The Silver Dollar will live on as a live music venue in Toronto after a settlement was reached between the city and the developer at the Ontario Municipal Board.
The Wynn Group, which owns both the bar and the attached Hotel Waverly located at 486 Spadina Ave., initially proposed tearing down the buildings to erect a 22-storey structure that would include private student residences.
The city rejected the proposal over concerns about the building’s historic value and the impact a large structure would have on a nearby school.
Coun. Joe Cressy said that after “hard negotiations” through the OMB, an agreement was reached Friday morning.
“At 22 storeys, that building is going to completely overtake the kids’ playground,” he said, adding that the developer has now agreed to scale the project back to 15 storeys.
The developer, Cressy said, has also committed to restoring the Silver Dollar’s dance floor, stage and bar area.
Over the years, the Toronto landmark played host to a number of high-profile musicians including Bob Dylan and Levon Helm.
“This is part of what is heritage in the city. It is not just the wood and the bricks and the mortar. Heritage is also cultural. It’s where memories were shared, it’s where moments happened. Music is a piece of heritage,” Cressy said.
The Ward 20 city councillor, who grew up in the neighbourhood, said he himself has fond memories of the club.
“Bluegrass Wednesdays was a hallmark. I might have gone there a few times underage,” Cressy said with a laugh.
