- What 895 Lawrence Avenue East has traded for $32m
- Why First Capital REIT sold the retail plaza to Bazis in an off-market deal
- What next An application has been submitted for a three-tower mixed-use development
First Capital REIT has sold a retail plaza with development potential for $32m, Green Street News can reveal.
Bazis acquired 895 Lawrence Avenue East in an off-market sale brokered by Lennard Commercial Realty and Myriad Development Services.
The 2-acre site is occupied by a 31,000 sq ft retail plaza with a small portion of office space. Tenants include Don Valley Animal Hospital, Apple Tree Dental for Kids, and Kumon Math and Reading Centre. The property was completed in 1984. There are 4.6 parking spaces per 1,000 sq ft.
In July 2022, First Capital filed a combined official plan amendment and rezoning application with the City of Toronto for a two-tower mixed-use development on the site.
Bazis will further advance the project and has filed a development proposal for three residential towers of 26, 32 and 34 storeys, one of which will contain ground-level retail. The proposed development would create 1,194 residential units, 818,000 sq ft of residential GFA and 5,300 sq ft of retail GFA.
Near the intersection of Lawrence Avenue East and the Donway West, the property is adjacent to CF Shops at Don Mills. It is also less than a kilometre from Don Mills Road and less than 2 km from Don Valley Parkway.
Lawrence and Don Mills subway stations are 5 km from 895 Lawrence Avenue East, and Don Valley station is within 2 km. The latter, formerly known as Science Centre station, will serve the future Ontario Line subway and the Eglinton Crosstown LRT.
With $9.2bn in assets, First Capital REIT owns, operates and develops retail real estate across Canada. Adam Paul is president and chief executive of the Toronto-based company.
Bazis is a real estate developer focused on pre-construction condos. The firm is based in Vaughan.
