Huge condo tower a step closer to replacing LCBO and Dollarama in Toronto

A massive condo proposal could soon replace an LCBO and Dollarama location on Toronto's Yonge Street — a plan that has undergone several changes over the past year.

A proposal to redevelop 543 through 549 Yonge Street landed with Toronto city planners in March 2024 that would spell the end of an existing four-storey office building housing an LCBO location at street level and a Dollarama in its basement retail unit.

After 15 months and much back and forth between City staff and developers CentreCourt, Fitzrovia and Choice Properties REIT, the plan resurfaced with an updated submission filed in June.

Google

The planned 68-storey condo tower's designed by architects Arcadis has undergone several changes since first proposed, addressing comments and concerns raised by planning staff.

Arcadis

In a letter included in the submission, the project team explains that "Following initial comments from Staff, we have had multiple meetings with Planning, Urban Design and other commenting parties on a revised submission to address all issues."

The letter goes on to explain that City staff responded positively to the updated plan during a March 2025 meeting, and that the current submission formalizes those changes as the plan pushes closer to reality.

The revised plan incorporates major design changes, along with a minor height increase that retains the 68-storey floor count. 

Arcadis

Now planned to rise 232.5 metres, the tower would rank among the top dozen tallest buildings in Toronto (excluding those under construction) if completed today.

Among the less visible changes, the number of condominium units in the tower has been increased from 663 to 679.

Arcadis

While the loss of a Dollarama and LCBO will likely ruffle some feathers locally, the plan does indeed intend to introduce new retail space to this stretch of Yonge Street via a 455-square-metre space at street level.

Though the letter shared by the project team suggests that approval for the tower is likely, the condominium tenure of the units — which must be sufficiently sold for a developer to secure construction financing — and the current state of the housing market could keep this proposal on the back burner for a while to come.