Fire Hall #3 was built in 1871 and opened in 1872; this fire hall closed in 1929 when the new hall was erected on nearby Grosvenor Street. The lower portion of the building burned in 1939, and in 1950 more of the original building was demolished to build the St. Charles Tavern, which opened in 1951 and eventually became one of the city’s most prominent gay bars. St. Charles Tavern closed in late 1987, and the building operated a number of clubs and other businesses until 2018 when the properties at 480-490 Yonge Street began to be redeveloped for a mixed use high rise. The restored clock tower will be the focal point of the new development; in 2018 the clocktower was moved a short distance to the north, and will eventually sit 0.9m east of its original location.

The clock tower displays architectural elements typical of the late Victorian era, particularly the classical detailing from Italianate precedents and the mansard roof associated with the popular Second Empire style, and is valued historically as a rare collaboration between architects James Grand and William Irving, who were recognized practitioners in Toronto in the mid 19th century.

The property was listed on the City of Toronto Inventory of Heritage Properties (now the Heritage Register) in 1974 and was designated under Part IV of the Ontario Heritage Act on 10 March 2016, the same day City Council designated the Historic Yonge Street HCD under Part V of the OHA.

• Architect - James Grand  <-- More buildings by this architect.
• Architect - architectsAlliance - Peter Clewes, Adrian DiCastri and John Van Nostrand are partners in this company.   <-- More buildings by this architect.
• Architect - William Irving  <-- More buildings by this architect.
• Architect - ERA Architects Inc.  <-- More buildings by this architect.
• Developer - Cresford Developments