Toronto 17 Glenavy Avenue | 134.47m | 39s | Elysium | Gensler

[Northern Light]

Terracap has registered to lobby on an assembly of 17-29 Glenavy, which is located just to the north-west of Bayview and Eglinton.

The site as it is today:

Aerial View:

Site Size: ~24000ft2

Comments: Likely covered by the Bayview MTSA; that is the only way I can imagine going that far into a 'neighbourhood' with a development plan of any scale.

Precedent is tough to judge here as this one does not front a major street, but the the proposal for 2-20 Glazebrook is very close, and the ask there is 34s.

 

[Midtown Hank]

I don't see how this works without the parcel to the NE, but I guess we'll find out. Because of the MTSA, the density asks in the area are super aggressive.

 

[AlbertC]

Bayview and Eglinton - Elysium Investments

Bayview & Eglinton Toronto Prime Midtown Toronto residential hi-rise site located approximately 150m from the Leaside LRT Station, at Bayview and Eglinton. The Leaside Neighbourhood is highly desired, being wellserved by public parks, boutique restaurants and retail, reputable schools and...

elysiuminvestments.ca

 

[Northern Light]

As per the images from @AlbertC I have modified the proponent in the title, and added story count based on the site plan.

 

[christiesplits]

Wow, this area is exploding with development.

 

[AlbertC]

Elysium forms JV, plans 67-storey Toronto Isabella St. tower

Elysium Investments has only been part of the Greater Toronto Area development industry for a year, but it already has three high-rise multifamily projects in the pre-construction phase and a pipeline of other potential projects in the works.

renx.ca

Elysium is partnering with Terracap and Trolleybus Urban Development for a project on a recently acquired half-acre site at 17-29 Glenavy Ave., approximately 150 metres from the Leaside station on the under-construction Eglinton Crosstown light rail transit line near Eglinton Avenue East and Bayview Avenue.

Trolleybus assembled seven properties for the development site. The partners are fine-tuning their pre-application consultation package, but they’re proposing a Gensler-designed high-rise tower with a townhome podium totalling approximately 350,000 square feet in the hot development area.

 

[Northern Light]

As per @AlbertC 's post above I have modified the title to include Gensler.

@Paclo is flagged.

 

[1Ć0]

Some more info from Elysium on LinkedIn and their website
- https://www.linkedin.com/posts/elys...iM?utm_source=share&utm_medium=member_desktop
- https://elysiuminvestments.ca/projects/bayview-eglinton

275K SF of GFA
Gensler confirmed as architect
Bousfields is the planner

 

[Northern Light]

There's a lot to like in the renders above.

 

[ProjectEnd]

There's a lot to like in the renders above.

A lot that won't be happening, you mean?

 

[Northern Light]

A lot that won't be happening, you mean?

Sigh, VE'ing is a well known thing......... but one can only really comment on what's there for now...........

 

[Koops65]

The render shows 39-40 floors... quite a few more than 34.

 

[AlbertC]

A past news article but some commentary to add:

Hepsor's Canadian subsidiary made its third investment in the Canadian real estate market

Hepsor SPV I Ltd, a Ontario-based subsidiary of Hepsor AS, made its third investment in the Canadian real estate market. An assembly of 7 properties was acquired in the much desired midtown Toronto neighborhood of Leaside, at 17-29 Glenavy Avenue, together with Canadian partners, Elysium...

finance.yahoo.com

Elysium Glenavy Limited Partnership was formed to develop the property in which, in addition to Hepsor and Elysium, various Canadian and European investors are also participating. Fasken (www.fasken.com), one of Canada's largest law firms, served as legal counsel for Hepsor, reviewing the partnership agreements and providing advice on deal structure and risk mitigation. The initial phase of the critical path of the project will involve the activation of a best-in-class consultant team led by the project architects, internationally renowned Gensler Architects and industry leading urban planning firm, Bousfields.

The subsequent phase will involve the preparation and formal submission of the Site Plan and Zoning/Official Plan amendment applications to permit a residential hi-rise tower on a podium. The precise height and projected Gross Floor Area will be made available at time of formal submission.

The zoning and Site Plan approvals are expected to be achieved within 24 months. The Elysium Glenavy Limited Partnership is contemplating the build out of a high-end purpose built rental tower, but will remain open to other capitalization options.

The total value of the land and project soft costs is 22 million euros (CAD 32,5M), of which Glenavy Limited Partnership will invest ca 2,4 million euros (CAD 3,6M) as own funds.

 

[1Ć0]

More info here as well - https://storeys.com/elysium-investments-urban-development-gta/

 

[AlbertC]

Another article on this project:

39-Storey “Gardenesque” Tower Proposed Next To Future Leaside LRT Station

The forthcoming Eglinton Crosstown LRT is bringing with it a wave of high-rise housing development, and Leaside is where a fair share of it will land. That may include a planned 39-storey tower that has drawn in the likes of Elysium Investments, Terracap Management, and Trolleybus Urban...

storeys.com