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2201 Eglinton East & 888 Birchmont (?, ?s, ?)

A

AHK

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The ScotiaBank property at 2201 Eglinton Avenue East and 888 Birchmont apparently has been sold (no information as to whom) on a sale and leaseback arrangement. Presumably this is setting the stage for redevelopment of the site after ScotiaBank has completed the transition out of their staff who are currently working at this location (some possibly to the new building currently under construction at Bay-Adelaide North). From Renx:

Among the most notable lease transactions during the quarter were:

* Scotiabank’s 406,400-square-foot sale/leaseback at 2201 Eglinton Ave. E. and 888 Birchmount Rd.

This is a large site at the south-west corner of Eglinton and Birchmount, with a huge amount of parking, and will be right on the Eglinton LRT.

I believe there has been some discussion of this site before, but in the context of the general Scarborough Eglinton East / Golden Mile redevelopments (it used to be the SKF Bearings plant prior to its acquisition and use by ScotiaBank), and cannot find a thread specific to this site. Mods - if a thread for this site already exists, could you please merge.
 
AHK said:
The ScotiaBank property at 2201 Eglinton Avenue East and 888 Birchmont apparently has been sold (no information as to whom) on a sale and leaseback arrangement. Presumably this is setting the stage for redevelopment of the site after ScotiaBank has completed the transition out of their staff who are currently working at this location (some possibly to the new building currently under construction at Bay-Adelaide North). From Renx:

Among the most notable lease transactions during the quarter were:

* Scotiabank’s 406,400-square-foot sale/leaseback at 2201 Eglinton Ave. E. and 888 Birchmount Rd.

This is a large site at the south-west corner of Eglinton and Birchmount, with a huge amount of parking, and will be right on the Eglinton LRT.

I believe there has been some discussion of this site before, but in the context of the general Scarborough Eglinton East / Golden Mile redevelopments (it used to be the SKF Bearings plant prior to its acquisition and use by ScotiaBank), and cannot find a thread specific to this site. Mods - if a thread for this site already exists, could you please merge.
Click to expand...

Currently home to more than 5,000 staff; long-term lease and renos under way; unlikely this site will be vacated by Scotia in the near-term.
 
And in the long term, Scarborough desperately needs these jobs. Last thing we need is to be stuffing more riders onto the 17 Birchmount or Yonge subway, and start jamming them over downtown.

However, the site is massive so i can see a vast chunk being sold off for *ahem more condos* with underground parking accomodating the office portion of the site. I dont know who would be enthused to be living next to inmates right next door at the dentention centre, but i'm sure the developer wouldnt have any trouble finding swaths of people to sell to.
 
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This is the site


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Amare said:
And in the long term, Scarborough desperately needs these jobs. Last thing we need is to be stuffing more riders onto the 17 Birchmount or Yonge subway, and start jamming them over downtown.

However, the site is massive so i can see a vast chunk being sold off for *ahem more condos* with underground parking accomodating the office portion of the site. I dont know who would be enthused to be living next to inmates right next door at the dentention centre, but i'm sure the developer wouldnt have any trouble finding swaths of people to sell to.
Click to expand...
The lands here are all remaining employment lands under the Golden Mile Secondary plan - so no condos.
 
I believe this is where Aviva used to be before their move to Markham.

So this place has been running with substantial vacancy for awhile.
 
innsertnamehere said:
The lands here are all remaining employment lands under the Golden Mile Secondary plan - so no condos.
Click to expand...

While the Secondary Plan may currently designate this site as employment lands, this may not be a case of 'now, in the future, and forever more'. The trend towards employment clustering, especially in central nodes with strong transit access and lots of local residential density (e.g. downtown, selected mid-town locations) is continuing. Companies will locate where their staff, their key talent resources, will want to work.

Forcing a site such as this to stay entirely employment lands is to create another Two Kings situation before the mid-1990's when they were designated as Regeneration Areas (thanks to Ken Greenberg, Paul Bedford and Barbara Hall). Given the critical need for additional housing supply in the Toronto area, to sequester a site like this into an employment lands dead zone forever just will not make sense. The growing future disparity in land value in this location for residential versus employment uses will make this increasingly evident.

So - in my opinion, only a matter of time until common sense prevails, and some, if not much of this site gets rezoned for residential use. The sale and leaseback strategy would suit both parties in the interim - Scotiabank and the acquirer. Scotiabank buys time, at a reasonable occupancy cost, to further develop and execute its long term accommodation strategy and requirements. The acquirer obtains an enviable land position, along with a reasonable carrying income, along with the time for the need for additional residential development space to become even more evident - which will be indicated by the discrepancy between land values for residential versus commercial uses in the area. And the time to work through the inevitable rezoning process.

So - only a matter of time....
 
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