The Development Property (referred to in the rezoning application as 1421 Yonge Street) is an assembly of five properties located on the east side of Yonge Street, between St. Clair Avenue and Pleasant Boulevard in Toronto. The Development Property comprises approximately 0.48 acre of land, and is currently owned by Terracap Investments Inc. The Development Property is designated a “Mixed Use Area” in the City of Toronto’s Official Plan. The objective of this designation is to allow residents to live, work and shop in the same area and to reduce dependency on automobiles. The site is zoned CR 4.25, it permits for a variety of residential and commercial uses. In the immediate area surrounding the Development Property, buildings range in heights from 10 storeys to an approved 37 storey residential building. The Development Property is located within a “major transit station area”. To be consistent with the “Growth Plan” policies, the proposed height (151 meters) of the building is appropriate due to its proximity to the High-Order Transit Corridors. The proposed development will be comprised of four (4) levels of underground parking, two (2) levels of retail, four (4) levels of office, one and a half floors of residential amenity space, and 38 levels of luxury residential condominium suites.