March 7, 2012 Toronto City Council has approved the sale of the city owned Green P Yorkville Cumberland Parking Garage to Developer Minto. Located directly south of the New Four Seasons Hotel & Private Residences, it started out as a surface parking lot in the mid-1950’s and in 1974 was developed into a 1000 space parking garage.
The footprint of this property expands across the entire city block as it fronts on both Yorkville Avenue to the north and Cumberland Street to the south. The six storey garage has both a retail component with the Shops of the Village Arcade including Dinah’s Cupboard and an office space component.
Under the plan developer Minto will build two condominium towers on the site and will also provide 800 spaces of underground Green P public parking and 400 parking spaces for residents of the condominium towers. With the sale slated to close in 2015 and design work in the early stages, a formal development application has not yet been submitted to the City.
Initially as the project goes into the construction phase, the Yorkville neighbourhood will lose 1000 parking spaces and then it will gain back 800 public parking spaces once the project is complete.