A huge mixed-use development proposal could transform a portion of midtown Toronto with five office and condo skyscrapers.

Oxford Properties and CT REIT submitted the proposal to the City of Toronto on Monday.

The project proposal is to redevelop the 9.2 acre Canada Square property at the southwest corner of Yonge and Eglinton, according to a press release from Oxford Properties.

The five mixed-use towers with over 650,000 square feet will create new office space, street-related retail, 2,700 new homes, new community amenities and landscaped open spaces, improved transit infrastructure and a dedicated community space, in multiple phases.

An aerial view of the property subject to re-development.

Approximately half of the site will be new outdoor space for the community, according to Oxford Properties.

"The current pandemic has vividly demonstrated the need for additional outdoor space in our urban centres and our proposal for Canada Square, where approximately half of the site is dedicated to open space, puts it at the heart of this development," said Mark Cote, Head of Development, Canada, Oxford Properties.

The project started back 2017 with a community engagement process.

Oxford is working with an architectural design team led by Pelli Clarke Pelli Architects and Hariri Pontarini Architects, with Adamson Associates Architects as Executive Architect. OJB Landscape Architecture will design the outdoor space.

The proposal includes a large public space area.

The project plan comes in three phases.

The first phase will see a tower on the north side of the site that will accommodate 650,000 square feet of contemporary office space and approximately 420 residential units, located directly above the Eglinton interchange station for the TTC’s Line 1 subway and Line 5 Eglinton Crosstown LRT.

This site could include transit improvements for a new TTC bus terminal that integrates with the existing subway concourse.

At street level there will be a new public plaza that leads from the intersection to a new landscaped open space immediately south of the mixed-use tower, a creative use of the bus terminal's roof.

The subject area as it looks today at Yonge and Eglington.

The second phase, at the south side of the site, features four residential towers including street-related retail and office space for community professional services, such as medical and dental uses, all oriented around a central courtyard accessed from a new public street.

The central precinct features a new 10,000 square foot community space with the potential to accommodate a day care centre, recreation space or other community services.

If approved the project could begin construction in 2023.