- What 381-383 King Street West is in play for $27m, and 391 King Street West will be floated for $8m
- Why The owners of 387 and 389 King Street West have expressed interest in selling
- What next Re/Max Ultimate Realty has the assignment
A downtown Toronto retail strip with development potential is on the block for a combined $35m, Green Street News can reveal.
Re/Max Ultimate Realty, as owner and marketing agent, has listed the property at 381-383 King Street West for $27m. An unidentified private owner will list 391 King Street West in early June for approximately $8m. Re/Max Ultimate has that marketing assignment, as well.
The owners of 387 and 389 King Street West have expressed interest in selling, and market pros peg the value of those retail buildings at $7m to $8m apiece.
The amalgamated lot would offer 120 feet of frontage on King Street West.
The retail space at 381 King Street West is tenanted by Q Hair and Nail. Escape Manor Toronto occupies 383 King Street West, and Bar Hop leases retail space at 391 King Street West.
New Village Pizzeria & Bar and Belly Buster Submarines occupy retail space at 387 and 389 King Street West, respectively. With the exception of 383 King Street West, the upper floors of the three-storey buildings are residential apartment units.
Near the intersection of King Street West and Spadina Avenue, the properties are a kilometre from Union Station and 1.5km from Billy Bishop Toronto City Airport. The 504 and 510 streetcars run nearby, and St. Andrew station is within a kilometre.
The area surrounding the properties has been the subject of significant redevelopment, with myriad development applications submitted in the direct vicinity.
These include a 50-storey mixed-use building with 452 residential units at 101-105 Spadina Avenue and 363 Adelaide Street West, and a 58-storey mixed-use building with 557 residential units at 353-355 Adelaide Street West, 46 Charlotte Street and 16 Oxley Street.
Both proposed developments are within 150m of 381-383 and 391 King Street West. Adjacent to the site, at 400 King Street West, a 49-storey mixed-use building with 630 residential units is nearing completion.
