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Colliers Private Capital Investment Group is bringing 18–28 Athabaska Avenue to market, offering a transit-oriented redevelopment opportunity in North York's Newtonbrook neighbourhood. Located approximately 125m from the planned Steeles station on the Yonge Line 1 North Subway Extension, the six-property assembly has a 43-storey proposal approved in principle while a revised concept has now been submitted to the City of Toronto that could allow two towers over two phases. The offering provides the option to acquire 20–28 Athabaska Avenue for Phase 1, while two western lots would be retained for a potential second phase as subway construction advances nearby.
The contiguous properties along the north side of the street at 18 through 28 Athabaska Avenue assemble approximately 31,882 ft² with 260 feet of frontage. Six existing residential dwellings are leased on a short-term basis, generating a combined net operating income of $145,094 in 2025. The lands are designated Mixed Use Areas and fall within the Yonge Street North Secondary Plan, which supports higher-density, transit-oriented growth along the corridor.
Official Plan Amendment and Zoning By-law Amendment applications were submitted in August, 2022 for a 43-storey development containing 516 units and approximately 344,261 ft² of GFA, receiving approval in principle from Toronto City Council in April, 2024. The vendor is now advancing a more efficient scheme through the active planning file. The revised strategy reduces the Phase 1 footprint and preserves the western lands for a potential second phase, subject to further assembly and planning approvals.
The latest Phase 1 concept calls for a 135.15m tower with 325,349 ft² of net GFA, including 1,159 ft² of non-residential space. Its 485 residences would comprise 111 one-bedroom, 236 one-bedroom-plus-den, 124 two-bedroom, and 14 three-bedroom suites, with 12 units on typical tower floors. A multi-level podium would anchor the building, with Level 6 serving as the principal amenity floor. Plans provide 12,820 ft² of indoor and 6,727 ft² of outdoor amenities across Levels 1, 2, and 6.
Three underground parking configurations are being studied, offering 89, 108, or 110 spaces. The mobility program also contemplates 310 bicycle spaces, 57 energized e-bike outlets, and Level 2 charging infrastructure for residential vehicle parking.
The planned Steeles station is the site’s primary location advantage. Construction is underway on the eight-kilometre extension of Yonge Line 1, which will add five stations north of Finch and establish a major transit interchange at Steeles Avenue. This creates an opportunity to advance redevelopment as rapid-transit infrastructure takes shape nearby. Existing connections include a seven-minute bus ride to Finch station and an approximately eight-minute drive to Highway 407.
Centrepoint Mall is approximately 100m from the property, with more than 140 businesses including grocery, pharmacy, fitness, banking, dining, and other services. The 49-acre Newtonbrook Park is within a 15-minute walk, while nearby Lillian Park offers outdoor tennis courts. The Thornhill Club and Bayview Golf and Country Club are both within an eight-minute drive, providing additional golf, racquet-sport, fitness, dining, and social amenities.
York University and Seneca Polytechnic’s Newnham Campus are both accessible within a 15-minute drive. York serves more than 53,000 students and employs approximately 7,000 faculty and staff, while Newnham Campus has over 15,000 full-time students, creating a substantial nearby population that could support rental or condominium demand.
Colliers’ market review reports that North York purpose-built rental projects launched over the past two years have delivered 1,172 units, with 94.98% absorbed and average rents of $4.02 per square foot. Its condominium comparables show average pricing of approximately $1,400 per square foot, providing market context for either a rental or condominium strategy.
The offering combines an approved-in-principle planning foundation, interim income, and the option to acquire 20–28 Athabaska Avenue for an efficient first phase while preserving two western lots for potential future development. Qualified purchasers can access additional property, planning, and due-diligence materials through Colliers after completing the required confidentiality agreement.
For more information, contact: Jeremiah Shamess, Executive Vice-President, Sales Representative, Private Capital Investment Group: Jeremiah.Shamess@colliers.com 647-884-5449
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