Toronto Art Shoppe Condos | 98.75m | 28s | Freed | a—A

For those that arent familiar with the area, this site is massive compared to other plots on yonge street in the eglinton/davisville area. And with the proximity to minto midtown i can see at least 30 stories on this. Maybe taller if people living on hillsdale can stomach it
 
(Literally) between this and Minto, I've been wondering whether the days are numbered for that 1970ish TD office building at the NE corner of Soudan...
 
adma said:
(Literally) between this and Minto, I've been wondering whether the days are numbered for that 1970ish TD office building at the NE corner of Soudan...
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Better not be ... seeing how it would likely be replaced solely by a Condo ...
 
investican said:
Someone very close to CD Capital Partners informed me that they are partnered with Freed on this project. Principals of CD were executives in TriGranit Development Corporation -- for those of you familiar with Central/Eastern European Real Estate Developments.
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confirmed.
 
Article from this month's Post City magazine about the development

Landmark midtown site sold for $40 mil
Michelle Ervin

According to records obtained from Toronto’s Land Registry Office, the Art Shoppe site was sold to a developer for $40,360,800 in October of last year. The land title was transferred from a numbered company that lists Martin Offman (CEO of the Art Shoppe Ltd.) as its president to a numbered company that lists Peter B. Freed, of Freed Developments, as its president. The numbered company that purchased the property also lists Jordan Dermer and Todd Cowan of CD Capital Partners as officers.

It’s business as usual at the Art Shoppe, still open and showing no signs of slowing down, located on the east side of Yonge Street, occupying the entire block between Soudan Avenue and Hillsdale Avenue.

Coun. Josh Matlow said he has not yet been approached about the site, but if and when he is, he will stick to his policy of bringing residents to the table to meet with any developer. “I hope that the applicant will come forward with a spirit of dialogue with the community rather than trying to push anything through,” he said.

Terry Mills, of the Federation of North Toronto Residents’ Associations (FoNTRA), would welcome any opportunity for input before the developer’s plans are crystallized.

“I think it would be interesting to talk to them about what they’re going to do in terms of doing an interesting building at the ground level to really try to knit together the avenue retail of Yonge south with what becomes the [Yonge Eglinton] Centre once you cross Soudan,” he said.

Condo developer Brad Lamb said he anticipates Freed will apply for some form of high-rise development.

“The price he paid for the land would warrant a reasonable amount of density on that property — it’s not going to be a townhouse site,” he said. “It’s a big piece of property. It can certainly carry two buildings.”

The Art Shoppe, Peter Freed and Jordan Dermer and Todd Cowan declined to comment.
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http://www.postcity.com/Post-City-Magazines/June-2012/Landmark-midtown-site-sold-for-40-mil/
 
“The price he paid for the land would warrant a reasonable amount of density on that property ...”
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What an odd statement. The price someone pays for land has no bearing on what they can get to build on it. Freed will have no choice but try and get as much density as possible in order to recover what he paid for the land.
 
gristle said:
What an odd statement. The price someone pays for land has no bearing on what they can get to build on it. Freed will have no choice but try and get as much density as possible in order to recover what he paid for the land.
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what's even more odd is the fact that he bought the site unzoned and without even speaking to the councillor.
 
ThomasJ said:
what's even more odd is the fact that he bought the site unzoned and without even speaking to the councillor.
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I find it unlikely that Freed didn't have a conversation with someone regarding rezoning & or density. The councilor may have given some indication but can't necessarily publicly say so. Also, I think Lamb knows a little more than we do about how things get done.
 
ThomasJ said:
what's even more odd is the fact that he bought the site unzoned and without even speaking to the councillor.
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E.B. said:
I find it unlikely that Freed didn't have a conversation with someone regarding rezoning & or density. The councilor may have given some indication but can't necessarily publicly say so. Also, I think Lamb knows a little more than we do about how things get done.
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Edward said:
We'll see how smart Freed is when it comes to 60 Colborne and whether he can go 25 storeys.
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Well, as Mr. Freed has become a frequenter of the OMB and a true believer in his self-identified skills as a city-builder, I'm sure he could not care less what the local councillors, planners or residents have to say.
 
gristle said:
What an odd statement. The price someone pays for land has no bearing on what they can get to build on it. Freed will have no choice but try and get as much density as possible in order to recover what he paid for the land.
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And this site being a mere block south of the Minto towers, I wouldn't be surprised to see him get 40 or 50 storeys here.
 
urbandreamer said:
5051-5061 Yonge St has been sold..gonna be a highrise condo project.:)

Tacky furniture has no place in Toronto!
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Oh is Sears and The Brick also going? ;) Stepping into The Brick is like being stuck in the 80s. Sears being a little more like your grandmother's place.
 
Towered said:
And this site being a mere block south of the Minto towers, I wouldn't be surprised to see him get 40 or 50 storeys here.
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50 is a bit of a stretch. i think he'll get pinned by market timing here - unless he has a creatively/flexible deal with the vendor/financers. this is a next-cycle project. same with bazis a couple of blocks to the north.
 
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