- What Republic Developments and Harlo Capital are shopping their Scarborough Junction project
- Why The multi-phased development includes over 7,600 residential units in 12 towers
- What next The property is expected to hit the market in the coming days
Republic Developments and Harlo Capital will be shopping one of the largest projects in the region: their approved, master-planned Scarborough Junction development, Green Street News can reveal.
The site comprises 10 development blocks spanning 26 acres. Plans call for an integrated GO rail station, which will allow for a 20-minute commute to downtown Toronto. A portion of the master-planned land is owned by Metrolinx, the crown agency that operates the GO rail network.
Colliers’ private capital investment group has the marketing assignment. The property is expected to hit the market in the coming days.
The site is being pitched as one of the best value-based plays in the city, offering an opportunity to lead the development of a transformative urban hub within a quick train ride to Union Station.
The multi-phased development is set to include 7,655 residential units in 12 towers ranging from 31 to 58 storeys across more than 5.3m sq ft of residential space, 200,000 sq ft of commercial space and 50,000 sq ft of community space.
The vision also includes a new 3-acre public park surrounded by a network of new streets and pedestrian pathways.
Various amenities such as stores, a community centre, a daycare and parkland are expected to help the development achieve higher-than-average pricing for condominium units.
The project also has a large amount of above-grade parking, almost 800,000 sq ft, rather than below-grade, which adds to the economics of the project. Above-grade parking is cheaper to build, coming in at around $175/sq ft compared to $240/sq ft for underground, and shortens construction timelines. Marketing materials suggest this amounts to approximately $50m in savings and up to five fewer months per phase.
Development projects directly connected to train public transit typically sell for a premium, equivalent to about $25 to $50/sq ft. This represents between $87m and $174m in additional revenue across the project.
The address of the site are:
- 3585-3595 St. Clair Avenue East
- 641-663 Danforth Road
- 636-646 Danforth Road
- 411-415 Kennedy Road
