A local institution of a steakhouse and an adjacent farmers' market just north of Toronto could soon be lost to make way for a huge new development featuring a pair of 60-storey towers.

A fresh application tabled by developer Grmada Holdings to the City of Markham seeks to clear the site of The Octagon steakhouse at 7529 Yonge Street and the York Farmers Market to the south at 7509 Yonge and replace the existing low-rises with a towering residential development.

The application joins a growing corridor of high-rise proposals hugging future station locations along the Yonge North Subway Extension, situated just north of the future Clark Station.

Designed by Graziani + Corazza Architects, the towers are planned to reach heights of just over 195 metres, and would stand among the tallest buildings in Markham if approved as proposed.

The plan would bring a staggering 1,330 residential units (the tenure of which is not specified in plans) to the vicinity of the future subway station.

Though this much-needed density is planned on the back of a rapid transit extension, the developer has opted to appeal to suburban residents with a massive four-level underground parking garage that would add almost 630 cars to local roads.

Such proposals often take years to work their way through the planning and approvals process, though the plan would eventually result in the demolition of two community staples.

The property at 7529 Yonge has been home to a restaurant since the 1960s. Originally known as the Copper Kettle, the restaurant was purchased by the current owners in 1974, who renovated and renamed the property in reference to its octagonal shape.

The original structure was destroyed by a fire on December 28, 1992, though the Octagon would rise from the ashes with a reconstructed building in its original location.

The restaurant likely has a few years left at this location before it is forced to either relocate or close.

As for the York Farmers Market, the proposal includes a new space planned to host the local fixture, ensuring the business will remain a part of the community in the long term.