Oxford Properties Group Inc. is proposing to turn an area of midtown Toronto that’s mostly parking lots into a mix of apartments, offices and retail space, a major bet that demand for dense urban living will rebound after the pandemic.

The proposal, submitted to the municipal authorities on Friday, is worth about C$2.5 billion ($2 billion), according to a person familiar with the matter. It includes 3 million square feet of commercial and residential space spread among five new skyscrapers at the southwest corner of Yonge Street and Eglinton Avenue.

The plan for the area, which Oxford calls “Canada Square,” would also turn about half the site’s 9.2 acres into open space and parkland, according to a statement from the company.

A surge of demand for dense downtown living reshaped North American cities for almost a decade before the Covid-19 pandemic struck. Now, many companies are rethinking their need for office space after employees successfully worked from home for months. Many residents, meanwhile, are taking advantage of their new work flexibility to flee cramped apartments for homes outside the city.