Requesting consent to sever a parcel of land having a width of 18.5m, a depth of 40.0m and an area of 624.0 sq.m that will contain an existing building, municipally addressed as 550 King Street East. Minor variances to the Zoning By-law are also being requested for the proposed severed lands, to permit a side yard setback abutting King Street East of 0.17m rather than the required 1.5m; a rear yard setback of 1.2m rather than the required 7.5m; and, an exemption from the Special Regulation Provision 285R to permit 0 parking spaces rather than the required 32 parking spaces, in order to recognize the location of the existing commercial building on the proposed severed lands. The retained land will have a width of 29.3m, a depth of 42.5m and an area of 1,418.8 sq.m and will be municipally addressed as 530 King Street East. Minor variances to the Zoning By-law are also being requested for the proposed retained lands to permit an exemption from the Special Regulation Provision 541R to permit a rear yard setback of 1.7m rather than the required 7.5m; a building height of 32.5m rather than the maximum permitted 24.0m; and, and to permit 22 parking spaces rather than the required 60 parking spaces for residential use, to facilitate the redevelopment of the lands with a 9-storey residential building having 60 dwelling units.