Enormous towers revealed for waterfront would be among Toronto's tallest

A Toronto megacomplex already in the process of producing Canada's new tallest building is set to get even bigger, with an ambitious new plan revealed in October promising even more skyscrapers along the waterfront.

The sky-scraping Pinnacle One Yonge complex is already turning heads along the waterfront with its massive 106-storey SkyTower currently rising towards a height of almost 352 metres — roughly equivalent to the CN Tower's main observation deck.

In addition to the similarly tall Phase 3 tower planned to rise next to the SkyTower, developer Pinnacle International has completely reimagined plans for the future southern half of the complex, which will replace the current Toronto Star building.

Pinnacle had initially pursued redevelopment of this block with a commercial development consisting of 24- and 40-storey towers comprising the 4th and 5th phases of the complex.

When approved in principle back in 2017, the plan called for a massive office component spanning over 117,000 square metres, in addition to a significant hotel element that would have included almost 25,000 square metres of hospitality space.

However, a lot has changed since 2017, and a significant downturn in both in-person office demand and tourism since 2020 would ultimately force planners back to the drawing board, culminating in the submission of a new plan for this parcel in October 2025.

A planning document tied to the proposal explains that "Macroeconomic changes since the approval-in-principle in 2017, most notably the COVID-19 pandemic, have led to a fundamental long-term structural change in the workforces of many major office users, reducing the office space needs of companies relative to the number of employees."

Planners note that, amid a growing shift to hybrid work models, "fundamental change in workforce practices has had a considerable impact on the demand for office space in the Downtown and Central Waterfront."

As such, the project team states that "Phases 4 and 5, as approved, cannot move forward as planned."

The developer has spent the last two years working with lead designers Hariri Pontarini Architects to forge a new plan less reliant on office market demand and tourism, instead seeking to try their luck with the faltering condo market instead — not necessarily a guaranteed slam-dunk.

The new proposal seeks to bring towers of 80 and 85 storeys to the waterfront, with respective heights of almost 280 and 296 metres.

If completed today, the towers would rank as the second and third-tallest buildings in Toronto.

But these towers would prove more than just added skyline punctuation, and would offer plenty of street-level enhancements as well. 

The highlight would be a 1,360 square-metre corner plaza curving along the intersection of Yonge and Queens Quay E., as well as a 17.4-metre-wide grand promenade along Yonge and a mid-block connection carved on a north-south axis through the site, linking Queens Quay E. to Downes Street.

Despite the project pivoting from primarily office to residential, Pinnacle is still banking on being able to sell roughly 2,300 condominium units in a struggling Toronto market. 

The total 2,406 units planned include 109 affordable rentals, to be joined by a 237-suite hotel with a bar and restaurant, street-level retail, and a mix of childcare and community amenity space.

While not yet approved, the latest plans for the One Yonge complex would further shift the skyline's focal point away from the Financial District towards the waterfront, where a handful of other skyline-defining towers are in the works.

Until then, these renderings stand as a big promise amid a turbulent market, and it's anyone's guess if these designs will ever come to fruition.