A new mixed-use tower is coming to the northwest corner of Bay and Bloor, and it's set to soar high above the skyline with 87 storeys.

The new skyscraper is being designed by Swiss-based architectural firm Herzog & de Meuron and Canadian architects Quadrangle, both of which were appointed by developers Kroonenberg Groep and ProWinko. 

This development will mark Herzog & de Meuron's first project in Toronto, and Urban Strategies will also be part of the design team.

"This is an iconic block in the neighbourhood and Toronto at large. We have an opportunity to deliver a project that sets a new benchmark for design and strives to give something back to the city," said Lesley Bamberger, owner of Kroonenberg Groep, in a statement.

Once completed, the building will house 332 condominium units spread over 64 floors, and the first 16 storeys will be reserved for various retail and office spaces. 

Condo units will range from one bedrooms to multi-level penthouses, all of which will have floor-to-ceiling operable windows to provide natural ventilation and light.

Separating the the condos from the lower floors will be a private amenities level, and the highest three floors will be occupied by a large restaurant, sky lounge and rentable spaces.