The future tallest Condominium tower in Canada has been scaled down by the new owners of this controversial Toronto Condo project.

Great Gulf homes, the new Toronto developer has acquired the now empty lot at Yonge and Bloor Street.

Their plans are to build a smaller Condo tower that includes luxury Condominiums and retail stores on the newly purchased site.

Plans were first unveiled in April, 2007 to build Bazis International's tallest Condo tower in Canada but due to several different financial factors that project is now under new management and new owners.

A mixed use condo-commercial project can still bring new development to a very important area of Toronto Real Estate.