DEVELOPMENT PLANNING
October 9, 2025 844
Graywood is acquiring and redeveloping a 27-story project near Yonge and Eglinton
Graywood Developments has acquired the site of a previously approved project at 34 Montgomery Avenue in Midtown Toronto from First Capital REIT. The proposal is now based on a design by Turner Fleischer Architects and replaces the previous plan by RAW Design. It envisions a 27-story rental building with 10 affordable housing units at the northeast corner of Duplex and Montgomery avenues, steps from the Yonge Street Eglinton train station.
Looking northeast at 34 Montgomery Avenue, designed by Turner Fleischer Architects for Graywood Capital
The development site spans 13 developed lots from 34 to 70 Montgomery Avenue and occupies the north side of Montgomery Avenue east of Duplex. The properties are currently occupied by a mix of single and two-family homes, most of which remain vacant following acquisition between 2019 and 2022. In the east is the listed fire station No. 134, while in the west and north there are low-rise houses. Much of the area is in transition from low-rise to high-rise development, particularly as one approaches Yonge Street.
Looking northwest at current location, image from submission to the City of Toronto
The proposal dates back to 2022, when First Capital REIT submitted applications for a 24-story mixed-use tower. After objections, the proposal was referred to the Ontario Land Tribunal, which issued an interim injunction in 2024 approving the development in principle. A development later that year increased the height to 27 stories and introduced 10 affordable rental units. In early 2025, Graywood Developments acquired the site and recently submitted a new application to clarify the OLT conditions. The latest plans refine the building's design and simplify its program into a fully residential rental tower.
Previous design by RAW Design for First Capital
Bousfields has submitted a formal plan amendment and rezoning application and site plan approval application to the City of Toronto on behalf of the developer. The 27-story rental tower would rise 92.2 m, up from 22 floors or 80.26 m in 2022, while maintaining a compact, rectangular tower shape above a podium that flows into the surrounding streetscape.
Site plan designed by Turner Fleischer Architects for Graywood Capital
The project would deliver 335 rental units (increased from 306), including 10 secured as affordable, on a total gross floor area of 23,717 m², which corresponds to an area index of 7.81 times the coverage of the 3,036 m² total area. This represents a modest increase from the previously approved 21,917 m² and 7.22 m². Four elevators, approximately one for every 84 units, would serve the tower, suggesting reasonable response times. The base of the podium retains the shape of a parallelogram, while its height has been slightly increased from 21.3 m to 21.6 m and the tower above now becomes a rectangular floor plate. Balconies were removed to achieve a cleaner vertical expression and the tower's west setback was reduced to optimize the floor plate.
Ground floor floor plan designed by Turner Fleischer Architects for Graywood Capital
Massing would also emphasize continuity with the adjacent historic fire hall while modernizing the material palette and simplifying the façade articulation compared to the previous angled base design, with heritage work overseen by GBCA Architects. The revised application converts the entire program to dedicated rental housing, consistent with the city's goals to expand rental offerings in transit-oriented areas. The indoor and outdoor areas would be divided equally into 670 m² each.
Podium designed by Turner Fleischer Architects for Graywood Capital
Below the slope, the garage was reduced from two levels to one and now offers 37 resident parking spaces and no visitor spaces (out of a total of 124). The bicycle parking area has a total of 370 spaces; 176 long-term and 58 short-term rooms for residents, with the balance provided through a cash-in-lieu arrangement for 126 long-term and 10 short-term rooms nearby.
The site is approximately 350 m northwest of Eglinton station and is served by both the Yonge Line 1 and the soon-to-open Eglinton Line 5. Montgomery Avenue is part of the city's street bike path network, providing shared routes leading west to Marlee Avenue and east to Broadway Avenue and Serena Gundy Park.
An aerial view of the site and surrounding area, image from submission to the City of Toronto
Development activity in the Midtown Toronto region is intensifying. To the west of the property, a 500 12 storey duplex is proposed. In the north, “The Capitol” with 15 floors and 2444 Yonge Street with 31 floors are under construction. To the east, the proposals include 66 Broadway Avenue with 22 floors, 77 Erksine with 42 floors and 44 Broadway Avenue with 43 floors. Development activity is intensifying near the station, including proposals for 2350 Yonge with 49 floors, 2346 Yonge with 54 floors, 2345 Yonge with 54 and 56 floors and 2323 Yonge with 65 floors.
UrbanToronto will continue to monitor the progress of this development, but in the meantime you can learn more in our database file linked below. If you'd like, you can join the discussion in the associated Project Forum thread or leave a comment in the designated area on this page.
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