World famous jewelry brand Tiffany & Co. is changing up its longtime Toronto presence with a new Canadian flagship location, set to debut just around the corner from its existing storefront at an unconfirmed date in the near future.

According to a new exclusive from Retail Insider this week, the 187-year-old brand — which has inspired movies, song lyrics and its own eponymous colour Tiffany Blue — will be departing its 150 Bloor Street West space for a two-floor storefront in the corner unit of at 1200 Bay Street in Yorkville, which also includes the address of 66 Bloor.

The store will boast a whopping 12,000 square feet across the two levels, with 24 foot ceilings on the second thanks to the complete removal of the third floor, per Tuesday's report.

Crews have already appeared on site to start construction on the interior and the exterior, the latter of which RI calls an especially "complicated" project, as Tiffany & Co. is set to put its stamp on the entire building with a visual overhaul and even renaming rights.

Building applications filed with the City in May call for an interior renovation back to base-builing shell condition, a full interior re-do, and a facade replacement.

This will mark the third location for Tiffany's Canadian flagship in Toronto, which first opened its doors at 85 Bloor Street West 33 years ago.

It also has presences in Yorkdale and Sherway Gardens shopping centres, as well as within Holt Renfrew Yorkdale.