Toronto's iconic Hudson's Bay building may become a self-storage hub after years of vacancy
Global real estate company Brookfield Properties and Canadian-based Larco Investments are hoping to convert four levels of the former Hudson's Bay at Yonge and Bloor streets in Toronto into a self-storage warehouse as the market for large retail spaces continues to stagnate.
The well-known building on the northeast corner of one of Toronto's busiest intersections was constructed in 1973 as The Bay's flagship store, although a nearby Queen Street location later became the flagship location.
Hudson's Bay had been the main tenant of the building, but the embattled retailer closed its doors at Bloor-Yonge in 2022, citing the proximity to the Queen Street store and saying it wanted to optimize its real estate portfolio. In 2025, the company filed for creditor protection and closed all of its remaining stores.
Urban Strategies Inc. submitted the zoning application to the City of Toronto on behalf of the real estate firms on Saturday, seeking a commercial use permit for the site at 2 and 90 Bloor St. E.
The existing complex at the site is mixed-use, including office, retail and hotel space. While the land uses are held by several different ownership interests, Brookfield and Larco have the two major land holdings, the application says.
The proposal seeks to add self-storage uses to the second, third, fourth and fifth floors of the building while investing in and reanimating the ground floor retail spaces.
The application notes the upper floors have minimal natural light. "Since The Bay's departure, Brookfield & Larco have explored a variety of ways to repurpose the space, but due to challenging market conditions, the decline of large format retail space, and unique site constraints, the building continues to sit vacant," the application's planning justification report reads.
"Opportunities to lease the space for retail uses has been challenged due to the large size of the space and the existing above grade floor conditions. Opportunities to renovate and lease the space for office uses have also been explored, but are significantly challenged by the existing large, deep floor plates, and a soft office market primarily driven by the flight to quality."
The self-storage space would span about 20,100 square metres while the retail space at the ground floor and concourse levels would cover 8,330 square metres, it says. The renovations would not increase the existing floor area of the space.
A full redevelopment of the site would be "extremely challenging" because of the structural complexities associated with sitting directly above the Bloor-Yonge TTC Station, the application said.
However, self-storage, which could take advantage of the building's existing structure, is "emerging as an in-demand use," it added.
The application also proposes altering the building's concrete exterior, with "surface mounted recladding of the building facade to make the existing building more compatible within the surrounding context."
Key project benefits, according to the application, include adding self-storage to a part of the city that is "underserved" by these facilities, supporting "project feasibility" to reanimate a vacant site at a key downtown intersection and making the building more flexible to changing market demands.
