- What LDI Holdings bought a collection of retail and residential properties along Toronto’s Church and Maitland Streets
- Why KingSett Capital had held the assets for eight years
- What next The assemblage is thought to be a potential development site
LDI Holdings has picked up an assemblage of commercial and residential properties on the northeast corner of Toronto’s Church and Maitland Streets.
Sold by KingSett Capital, the properties include low-rise commercial space at 477-487 Church Street. Tenants include Starbucks, Craig’s Cookies, Love Shop and the Church St. Garage restaurant.
The Royal George Apartments, a 113-year-old building at 84 Maitland Street, was also included in the sale. In 2020, the three-storey building was nominated for heritage status after concerns were raised that KingSett may redevelop the site, but it has not yet been added to Toronto’s heritage register.
The sale price was not disclosed.
KingSett acquired the properties in June 2016 for $14.5m, and in September 2017, obtained an $85m loan from TD Bank on them. No development plans were ever filed for the site. A report prepared in 2020 for the heritage status nomination suggested that the neighbouring 485 Church Street, which is separately owned, was a holdout in KingSett’s development plans.
The properties are in an attractive area, 400 metres from the Wellesley Subway station and just south of the affluent Yorkville neighbourhood. The surrounding area has seen significant redevelopment in recent years.
On the north side of the block, a 28-storey condominium tower at 81 Wellesley Street East recently finished construction. Down the road at 8 Wellesley Street West, a 55-storey condo tower is under construction, replacing several low-rise commercial buildings.