- What A Toronto Beaches development site is on the block for $6m
- Why Lender Fiera Capital is looking to offload the site after construction halted last year
- What next Colliers is marketing the property
Fiera Capital is shopping a Toronto development site for $6m after Condoman Developments failed to see a planned midrise project through to fruition, Green Street News can reveal.
The site, at 507-511 Kingston Road in Toronto’s Beaches neighbourhood, was slated to be redeveloped into the View Residences, an eight-storey, 30-unit condominium building.
Condoman acquired the land in 2019 for $4.55m. The following year, the developer filed plans for the midrise and obtained a $30m construction loan from Fiera.
Though approvals were obtained and demolition began on the site in 2022, work was halted last fall. Condoman’s three other Toronto developments also stopped and have been listed for sale at various points over the past year.
The Kingston Road site spans 15,000 sq ft and is approved for up to eight storeys and 90 residential units with a total gross floor area of 65,000 sq ft.
Over $2.3m in soft costs has been invested into the site, according to marketing materials, reducing upfront investment for the future purchaser.
The property is in a desirable area, less than 2 km north of Woodbine Beach. It’s also a short distance from the various conveniences found along Kingston Road, including shops, restaurants and a TTC streetcar route.
