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A property in the heart of Toronto's Greektown-Riverdale neighbourhood is for sale at 975 Danforth Avenue. Presented by InTrust, this prime 0.148-acre property, situated at the intersection of Danforth Avenue and Euston Avenue, marks a significant infill residential development opportunity in one of the city's most dynamic areas.
Recently receiving approval for a Zoning By-Law Amendment, the property at 975 Danforth Avenue is ready for transformation. The approved plans allow for a 9-storey structure standing 30m (excluding the mechanical penthouse), encompassing a Gross Floor Area of 4,297m², including 51 residential units. This proposal leaves room for design changes, as the Site Plan Application submitted in Spring-2022, is to be completed by the potential purchaser, offering them the flexibility to impart their vision.
Directly opposite the Donlands TTC subway station and a mere 500m from Pape station, which will also provide direct connection to the new Ontario Line, the property promises unparalleled access to downtown Toronto and beyond. This transit-oriented positioning, coupled with the neighbourhood's amenities, restaurants, and shops, makes 975 Danforth Avenue an unmissable residential development prospect.
Property Insights: A Closer Look
- Address: 975 Danforth Avenue, Toronto, Ontario, M4J 1M1
- Total Area Size: 598m²
- Frontage and Depth: 21m on Danforth Avenue; 28m on Euston Avenue
- Accessibility: Current access from Euston Avenue, with proposed vehicular access from the rear laneway.
- Current State: The site presently hosts a vacant 303m² building, recently operated as a 7-Eleven, and a leased parking lot.
- Land Banking Opportunity: Due to the leasability of the existing building, some potential purchasers might envision a mid-term land banking opportunity.
The parking lot is leased to Reef Kitchens (Wendy’s Foodtruck) at a rate of $2,400 per month. Prior to the recent ZBA, which has amended the zoning to permit the proposal at hand, the property's zoning designation was CR 3.0 (c2.5; r2.5) SS2 (x2426), falling under the "Mixed Use Areas" category in the Toronto City Official Plan.
This property is a potential epicentre of urban lifestyle. The proposed redevelopment plan includes a mix of bachelor (15), one (13), two (19), and three-bedroom (4) units, appealing to a diverse demographic, however, changes to the unit mix and count remain possible. Moreover, the plan allows for 7 parking spaces and 54 bicycle parking spaces, recognizing the modern urban dweller's transit preferences.
The opportunity comes at a time of significant urban renewal in the area. It is situated amidst a surge of new mixed-use development projects, reflecting strong demographic demand and further establishing the neighbourhood as a hub of progress and vibrancy.
There are several neighbouring developments that are currently underway. Notable ones include Nahid on Broadview at 800 Broadview Avenue, a 6-storey development with 33 units, currently under construction. Theo at 1030 Danforth Ave is an 8-storey, 53-unit project under review, as well as the project at 5-19 Cosburn Ave, a 24-storey building with 424 units. Finally, 654-656 Danforth Ave is proposed as a 49-storey building with 496 units.
The nearby Pape Tunnel and Underground Stations project, part of the transformative Ontario Line 3, emphasizes the strategic value of this location. Set to commence in 2024, this project promises enhanced connectivity, economic growth, and a marked improvement in quality of life for residents. With 975 Danforth Avenue at its nexus, the promise of progress and prosperity is palpable.
With completion targeted for 2031, the Ontario Line 3 marks a significant step in connecting the Ontario Science Centre to Exhibition/Ontario Place over a 15.6km stretch. This project will provide rapid, reliable transit access for over 227,500 people within a 10-minute walk of an Ontario Line station, greatly enhancing their daily commutes and quality of life. The project is poised to alleviate congestion on the existing Line 1 (Yonge-University) subway, opening up 57,000 new job opportunities accessible by transit.
Your Opportunity Awaits
975 Danforth Avenue is a canvas for innovation, a cornerstone for community development, and a gateway to the future of urban living in Toronto. InTrust invites visionaries and investors to be a part of this landmark opportunity. For further details and to explore the potential of this exciting development, please contact their team or visit their website:
Josef Khoudatov
Founder & President, Broker of Record
416.930.3890
Josef@InTrustCRE.com
Evan Graves
Senior Vice President, Sales Representative
416.938.1765
Evan@InTrustCRE.com
Steven Lorenzi
Vice President, Sales Representative
905.902.0452
Steven@InTrustCRE.com
UrbanToronto collaborated 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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