Toronto's midtown area has experienced a surge in density in recent years in anticipation of the new Crosstown LRT, and yet another huge tower has just been pitched for a stretch of Yonge Street where practically every single property is now in play with major proposals in the works.

A May proposal from developer Diamond Corp seeks to bring a 56-storey condominium tower to 2346 Yonge Street, a tiny site one block north of Eglinton home to a two-storey RBC bank branch — and mere feet from another high-rise proposal.

The developer has put forth an ambitious plan that would see the existing bank branch demolished and replaced by a CGL Architects-designed tower soaring to a height of approximately 186 metres.

A total of 407 condominium units are proposed within the new complex, along with over 272 square metres of new retail space on the ground floor fronting onto Yonge Street and wrapping around the Orchard View Boulevard frontage to the west.

As of 2024, only two taller skyscrapers exist near Yonge and Eglinton — 58-storey condo towers at 8 Eglinton East and 2221 Yonge Street.

The immediate surroundings are also awaiting redevelopment with towers in this height range, including a similarly-sized development in the works for a narrow abutting property to the north.

Rendering of 2346 Yonge Street with adjacent proposal included.

Due to the planned tower just next door, the proposal's units are all oriented to face south, east, and west, with services like elevator cores and hallways concentrated along the north side of the tower.

Documents filed in May reveal that, while the planned tower next door currently includes windows on its south side abutting the new proposal, developers expect the final plan for the neighbouring property to be similarly designed, lacking south-facing windows.

This would potentially allow both projects to navigate around the City of Toronto's minimums for tower separation, a policy intended to ensure privacy and sunlight for high-rise residents.