July, the REIT completed the sale of four Quebec retail properties for $68 million in gross proceeds.

Toronto-based H&R, which invests in Canada and the U.S., did not identify any of the buyers.