Construction about to begin on much anticipated development across from Gyro Beach

Photo: Contributed

Construction can finally go ahead on a long-awaited development across from Gyro Beach.

Meiklejohn Architects have the go ahead after receiving a building permit this week for the $50.8 million mixed-use residential and commercial development at the corner of Lakeshore Road and Richter Street.

Called Caban, the development includes a pair of six-storey buildings in the vacant lot at the intersection.

It will feature 130 residential units and eight retail spaces as well as a signature 250 square-foot waterfall facing onto Lakeshore.

The property has been vacant for several years as different proposals were brought forward, then stalled.

An initial proposal in 2008 fell victim to the global financial crisis while a second try in 2017 also went nowhere.