Plans to build a 98-storey tower on Toronto’s Yonge Street garnered gasps when first proposed in 2017, developer Cresford aiming to bring a glittering new condo building known as YSL (Yonge Street Living) Residences to the city’s skyline.

What would have become Toronto’s tallest building was scaled back to 85 storeys through the planning process, and site clearing would ultimately get the ball rolling for the tower at Yonge and Gerrard back in April 2019.

Of course, things don’t always go as planned in the real estate biz, something the project developer Cresford would learn the following year.

First, rumours emerged of a “cash crisis” in their development pipeline, and trouble for the developer was confirmed when Cresford’s projects were halted and put into receivership.

It’s been all quiet at the YSL site ever since. The preserved facades destined to live on at the tower base have stood idle around an excavated pit, often filled with pools of stagnant water.

But today, a spark of life emerged from this dusty pit.

Vancouver-based developer Concord Adex — best known in Toronto for their sprawling CityPlace community — has brought the project back from the dead, or at least a heavily modified version of it.

The story broke this morning, revealing the updated plan for the former YSL site. The Globe & Mail reports that Concord reportedly dropped a staggering $167 million on the property, though a large share of the payout went towards covering unsecured creditor claims, mortgages, and other loans.

Known as Concord Sky, the reborn project officially rolled out today just after the story broke, with statements from Concord executives sent out in a news release Wednesday afternoon.

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