One Yonge Mega-Development in Downtown Toronto to Include Substantial Retail Component [Interview]

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The One Yonge development at the Toronto Waterfront, just steps to the Financial District and other landmark sites, promises to be one of the most coveted addresses in the city for both residents and retailers.

Michael Calderone

Michael Calderone, Broker with Urban Reform Realty Inc., said availability of retail space exists in The Prestige Condos tower by Pinnacle, the first tower in the overall development.

One Yonge is a multi-phase development at the foot of Toronto’s iconic Yonge Street composed of three residential condo towers and two office towers with the Toronto Star building receiving an additional 10 floors.

Pinnacle One Yonge (Photo: Dustin Fuhs)
The Prestige at Pinnacle One Yonge (Photo: Dustin Fuhs)

The master-planned community by Pinnacle International and designed by Hariri Portarini Architects, will transform a legendary address into one of the world’s most vibrant go-to places to live, work, play, shop, and pursue your passions, says the developer.

It will have more than 2,200 condominium suites between the three residential towers and the buildings will anchor the master-planned 4.4 million square foot development of Pinnacle One Yonge. This complete community will also include 1.5 million square feet of office space, 160,000 square feet of retail, a 250-room hotel, and a 50,000 square foot community centre that will include a six-lane, 25-metre swimming pool and double gymnasium, making this truly a complete community.

The Prestige, with about 1,600 residential units, is located at One Yonge and Queens Quay.

Pinnacle One Yonge (Image: Hariri Pontarini Architects)

The Prestige is the first tower built in the overall development and it’s 65 storeys. 

“That building is built and occupied with the current ground floor retail with Bank of Montreal open and Society Skin Bar is open and operating and then Phase 2 will be the Sky Tower, which is on track to be the tallest tower in Canada (at 105 storeys with 960 residential units),” said Calderone.

To the north of these two towers is Phase 3 which previously was going to be an 80-storey tower but could now be 95 storeys.

Pinnacle One Yonge (Photo: Dustin Fuhs)
Former LCBO Head Office and Pinnacle One Yonge in the Distance (Image: Dustin Fuhs)

The second tower is under construction.

“Our retail in all three towers will be connected with a contoured pedestrian walkway between all three towers and trying to make it as liveable and community centric as possible,” said Calderone.

“All three towers will have retail. There will be restaurant opportunity and the service amenities. Right now in The Prestige which is currently built and occupied, the second floor . . . has a 50,000-square-foot community centre that’s built and operated by the City of Toronto. That has a six-lap Olympic size pool. A real great community amenity. There’s an art community centre, there’s breakout rooms and a gymnasium and community services.”

Image: Hariri Pontarini Architects
Available Retail at The Prestige One Yonge (Image: Urban Reform)

One Yonge St is in a home room location with close proximity to Union Station, Scotiabank Arena, Harbourfront Centre, Meridian Hall, Hockey Hall of Fame, St. Lawrence Market and many other Toronto attractions.

“It’s really the gateway to the east Sugar Wharf and East Bayfront. This is the main connector to the financial core and the City of Toronto. Union Station. Air Canada Centre,” said Calderone.

“This is going to be a landmark destination, visually from the towers themselves but from a live, work, play we are the glue that connects us to the rest of Toronto.”

A leasing brochure on The Prestige indicates there are seven retail spaces with the tower comprising 13,702 square feet. About 7,740 square feet remains available for lease.

Mario Toneguzzi
Mario Toneguzzi
Mario Toneguzzi, based in Calgary, has more than 40 years experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, faith, city and breaking news, and business. He is the Senior News Editor with Retail Insider in addition to working as a freelance writer and consultant in communications and media relations/training. Mario was named as a RETHINK Retail Top Retail Expert in 2024.

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