I heard about some more details on this project. Depending on market conditions, I expect rezoning & SPA etc beginning this Fall. I think it could be a decent project.
And btw, nimbies will be pleased to hear there's much much more to come for this strip of Yonge....
Yonge Street is the new Bay Street for developers. Grade A material.
Wellesley parking lot may become condo
Toronto Parking Authority pursues plans to sell its Wellesley Street lot for a possible multiple-tower development that would also see a pair of adjacent properties on Maitland Street, including the Catholic Children’s Aid Society building, demolished.
The Toronto Parking Authority (TPA) has been entertaining proposals to redevelop the lot and has settled on a proposal from one developer. The TPA does not yet have authority from the city to sell or redevelop the property.
Marie Casista, TPA’s vice-president of real estate, says there’s no guarantee the proposal will proceed. “It’s an integral part of the community in that it supports parking and therefore supports the businesses,” she says. “But it’s a lot of land, and there must be something we can do with that land to revitalize it or make it something more than just a surface parking lot.”