The controversial mixed-use tower development known as 'The One', located at the southwest corner of Bloor Street West and Yonge Street in Toronto, has been approved as discussed in the Toronto Star. This paves the way for an ambitious retail podium that will feature column-less 22 foot ceilings for multiple retailers, including a large multi-level retail space that some speculate could be the site of an Apple Store flagship.

The 1 Bloor Street West site was formerly home of iconic retailer Stollery's, which sold its building to Mizrahi Developments in the fall of 2014. Mizrahi also purchased several adjacent sites, paying in excess of $200 million for 30,600 square feet of prime real estate for a proposed redevelopment that would have included a 1,119 foot tall residential tower above a multi-level retail podium.

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The Toronto Star reports that the City of Toronto reached an agreement with Mizrahi for the proposed development, though the settlement must still be approved by Ontario Municipal Board, with a hearing set for November. The updated plans feature as many as 10 levels of commercial space (retail/restaurant/gallery), including a concourse level space that will connect underground to adjacent properties, as well as the busy subway stations at the corner of Yonge Street and Bloor Street. The new project would see a 1000 foot, 80-storey tower with over 400 residential units, with prices as high as $30 million for a 9,000 square foot penthouse.

Some have speculated that the corner retail space within The One's podium could be earmarked for an Apple Store flagship, though neither Mr. Mizrahi nor the retailer will confirm this. Toronto is sorely lacking an Apple flagship in its core, with sources saying that its 4,977 square foot CF Toronto Eaton Centre store does in excess of $100 million in sales annually.

Mizrahi's 'The One' will join other retail redevelopments in the area, including Great Gulf's 1 Bloor Street East project, currently under construction. First Capital Realty recently purchased the 85,000 square foot retail podium for $189.2 million in cash, and is seeking tenants to join Nordstrom Rack, which will open a 38,600 square foot store on that site in early 2018. Sources also say that a considerable portion of the two blocks bounded by Bloor Street West, Yonge Street, Yorkville Avenue and Bay Street could see redevelopment as well, though this is still in the early design phase.

Canadian Retail News From Around The Web: September 13, 2016