A block of Yonge Street in midtown Toronto could be in for quite the change, with a new proposal for a high-rise condo to tower above the Yonge and St. Clair area.

Developer Bazis has filed an application to redevelop 1366 Yonge Street, an existing mid-rise building at the northwest corner of Yonge Street and Balmoral Avenue.

The four-storey commercial building — part of an established row of Parisian-style mid-rises — is currently home to a pharmacy as well as popular Italian restaurant Capocaccia Trattoria, which has been a presence in the midtown area since 2003.

All of it would be replaced with a new 41-storey condo tower rising 135 metres with a design by Roy Varacalli Architect.

The team of Bazis and Varacalli has already created some unique landmarks for the city, including the stacked boxes of Exhibit Residences across from the ROM and the flared green towers of the Emerald City development in North York.

For their latest partnership, the Yonge Street project would bring a dizzying checkerboard pattern of window wall glass and brick-patterned precast concrete to the skyline.

Not much in the way of commercial space is planned to replace the businesses and offices that will be lost/relocated to make way for the tower.

Just over 100 square metres of retail is planned for the ground floor across three retail units, representing just 0.31 per cent of the total 32,296 square metres of floor area.

The remaining majority of almost 99.7 per cent would be allocated to residential units and supporting amenity space.

The residential component includes 489 condominium units, planned with 176 studios, 78 one-bedrooms, 162 two-bedrooms, and 73 three-bedroom suites, supported by a range of amenities spread across floors two through six.

If you're looking for a condo with a place to park your cars, this project might not be for you.

Just two car-share spaces are planned for the entire development, with the majority of travel needs expected to be addressed by the nearby subway line along with 500 on-site bicycle parking spaces.