H&R REIT has begun to demolish two vacant office buildings at a prominent downtown Toronto location slated for redevelopment.

The buildings are located at 53 and 55 Yonge Street on the southeast corner with Colborne Street. The 12-storey structure at 55 Yonge Street dates back to the 1950s.

H&R has proposed to develop a 68-storey condominium tower on the site, redeveloping the two buildings as one. In fall 2024, the REIT scrapped initial plans for an office component in the redevelopment project, adding two floors and 350 residential units.

A revised development application is proceeding through the city’s approval process. But once the office buildings are demolished, the lot will sit empty for a considerable amount of time, H&R indicated.

“H&R will continue to advance the rezoning process for these properties, but does not have any plans to start redeveloping these properties in the near future,” the REIT said in its latest quarterly report.

The area houses some of Canada’s most iconic office towers and high-rises. It is experiencing a surge in redevelopment activity along Yonge Street.

Pictured: H&R REIT office property in downtown Toronto (centre) that is in the process of being demolished.

Photo: Google Maps