Toronto Vicinity Condos | 39.65m | 11s | Format Group | KFA

renx.ca

Equiton buys Vicinity Condos dev. property on Toronto’s Queensway

A vacant half-acre lot formerly occupied by a gas station and car wash at 875 The Queensway in Toronto, which will be the site of the proposed 150-unit Vicinity Condos, has been acquired by Burlington-based Equiton.
renx.ca renx.ca

A vacant half-acre lot formerly occupied by a gas station and car wash at 875 The Queensway in Toronto will be the site of the proposed 150-unit Vicinity Condos.

Equiton, a Burlington-headquartered private equity firm and real estate developer, acquired the property from Format Queensway Inc. for $12.75 million on Aug. 29. It was marketed by Colliers executive vice-president Ryan Thomson.
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The previous owner had achieved a zoning bylaw amendment (ZBA) and was in for site plan approval for more than a year. Equiton must still remove the closing conditions from the ZBA and finalize the site plan approval.

“It's largely laid out already in the ZBA in terms of the massing and the envelope,” Dillabough explained. “We were happy with the design, which isn't always necessarily the case when you're trying to purchase something that's already been submitted to the city.”

The average unit size for the 11-storey Vicinity Condos will be approximately 735 square feet.

Vicinity Condos will have 2,500 square feet of commercial space at grade. It will have indoor and outdoor common areas and amenities, including a gym and party room.

Equiton plans to launch sales for Vicinity Condos in six to eight months. It’s anticipated the KFA Architects and Planners-designed building will be ready for occupancy in about 40 months.
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This one was sold as a going concern development to Equiton.

They paid 12.75M and it closed Aug 29th.

Format group has left the building...............or did the building leave Format.............oh well.

renx.ca

Equiton buys Vicinity Condos dev. property on Toronto’s Queensway

A vacant half-acre lot formerly occupied by a gas station and car wash at 875 The Queensway in Toronto, which will be the site of the proposed 150-unit Vicinity Condos, has been acquired by Burlington-based Equiton.
renx.ca renx.ca

Note to @Art Tsai to update the thread title and DB accordingly.
 
Northern Light said:
This one was sold as a going concern development to Equiton.

They paid 12.75M and it closed Aug 29th.

Format group has left the building...............or did the building leave Format.............oh well.

renx.ca

Equiton buys Vicinity Condos dev. property on Toronto’s Queensway

A vacant half-acre lot formerly occupied by a gas station and car wash at 875 The Queensway in Toronto, which will be the site of the proposed 150-unit Vicinity Condos, has been acquired by Burlington-based Equiton.
renx.ca renx.ca

Note to @Art Tsai to update the thread title and DB accordingly.
Click to expand...

Looks like CRE transactions starting to pick up again...?

@Northern Light
 
I drove by this site this afternoon. Workers appeared to be putting up wooden hoarding or some sort of barrier. Perhaps the demo on this will start soon...
 
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