- What BlackTusk is looking to offload a development site in Toronto
- Why It is zoned for a 27-storey tower
- What next CBRE has the assignment
BlackTusk Group has put a zoned development site in Toronto on the block with an asking price of $17m.
The property, at 673 Warden Avenue, is approved for a 27-storey, 236,000 sq ft residential tower. The valuation works out to $72/buildable sq ft. CBRE has the assignment.
BlackTusk initially submitted a proposal for the site in 2022 calling for 16 storeys. The following year, it was appealed to the Ontario Land Tribunal after the city failed to make a decision within the prescribed timeframe. There, the plans grew to 27 storeys and were approved in September 2024.
The proposal calls for 314 residential units, of which 10% would be three-bedroom units and 15% would be two-bedroom units. Two retail units are planned for the ground floor, with a three-level underground garage providing 148 parking spaces.
The site, in the city’s Scarborough region, is occupied by a low-rise commercial building tenanted by a TD Canada Trust branch. It is 650 m from the Warden subway station and is across the street from Warden Woods Park.
Near the end of 2024, BlackTusk listed a rezoned development site in nearby Mississauga for $8m. That site is approved for an eight-storey residential building. The asking price has since been reduced to $7.5m.
BlackTusk is a Toronto-based private equity real estate firm specializing in transit-oriented land re-entitlement and value-added redevelopment.
