- What A development site in Markham is asking $21m
- Why It’s close to a 14-building master plan from Cadillac Fairview
- What next RC Best Choice Realty has the assignment
A development site in Markham that’s adjacent to a Cadillac Fairview residential project is looking to fetch bids of $21m.
The 4-acre site, at 8302 McCowan Road, is less than 300m from CF’s Markville Mall redevelopment. Proposed in 2023, that master-planned community would see 14 buildings ranging from six to 45 storeys built on the land surrounding the mall. Once complete, it would provide over 4,300 residential units.
The offered property, marketed by RC Best Choice Realty on behalf of an unidentified investor, has 438 ft of frontage along highly trafficked McCowan Road. It is within a corridor designated by the City of Markham for high-density residential, mixed-use and transit-oriented development.
The site currently has a single-family home and two accessory structures. In addition to its proximity to the CF project, it is adjacent to a grocery-anchored retail property and close to several other strip malls. It is 200m south of Highway 7, 900m north of Highway 407 and a kilometre from the Centennial GO station.
Markham is a city of 340,000 residents, roughly 30km northeast of downtown Toronto.
The surrounding area has seen a handful of development sites trade over the past year, according to Green Street’s Sales Comps Database. In February, Medallion Developments picked up a residential development site in neighbouring Richmond Hill for $44.5m. In October 2024, the City of Toronto acquired a mid-rise residential development site at 386 Eglinton Avenue East in Midtown for $7.2m.
