A nine-storey downtown Toronto office building is slated to undergo a dramatic conversion into a 52-storey mixed-use tower.

Capital Developments and Industrial Alliance Insurance and Financial Services are spearheading the redevelopment of 111 Peter Street, with WZMH Architects on board to reimagine the structure. WZMH has filed a development application with the city.

The proposal calls for 852 residential units, of which 828 would be condominium suites and 24 would comprise affordable rental housing. The revamped building is also slated to feature more than 15,930 square feet of retail space at ground level.

Situated between Adelaide and Richmond streets, the site is primed to benefit from the upcoming Queen-Spadina subway station on the Ontario Line. Recognizing the area’s transit-rich environment, the developers plan a modest 31 parking spaces dwarfed by 950 bicycle parking spots to accommodate a more sustainable commuting lifestyle.

The transformation of the current office building, originally constructed as a data centre, hinges on its “atypically robust” core structure, according to Carlo Timpano, president of Capital Developments.

Speaking to BlogTO, Timpano explained that “existing columns will be reinforced, and an additional exterior structure, concealed from view, will be added to manage lateral forces and torsion.”

“There will also be some additional transfers internally to reduce the current number of columns in the retail and improve leasability,” Timpano told BlogTO.

While retrofitting comes with challenges, such as inefficient floorplates due to depth constraints, Timpano said the team is innovatively adapting interior spaces. For instance, infrastructure typically located below ground—like lockers and bicycle parking—would be integrated into the structure’s upper levels. The building’s generous floor-to-floor height will also enable unique amenities, including ball courts.

“Retaining the majority of the existing structure significantly reduces the embodied carbon associated with new concrete, minimizing material waste,” he told BlogTO.

“As the saying goes, the greenest building is the one that’s already built.”

While such projects demonstrate innovative solutions to address Toronto’s housing needs, Timpano cautioned against viewing them as a one-size-fits-all approach.

“Not every building is well-suited for retrofit; in fact, the vast majority are not for a litany of reasons,” he told BlogTO. “This one happens to work well. It’s important to note that we are early in the process, and we are still working with the city, our designers and the local constituents to advance the project.”

The proposed 111 Peter redevelopment contrasts with a buyer’s decision not to redevelop a nearby small office building for different purposes.

The asset at 77 Peter Street is bucking an emerging trend whereby investors are looking at buying older, smaller office properties and repositioning them for other uses.

“If anything, there could be a rooftop addition, something of that sort,” Jackson Safrata a JLL Capital Markets broker who represented the seller in the $12.5-million sale of the building, previously told Connect Canada CRE for a story on that deal.

“But I do not see this being converted to another use. This will be a high-performing, income-producing asset for the long term.”

JLL announced the sale of the building for $12.5 million earlier this year. Safrata described the buyer as a high-net-worth individual and successful business owner. The property had been owned by the seller’s family for generations.

Pictured: Office building at 111 Peter Street in downtown Toronto slated for conversion into a 52-storey multi-residential tower.

Photo: Crown Realty Partners