- What The City of Toronto nabbed 386 Eglinton Avenue East
- Why Vendor Howard Property Co. had submitted a development application in relation to the adjacent rental apartment building
- What next Colliers had the assignment
The City of Toronto has purchased a vacant land parcel in midtown for $7.2m, Green Street News can reveal.
Howard Property Co. disposed of the lot at 386 Eglinton Avenue East in a deal that closed on Oct. 9. Colliers had the assignment. The city plans to use the space for a park.
The vendor also owns the Royale, a 149-unit rental apartment building at 368 Eglinton Avenue East, adjacent to the vacant lot at 386 Eglinton.
In 2017, Howard Property submitted a development application to build an 11-storey addition to the Royale on the vacant land. The application was approved, but a Site Plan Control application was submitted in 2022 to address comments from various city departments. That’s under review, but the City doesn’t intend to proceed with the development. The proposed addition would have created 75 new rental units.
386 Eglinton Avenue East is near the intersection of Eglinton Avenue East and Mount Pleasant Road in midtown Toronto. It’s a kilometre from Eglinton Station and Yonge-Eglinton, home to shops, restaurants and amenities. Upon completion, Mount Pleasant Station on the Eglinton Crosstown LRT will be 300 m from the property.
Howard Property also owns the Northview Terrace apartments at 2515 Bathurst Street. In August, CreateTO purchased an office building at 10 Rosehill Avenue for $9.5m.
CreateTO manages the City of Toronto’s real estate portfolio, which includes approximately 8,440 properties and has an estimated value of $27bn. Vic Gupta is chief executive.
