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The Fremes Building is architecturally significant as a well-designed example of the early tall commercial building type, typified by the Classical organization and detailing. Anchoring the southwest corner of Adelaide Street West and Peter Street, the building contributes contextually to the character of the King-Spadina neighbourhood as it developed as an industrial area in the early 20th century.The heritage attributes of the building are found on the exterior walls and roof with attention focused on the north, east and west facades. The six-storey structure is built of red brick with stone trim. The unusual plan treats the long side of a narrow rectangle as the principal (north) facade which extends twelve bays and features a Classical base, shaft and cornice. On the twostorey stone-clad base, single entrances with oversized transoms and bracketed entablatures are placed at ground level near the ends. The flat-headed window openings are slightly reduced in height in the second level. The segmental-headed window openings in the shaft and the flatheaded openings in the top storey are organized by brick pilasters. Broken cornices run above and below the attic windows, which are separated by triangular motifs. The pattern of fenestration is repeated on the east elevation facing Peter Street, while the window openings on the west wall are placed according to the interior layout.
The building was listed on the Toronto Heritage Property Register in 2005. It is included in the King-Spadina Heritage Conservation District.