The 0.34-acre site includes holding income through existing tenants, unparalleled connectivity to transit, and the potential to build a 59-storey mixed-use development.A rare assembly of prime development land in the heart of Toronto's downtown has just hit the market — and it’s checking all our boxes.
The planned development envisions a built form with a six-storey podium and a 53-storey tower above, with varied setbacks that respond to local planning policies, and provides adequate setbacks from the planned bus terminal redevelopment to the north.
"As Toronto's pre-construction market revives, developers will compete intensely for prime locations, with top-tier sites achieving the highest absorption rates,” explains Steve Keyzer, Executive Vice President, Sales Representative, Colliers. “For purpose-built rentals, proximity to transit or educational hubs offers the best opportunity to support high rental rates and steady demand, essential for a viable project in today’s market.
"With land, labour, and material prices being what they are, it is very difficult to build a new home at a cost that the market will readily absorb – and this issue is manifesting itself in the form of low sales," says Justin Sherwood, BILD's SVP of Communications & Stakeholder Relations.