- What A development site in Toronto’s Scarborough region is on the market
- Why The vendor is pursuing approvals for a nine-storey development
- What next Right at Home Realty has the assignment
A development site in Toronto’s Scarborough region is on the block and could sell in the range of $10m to 14m, Green Street News can reveal.
Right at Home Realty’s Ali Komeilian has the assignment for 1467-1469 Birchmount Road, which is owned by a private investor.
Plans for a purpose-built nine-story rental building with 185 units have been drafted for the 30,000 sq ft site. The building would span 128,000 sq ft and comprise 16 studios and 108 one-bedroom, 41 two-bedroom and 20 three-bedroom units. Underground, 136 parking spaces would be provided for residents.
A development application has not yet been submitted to the city, but the vendor is expected to do so in the coming months. The vendor is open to selling before or after approvals are obtained.
The site is occupied by one-storey detached houses that are tenanted and on month-to-month leases, offering the opportunity for an annual income of approximately $104,000.
Offers are being reviewed on a rolling basis.
Scarborough is seeing significant high-density, purpose-built rental development. Just last month, the City of Toronto’s real estate arm, CreateTO, sought more height on its three-tower proposal for Bushby Drive.
Also in January, Altree Developments revised its proposal for a Scarborough condominium building to be student-focused rental housing.
In August, Alterra Developments and Mahogany Management, in partnership with CreateTO, filed plans for a 705-unit rental building on Victoria Park Avenue.
