A settlement has been reached regarding the future of 484 Spadina Ave., home to the Waverley Hotel and Silver Dollar Room.

The Wynn Group of Companies’ application to build a 22-storey private student residence on the site had been decried by local residents, who had raised concerns about the proposed height, the heritage value of the Silver Dollar Room, and the precedent such a development would set for the area.

Although the City of Toronto denied the developer’s application, it was under appeal at the Ontario Municipal Board.

Under the terms of the settlement, the building will be reduced from 22 to 15 storeys, or 69 to 52 metres, and will incorporate height step-downs and setbacks that will emphasize the architecture of the Silver Dollar Room, which will be restored and maintained in its existing location.

—Annemarie Brissenden/Gleaner News