03/12/2015 08:56 EDT | Updated 05/12/2015 05:59 EDT

The One, 80-storey condo, pitched for Toronto’s Yonge-Bloor corner

A proposed 80-storey condo tower at the corner of Yonge and Bloor would be the tallest in the city and all of Canada, and the design is already polarizing people in the area.

​Developer Sam Mizrahi showed off plans for the massive tower, dubbed The One, at a community meeting on Wednesday night. The building would shoot up at the corner where the Stollerys building stood for more than 100 years before it was controversially torn down earlier this year.

People in the neighbourhood already had mixed feeling about the project on Thursday morning.

"In keeping with the rest of the corner maybe that might fit in … but it certainly will take away from the culture of Toronto," said one woman.

Another man was more impressed with the new design than the old Stollerys building, which he called a "lowrise eyesore."

The proposal, which Mizrahi hopes could be finished as soon as 2018, would have eight storeys of retail shops, 600 parking spots and some 560 residential units. Mizrahi said he thinks the building would put Toronto on the international map.

But for now, area Coun. Kristin Wong-Tam said it’s still just the developer’s "dream" as far as city council and staff are concerned.

"Right now all that’s before planners are some images,” Wong-Tam told CBC Radio's Metro Morning, noting that while it’s an "attractive, modernist" building there are still plenty of studies required before work begins.

The height of the building, she said, would cast a significant shadow. City staff will also have to study the building’s impact on transportation and other aspects of urban life in the area.

While Torontonians are accustomed to height in the area, she said, "There are no shortcuts at the city of Toronto" that would allow the building to go up without detailed study.