- What Allegra Homes is looking to offload a Toronto project site for $17.9m
- Why Allegra completed the first phase of the project earlier this year
- What next Royal LePage Signature Realty has the listing
Allegra Homes is looking to offload a partially complete rental development site in Toronto’s Etobicoke district for $17.9m.
The abutting sites for the project’s two phases – a renovated heritage building and a shovel-ready townhouse development site – are listed separately but can be purchased together. Royal LePage Signature Realty has the listing.
The first phase, asking $11m, is the 1909-built Blue Goose Tavern at 1 Blue Goose Street. It was fully renovated earlier this year and contains 18 rental apartments and 5,000 sq ft of commercial space. The 12 studios and six junior one-bedroom units are unoccupied, allowing a buyer to set rents at market value.
The second phase, listed for $6.9m, would have seen the construction of a 12-unit, L-shaped townhouse complex over the property’s parking lot. However, it may be possible to apply for a denser, midrise building of eight storeys and 102 units. A feasibility study is underway.
The property is directly across the street from the Mimico GO station, making it a prime transit-oriented development opportunity. It is 2 km from the Gardiner Expressway and 850 m from Lake Shore Boulevard West.
Offers are being accepted on a rolling basis.
