2512R Yonge Street (Future Development Site)

[A Torontonian Now]

This site near Yonge & Eglinton is for sale as a development lot.

I spotted this sign yesterday:

From the broker's website, there is this description:

2512R Yonge Street
Opportunity

An investor/developer has the unique opportunity to purchase almost half an acre in the heart of the City. An exclusive residential masterpiece of high-end living is awaiting the right buyer with the vision to make it happen! 2512R Yonge Street (also referred to as 9 St. Clement’s Lane) is at the centre of it all. Proximity to the financial core, City Hall, subway, private clubs, private schools, top-ranked public schools, hospitals, U. of T., Ryerson University, major sports stadiums, and the entertainment district make this location second to none. Given the recent, intensive investment in this area by businesses, real estate developers, as well as the City and Province, it is easy to see how Yonge and Eglinton is the most dynamic neighbourhood in the City!

Community
Situated just 620m north of the Yonge and Eglinton intersection, 2512R Yonge Street is located in one of the more affluent and active neghbourhoods in the City of Toronto. The property is in close proximity to both the TTC Line 1 subway (Eglinton Station), as well as the new Eglinton Crosstown light rail line, scheduled to open in 2022. It is also just a short walk away from an abundance of amenities, including some of the best shopping and eating establishments Toronto has to offer.

Property

Lot Dimensions: Irregular - A depth of approximately 325 feet.

Frontages: Duplex Ave. - 60 +/- ft. St. Clements Ave. - 10 +/- ft.

Lot Size: 20,839 square feet or 0.478 acres (per GeoWarehouse)

Improvements: One (1) Single-Storey Building

Zoning

The City of Toronto zoning for 2512R Yonge Street is:
R (d1.0)(x795); R (d1.0)(x940); and, R (f7.5; u2; d0.6)(x949)

Asking Price: $10,800,000.00

And also this map:

 

[ProjectEnd]

There's a sucker born every minute, I guess...

 

[Northern Light]

There's a sucker born every minute, I guess...

The site is barely 19m wide!

It also directly abuts a school building with windows at-grade.

I don't recall if the adjacent development goes right to the lot line......but yeah, I don't see what you could do w/that lot on its own.

******

But that got me to looking at the adjacent private school, that people apparently pay good tuition to send their kids too that has no real school yard/field...........

That's a big chunk of real estate............it's not a heritage building...........with the precedent of the development to the south, I wonder if they'd be tempted to market the property......

 

[TossYourJacket]

Would be nice if the city could acquire it (ideally for way less than the insane asking price), and combine it with the Green P lot to the south to create a park or affordable housing.

 

[A Torontonian Now]

I'd imagine the best use this could be put to on its own are a long row of shallow but tall townhouses. This is a pricey neighbourhood for ground-related housing, so maybe there's a buck to be made there, provided that the asking price is negotiable.

 

[Northern Light]

Would be nice if the city could acquire it (ideally for way less than the insane asking price), and combine it with the Green P lot to the south to create a park or affordable housing.

The Green P lot is being (partially) developed and turned into a park. We have a thread for that........

The Capitol | 56.35m | 14s | Madison Group | Turner Fleischer

Located at Yonge and Castlefield, The Capitol Residences will feature 147 suites ranging from 535 to 2,165 sq. ft. and pricing starting in the $900's. Price list isn’t out yet, but should we expect $1682 psf minimum (based on $900,000/535 sq ft)?

urbantoronto.ca

As such there is a case to be made for adding to that park, given the challenges of that parcel.

However, not at 10.8M................

 

[AlbertC]

The asking price of $10.8 M is quite steep. Not sure if the dimensions or numbers work out to be attractive to buyers, but laneway rowhousing like this project on Bartlett comes to mind as a possibility.

Lanehouse on Bartlett | 11.89m | 3s | Curated Properties | AUDAX

50 & 52 Bartlett Street (3s,???) Interesting 3 storey laneway project on Bartlett Avenue near Dufferin and Bloor. There's a boiler factory in the laneway between Gladstone and Bartlett that's being converted into condo townhouses. I was at the community meeting for this a couple of weeks...

urbantoronto.ca

 

[Msleylar]

The asking price of $10.8 M is quite steep. Not sure if the dimensions or numbers work out to be attractive to buyers, but laneway rowhousing like this project on Bartlett comes to mind as a possibility.

Lanehouse on Bartlett | 11.89m | 3s | Curated Properties | AUDAX

50 & 52 Bartlett Street (3s,???) Interesting 3 storey laneway project on Bartlett Avenue near Dufferin and Bloor. There's a boiler factory in the laneway between Gladstone and Bartlett that's being converted into condo townhouses. I was at the community meeting for this a couple of weeks...

urbantoronto.ca

IMO this is almost certainly a ploy to force the school's hand into purchasing the property and continuing to use it as their playfield, or to force the City's hand to acquire it as part of the proposed park. I'm leaning towards the latter given the timing of this release right after NYCC adopted the OPA to facilitate the park. (http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2021.NY26.5).

I wonder what the arrangement between the school and the Orange Order was for them to use the lands as play space.

 

[CBToronto]

Did this property ever sell, figured if it did, the the school bought. Figured it was never an great place to be developed on its own, it was simply too narrow.

 

[rbt]

Did this property ever sell, figured if it did, the the school bought. Figured it was never an great place to be developed on its own, it was simply too narrow.

Yes. Someone bought it in October '21 for 9 million.

 

[Toronto1834]

My understanding is that the adjacent private school was renting the open space from the Orange Hall and using it as their only at-grade play space, and they subsequently purchased it.

 

[dowlingm]

Do I have this right? The Orange Order screwed a protestant school out of $9m for a playground?

 

[CBToronto]

My understanding is that the adjacent private school was renting the open space from the Orange Hall and using it as their only at-grade play space, and they subsequently purchased it.

That was the only play I could have really seen for such a narrow piece of property. Prior to the school's last major expansion in 2006 they had bought 6 houses, 4 on St. Clements and 2 on Duplex. They had acquired the houses over the years and actually had renters in them at times until they finalized everything. They simply did not board them up like a lot of developers do. I just can't get over the $9M The Orange Order was able to hit them up for it, by the time of the sale the Orange Hall was listed from a heritage standpoint. The LPRO made sure of that when the Capital Theatre redevelopment was being planned. On the other hand there was literally nothing a developer could likely do with the Orange Order property?