LANDMARK
DEVELOPMENT OPPORTUNITY POSITIONED IN MIDTOWN TORONTO.
STATUS OF APPLICATION
In November 2021, the vendor submitted a ZBLA, Site Plan Control, Rental Housing Demolition, and Plan of Subdivision application for the Site to allow for redevelopment. Following community consultation in the spring of 2022, the vendor resubmitted the ZBLA and Site Plan applications in January 2023, and in July 2023, City Council approved the ZBLA and rental housing demolition application, with certain conditions. It is expected that City Council will adopt the bill in October 2023, and once the 20 day appeal period expires with no appeals received, the ZBLA will be final and binding. Please note that although originally submitted, the Plan of Subdivision application is no longer being pursued by the vendor, as it is no longer required. The Site Plan application has not yet been approved by the City, which allows a purchaser to continue with the approvals process based on their own preference and design for the development. Please note that Section 37 is not a requirement for the Site as a community benefits contribution will be utilized as part of the development approvals.
An Application for Consent was submitted in May 2021 to sever the Site. The consent was approved by the Committee of Adjustment in October 2021 and the certificate of official approval was issued in February 2023.
Please note that as part of the acquisition, the purchaser may be required to execute development agreements, including two shared facility agreements and a craneswing/tieback agreement (if necessary). The agreements will be made available in the data room once finalized.
ABOUT THE DEVELOPMENT OPPORTUNITY
The offering represents a landmark development opportunity that is approved for a 40 storey tower with 365,973 sq. ft. of density and 496 residential units in total, of which 19 are rental replacement units for the existing townhouses on-site. Please note that as part of the approvals there is no unit maximum and there is no non-residential space required. The Property is exceptionally well located, being less than 2 minutes from Davisville Subway Station, which connects the Site to current and future transit lines allowing for exceptional transit access. The development also includes a new 9,752 sq. ft. (906 sq. m.) area of open space, which includes 4,682 sq. ft. (435 sq. m.) for an on-site park that satisfies the 10% statutory parkland dedication requirement for the Site. The conveyance of the additional 472 sq. m. of parkland over dedication has not yet been finalized with the City. In order to accommodate vehicle and bicycle parking, two underground levels are proposed that will contain 103 parking spaces, including both resident and visitor spaces, and 497 bicycle parking spaces. Access to the new underground garage as well as for garbage and loading will be off of a new access point at the western part of the Site.
12 // 57-93 Balliol Street
13 // 57-93 Balliol Street
Conceptual Rendering
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