Claridge Homes is taking a formal step towards building the tallest tower in the city.
City records show the developer has applied to rezone its property in Little Italy to allow it to construct its proposed 42-storey Claridge Tower.
The mixed-use building, located at 505 Preston St., would contain approximately 250 units with almost 24,000 square feet dedicated to commercial uses and 263 underground parking spaces, according to the document filed with the city. The site is currently vacant but previously featured a gas station.
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Public comments will be accepted until Aug. 21 with the goal of going before the city’s planning committee on Oct. 23, where the developer will ask to amend the current arterial mainstreet zoning to allow for the mixed-use building.
Claridge vice-president Neil Malhotra initially announced plans for the tower in May, and said at the time that he hoped to build by 2017.
Records show Claridge purchased the 15,700-square-foot property from Imperial Oil in March for slightly more than $9 million.
The proposal is one of many mixed-use buildings in the works near Little Italy, as outlined in a recent OBJ feature.