- What A redevelopment opportunity in Etobicoke is expected to sell for at least $30m
- Why A high-density, transit-oriented community near the Mimico GO station could be built on the site
- What next Lennard Commercial Realty has the listing
A transit-oriented redevelopment site in the west end of Toronto is expected to trade for more than $30m, Green Street News can reveal.
The listing, at 12-50 Drummond Street in Etobicoke, comprises two neighbouring properties: a triangular piece of land at 12 Drummond and, on the adjacent block, a series of low-rise commercial buildings at 14-50 Drummond.
Tenants at the buildings include a steel manufacturer, a yoga studio, an auto repair shop and a landscaping office.
The property is being marketed by Lennard Commercial Realty as a high-density, transit-oriented residential redevelopment opportunity. Although not yet zoned for a residential development, the site is 600 m from the Mimico GO station and is in a protected major transit station area that has a minimum density of 200 people or jobs per hectare.
It’s also close to a No Frills grocery store, across the street, and shops along Royal York Road.
The sellers, a group of private investors, are open to a structured deal, including a vendor take-back mortgage or a deferred closing. There is no assumable debt on the property.
The area surrounding the Mimico GO station has been targeted for a number of high-density residential projects. Most famously, a master-planned community with nine towers dubbed Grand Central Mimico was set to be developed on 55 acres.
The developer, Vandyk Properties, however, has collapsed, with 11 properties — including those involved in Grand Central Mimico — going into receivership. The properties are in the process of being sold, with a new developer yet to take over.
