5K 
A property in the heart of Midtown Toronto is for sale by CBRE's Land Services Group. Nestled between the neighbourhoods of Mount Pleasant Village and Yonge-Eglinton Centre, the site is ideally positioned one street west of Mount Pleasant Road on the east side of Brownlow Avenue, south of Eglinton Avenue East. The one-acre property currently has a 15-storey rental building fitted with one level of underground parking, and given the size and configuration of the property provides for a potential infill development opportunity.
The existing rental building includes 121 rental suites, with a total rentable GFA of approximately 77,221 ft². The building has an ideal suite mix including a mixture of studio, 1-bedroom, and 2-bedroom units, which have one-and-a-half bathrooms. Additional investment could transform the suites into modern, efficient living spaces, to maximize their utility.
In addition to the existing rental building, the property provides a significant opportunity for a potential infill development. Existing policies allow for high density, mixed-use developments to be built on the site, with heights ranging between 21 to 35 storeys. The property’s close proximity to both the upcoming Mount Pleasant Crosstown LRT station and the existing Eglinton subway station makes it a location that is able to support a significant redevelopment.
The Midtown area has seen significant growth in high-rise condominium demand, fuelled by many factors including job growth, new transportation options from the highly anticipated Crosstown LRT which is expected to be operational about a year from now, and exclusive amenities all coming to the area. Neighbourhood residents will also benefit from an array of local amenities and services that will be steps from their door, including a diversity of local stores, bars, restaurants, cafes, grocery stores, and fitness facilities.
Near the site are a number of proposed and approved development applications for both condominium and purpose-built rentals. Secondary Plan policies for the area favour high density, mixed use developments, and allow for an increase in heights and densities on properties located closer to transit stations.
There are several neighbouring developments that are currently underway. According to Altus RealNet, at the moment there are 12 active condominium development projects that are selling units. Altogether, these developments will bring 3,600 new units to the area, with only 490 remaining in inventory today. Additionally, according to Urbanation’s Q4 2021 Market Rental Report, there are also 16 purpose-built rental buildings in the neighbourhood, representing rental stock of over 2,800 units, with seven of these buildings currently operating at a less than 1.5% vacancy rate. All this is to say, the area is ready and able to support more density, with a preexisting demand.
The offer submission date for 55 Brownlow Avenue is Thursday, March 31st, 2022 by 12 PM (EST). For more details, please visit CBRE's Land Services Group website.
UrbanToronto collaborated closely with CBRE's Land Services Group 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.
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