A 2021 proposal to build a soaring pencil-thin skyscraper above preserved buildings dating back to the late 1800s on Toronto's Yonge Street is one step closer to reality following a nod of approval from heritage planners.

The proposed demolition and partial retention of existing 19th-century buildings at 49 through 51 Yonge Street has been recommended for approval by the City's Acting Senior Manager of Heritage Planning, Urban Design and City Planning.

The recommendation marks a major step forward for SmartCentre REIT's proposal, which is currently embroiled in the provincial appeals process.

Details of the latest update for the proposal were presented alongside a report recommending approval for alterations to the heritage properties, including new renderings showing off a revised plan for the architects—Alliance-designed building.

Now planned to rise 62 storeys — an increase from the 60-storey plan presented in 2021 — the slender tower features a minimalist design that would create visual separation from the heritage buildings below through a three-storey glazed reveal section.

The 1872 former Bank of British North America building at 49 Yonge Street — a designated heritage building — and the 1847-built Commercial Travellers Association Building at 51 Yonge — listed on the city's heritage register — would have their exterior walls retained and incorporated into the tower's podium, with some minor alterations.

The former Bank of British North America building is currently home to The Irish Embassy Pub & Grill, which would be displaced by the development if approved in the ongoing provincial appeals process.