Toronto 675 Progress Avenue | ?m | 49s | SvN

From: http://www.collierscanada.com/25566

1.6M SF Approved Mixed-Use Development Opportunity
675-695 Progress Avenue, Toronto
LAND OR DEVELOPMENT SITE FOR SALE
For Sale
Land Area : 273,393 SF
Building Area : 1,611,896 SF

DESCRIPTION
Located in City of Toronto, Ontario, 675 Progress Avenue, specifically Phase 1A, and 695 Progress Avenue, specifically Phase 1B (“the Property”) are approved for a multi-phase, mixed-use development. The Property is located in Scarborough Centre which is a vibrant urban growth node consisting of established residential, retail, entertainment, recreational and social facilities, making it an exciting opportunity with transformative impact in the increasingly popular area of McCowan Road and Highway 401. The Property will be adjacent to the approved Scarborough Subway extension stop and is currently adjacent to the existing McCowan TTC Station providing direct high order transit connectivity to downtown Toronto and across the GTA.
 
After the demolition of the existing structures, it doesn't seem like any activity has been going on at this site, from what I can see at least. Any ideas what the delay is about?
 
Retrofishy said:

Two of the towers are now for sale.
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Good first post! Welcome @Retrofishy

I'll bring an image forward from the above link so people can see which part of the parcel is being peddled.

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The following is stated below their slides:

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*****

I must confess, I'm curious as to how they proposed to apportion the S.37, parkland and art requirements when breaking up the original parcel; and whether or not that triggers any requirement for City approvals.
 
renx.ca

Scarborough Centre ripe for development; this site could start it

The Scarborough Centre area is ripe for major development and Colliers is marketing a Progress Avenue property zoned for a high-density project which could get the ball rolling. The 1.6-million-square-foot Scarborough Town Centre mall, owned by Oxford Properties and Alberta
renx.ca renx.ca


675 Progress Ave. property​


Colliers just began marketing a site at 675 Progress Ave., owned by the Simpson family, which opened a printing equipment repair shop called A.G. Simpson there in 1947. The company grew, started manufacturing automotive parts and became a major local employer.

The family retained the land but sold the company to J2 Management Corp., which renamed it AGS Automotive Systems, in 2002.

“They went through an official plan amendment as part of a comprehensive review to change the land designation to mixed-use,” said Keyzer.

“They worked for a number of years doing that and, now that they’ve completed that and the market has continued to get stronger and stronger, they want to realize some of the value for all of that effort and years and years of working with the city to get the property to the current zoning status.”

The property is zoned, with site plan approval pending, for two towers of 49 and 40 storeys with a connecting podium.

The total gross floor area is 936,934 square feet, with about 78,000 square feet allotted for office space, 4,000 square feet for retail and the rest for residential. An on-site park is also in the plans.

“In terms of zoning, it’s probably the most far along in the whole node,” said Keyzer. “It will really kick off the next wave of development there and will be, for quite a while, the tallest building in Scarborough Town Centre.”

Colliers began marketing the site on Sept. 20 and Keyzer said it has set a bid deadline date of Oct. 29.

“There’s been really good interest to start and I expect a lot more from various developers and pension funds. We could see some purpose-built rental groups possibly doing a joint venture with a developer, where you build one condo and one rental building.”
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This site is now home to hundreds of brand new Chevy Silverado trucks 🤣
 
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