A currently vacant property ideally located within Toronto's flourishing North York City Centre neighbourhood is being prepared for major residential intensification. A rare highrise development opportunity in Willowdale, the Olive Lands at 31 Finch Avenue East are surrounded by multi-storey condominiums, evidence of the area's vertical growth and the high-density potential of the site.

Aerial view of the property, image courtesy of Colliers

Designated an Urban Growth Centre in the Province of Ontario's Growth Plan for the Greater Golden Horseshoe,  North York Centre's developable properties are quickly being converted into major mixed-use highrise projects, subsequently raising the value of remaining lots. The 23,993-square-foot subject property enjoying frontage along Olive Avenue is currently zoned for residential development, with the North York Centre Secondary Plan allowing a floor space index of four times the area of the lot. Supplementary policies in the North York Secondary Plan permit density incentives and transfers that could yield an additional 33 percent of gross floor area.

The property's frontage along Olive Avenue, image retrieved from Google Street View

Reducing the transaction risk for purchasers, the vendor will allow the buyer to close the deal following zoning approvals, at which point the southern portion of 31 Finch Avenue East will be severed from the lands occupied by the existing Bell structure to the north.

Address: Olive Lands at 31 Finch Avenue East, Toronto, Ontario                                                     

Category: Condo, Residential                                                                                            

Official Plan: Mixed Use Areas

Zoning: Residential R4                      

Total Lot Size: 54,586 square feet   

Residual Land Size (Subject Property): 23,993 square feet

Olive Lands at 31 Finch Avenue East is located steps from Yonge and Finch in North York City Centre, image via Colliers

The property is located within 250 metres of a major multimodal transit hub at Yonge and Finch, providing direct connections to local and regional transportation services provided by the TTC—including subway and bus connections—GO Transit and YRT/VIVA. The development site also benefits from convenient access to Highway 401 and is located just a short walk from retail amenities on Yonge Street and year-round cultural and recreational programming at North York Civic Centre and Mel Lastman Square.

Looking northwest from above Yonge and Finch, image courtesy of Colliers

Colliers is currently in the market with the offering and invites investors to contact the listing agents—steve.keyzer@colliers.com and ian.gragtmans@colliers.com—and visit the website for further information.

Location of the Olive Lands at 31 Finch Avenue East, image retrieved from Google Street View

UrbanToronto collaborated closely with Colliers on this feature for the purpose of sharing details on commercial and industrial properties for sale or alternative use. For more information, contact us here.