Either we've run out of decent spots to build new condos, or the corner of University and Dundas is just too good a spot to pass up. The City of Toronto has received a rezoning application to build a residential tower on top of an existing office at 480 University Avenue.

Presented as "The Icon" by Amexon Developments back in May (real original name, guys), the building will see a total of 55 storeys — 37 storeys of residential added atop an existing 18 storey tower. If approved, the new tower will house 453 residential units, many of which will face the joys of 24-hour, multi-lane traffic.

Proximity to the subway station is an undeniable perk, but University Ave. isn't exactly a hub of residential delights. That probably explains why most of its towers are office spaces or commercial in nature. Unless the existing tower at 480 University is grounded with some sort of mega-existing foundation, I think we can anticipate a pretty major overhaul to make this structure capable of supporting another 37 storeys.

The project obviously seeks to make better (read: $$) use of prime real estate without displacing corporate offices currently on site. And though it's not unusual to see at-grade retail or a few commercial levels in a new condo project, this "Icon" will essentially be two towers in one. It'll make for a superb commute to the office for those who choose to work where they play, but otherwise, residents will be left with suits and corporate luncheons as their stand-ins for neighbourhood perks.