'The One' tower plan would reshape Toronto skyline

'The One' would place 72 storeys of apartments on top of an eight-storey luxury shopping mall at the site of the former Stollery's. (Mizrahi Developments)

A proposed 80-storey skyscraper project that would change Toronto's skyline is raising eyebrows at City Hall.

Dubbed "The One," the proposed tower would stand 318 metres high at the southwest corner of Yonge and Bloor Streets downtown, on the site of the old Stollery's building. The tower would become the second-tallest structure in the city, behind the CN Tower, and would offer high-end retail and residential spaces along with approximately 600 parking spots.

"It's the most important intersection in the city," developer Sam Mizrahi told CTV Toronto on Thursday. "We wanted to create a building of excellence."

The proposed building already has the backing of the Bloor-Yorkville Business Improvement Areas. "There’s a lot of positives about it (including) a world-renowned architect creating a condo that people can be proud of," executive director of the BIA Briar de Lange said.

But city councillors say they haven't had a chance to discuss or approve the tower at City Hall.

Coun. Paula Fletcher said the tower is still nothing more than a "gleam" in the eye of the developer, and Mizrahi will have to come to the city before he can move forward with his ambitious project.

"It's never seen the light of day here in public at City Hall," Fletcher said Thursday. She said the proposal will have to be approved by the city or pushed through at the provincial level before it becomes a reality.

Coun. Kristyn Wong-Tam adds the height of the proposed soaring skyscraper will likely set a precedent for future buildings in the area.

"If it's going to be approved, then you can probably anticipate the same height marching up and down the rest of the street," Wong-Tam said.

Current plans for the tower would make it the tallest skyscraper in Canada. If it's approved, the developer would like to see the retail space open by 2018 and the residential part by 2020.

With a report from CTV Toronto's Natalie Johnson