Toronto's urgent need for additional housing and developers' urgent need for more money have converged yet again in a proposal to tear down a block of homes and replace them with a new tower soaring 59 storeys into the sky and containing over 700 new residences.

A community consultation meeting held on April 17 briefed locals on developer The Benvenuto Group's forthcoming proposal to replace a block of townhomes spanning 54-70 Brownlow Avenue with a new residential tower that would rise 187 metres into the midtown Toronto skyline.

Renderings of the Sweeny &Co Architects-designed tower aren't exactly eye candy, though the project is still in its earliest form — and images and information shared during Wednesday evening's presentation may be subject to change between now and a formal submission with city planners.

Locals were briefed on plans for the tower's aforementioned height, as well as a planned 740 residential units — the tenure not specified as condo or rental at this early stage.

Residents of this new tower would have access to a three-level underground parking garage housing 115 spaces for cars. The majority of residents would be expected to make use of 814 bicycle parking spaces, as well as the nearby Eglinton Crosstown LRT (whenever it actually opens).

The tallest building approved for the immediate surrounding area is a 52-storey development greenlit for the corner of Brownlow and Eglinton steps to the north. Across the street from the proposal site, to the east on Brownlow, towers of 59 and 55 storeys are proposed but pending approval.

The community consultation on Wednesday was merely the second step in the City's lengthy planning and approvals process.

It could still be months before an official submission is filed with city planners, likely incorporating feedback from the pre-consultation process, and then potentially years before shovels hit the ground for any project at this location.