Toronto condos built on heritage foundations: The trend continues as developers become more preservation-aware and realize the benefits of restoring this city's architectural treasures while blending them in with the new.

A noteworthy example of this trend is FIVE condos at 5 St. Joseph St., a new development by Graywood Developments and Mod Developments Inc., that's heavy on the conservation and promises to transform this forgotten corner into a renewed urban zone.

Until recently, the property consisted of a stretch of stores and fast food takeouts occupying a fair portion of the block at the corner of Yonge and St. Joseph streets.

This century-old campus was the original warehouse and office space for Toronto's largest moving company.

On the south end of the property were the offices of Rawlinson Cartage in a row of narrow, three-storey storefronts dating back to the late 1800s.

There are three buildings at the north end, one of which underwent an addition and art deco makeover in the late 1920s.

When finished, FIVE will consist of a 45-storey tower with a four-storey podium.

Fourteen residences will be located on two floors above a new, ground-level, exclusive collection of luxury boutiques under The Yonge Collection name.

Stephen Price is the Chief Operating Officer of Graywood Developments Ltd. He explains that 'it was part of the vision for the project that includes this wonderful historic façade, that is part of the street-level design of the building and yet, when you step into the lobby and into the elevator up to your suite, you still have all the amenities and benefits of current modern condos.'

The heritage restoration is being conducted by the award-winning ERA Architects Inc., in conjunction with Hariri Pontarini Architects and international design firm Cecconi Simone.

'They're a very talented firm that specializes in works such as this', says Price.

"The stores on Yonge Street are going to be retained in place. The brick will be cleaned, new wood casing windows will be installed, new roof of course, and all the internals will be new. So just how big is this project? According to Price, it's fair to say, it's one of the largest, in-place historic building façade retention or restoration projects that has been undertaken in the country'