- What Himelia Development has listed a property on Yonge Street with multifamily redevelopment potential
- Why The new developer is applying for approvals for a midrise project
- What next Royal LePage Vision Realty is marketing the property
A property in midtown Toronto with residential redevelopment potential has hit the block and is expected to fetch about $5m.
At 2722 Yonge Street, the site is near the intersection of Glencairn Avenue, with Eglinton Avenue 1 km to the south and Lawrence Avenue 800m to the north. Currently home to a two-storey detached building occupied by a dog care facility on the ground floor and residential units on the upper floor, the site will soon have a midrise development application attached to it.
Royal LePage Vision Realty has the marketing assignment.
The seller, Himelia Development, is in the process of submitting plans to the city for a seven-storey, 16,000 sq ft mixed-use building with 18 residential rental units and one commercial unit at grade. A buyer would be able to change the units to condominiums if desired.
Himelia, an apartment-focused developer that began operations in Toronto in 2021, is open to providing a vendor take-back mortgage or entering into a joint venture.
Midtown Toronto has seen intensive redevelopment over the past several years, particularly around Yonge Street and Eglinton Avenue, where many high-rise towers have been, or are in the process of being, built.
The 2722 Yonge property is surrounded by midrise residential buildings with retail spaces on the ground floors occupied by salons, a gym, a Canada Post office, restaurants and a dental office.
