A prime slice of real estate just went up for grabs in Toronto’s Parkdale neighbourhood, and it’s pretty much ready for condos.
The assembly of properties at 1354-1360 Queen St. W and 8-14 Brock Ave. is now on the market, and it’s being touted as a fantastic opportunity to build big in one of the city’s most desirable areas.
Yes, that is the same corner where the neighbourhood was up in arms about historic buildings being demolished.
But their complaints were heard (sort of).
The planned development now calls for the integration of the existing south facades of 1354-1360 Queen Street West, as well as the east facade of 1354 Queen Street West, into the new development. Unfortunately, 8-14 Brock Avenue is still set to be demolished.
Toronto neighbourhood upset over potential demolition of historic building for condos https://t.co/hHCpW9rcRb #Toronto #TorontoRealEstate #RealEstate
— blogTO (@blogTO) April 16, 2021
The 0.46-acre property is currently listed for $22,500,000 and is essentially shovel-ready.
This mid-rise development site already has zoning entitlements in place, making the process to break ground that much smoother.
With both a Zoning By-law Amendment and an Official Plan Amendment already issued for the site, the groundwork has been laid for a 12-storey mixed-use redevelopment.
The proposed plans for the site include a massive 152,277 square feet of gross floor area, which will house 222 residential units, 36 parking spots, and 3,402 square feet of retail space at street level.
Currently, the property is still occupied by a mix of commercial and residential tenants, which brings in some “interim cash flow”.
However, with lease termination clauses in place, there’s flexibility for near-term development whenever the new owner is ready to get started.
Also, according to the listing, the seller is even open to providing financing to qualified buyers. So, it’s only a matter of time before the corner of Queen St. W and Brock Ave. becomes a construction zone.
