- What A high-rise development site at the north end of Oakville is up for sale
- Why A group of investors are looking to offload the property
- What next Sam McDadi Real Estate has the listing
An investor group is looking to offload the site of a planned high-rise development in Oakville, Ont., for $19m.
The site, at 3040 Trafalgar Road, just off Dundas Street, is being marketed by Sam McDadi Real Estate Brokerage. It spans 1.2 acres and can accommodate up to 31 storeys, though marketing materials note that the city may approve up to 45 storeys.
The investors, operating under the name Elite Real Estate Club of Toronto, had planned a 31-storey, 356-unit building with over 6,000 sq ft of retail space and a 495-stall underground garage.
The investors purchased the site in 2018 for $3m and obtained an $8.2m loan on the property the following year. It is occupied currently by two single-family homes, at least one of which is dilapidated.
A number of other high-rise towers are planned or under construction in the immediate area. On the adjacent plot at 3064 Trafalgar Road, Alterra Developments and Distrikt Capital are planning two 30-storey condominium towers. And across the street at 3315 Trafalgar Road, Minto Communities is building its three-tower North Oak condominium project.
The in-demand area is roughly halfway between Highway 403 and Highway 407 and close to shopping centres on the south side of Dundas Street.
