Commercial Opportunity: A High-Profile Site in the Middle of Bloor-Yorkville | UrbanToronto
A property in the heart of Toronto is for sale. Nestled between the highly sought-after neighbourhoods of Yorkville and Rosedale, the site is ideally positioned at the southwest corner of Yonge and Scollard streets. Currently, the site with a total lot area of 7,541ft², has three low-rise buildings on it, along with a surface parking with 8 spaces on the western portion behind the existing buildings.
Location of 1 Scollard, image courtesy of CBRE
The Bloor-Yorkville community has seen significant growth in high-rise condominium demand, fuelled by job growth, transportation options, and exclusive amenities all in the immediate proximity. With this in mind, the property has an approved Zoning By-Law Amendment and Notice of Approval Conditions to permit the immediate development of a 46-storey tower with 230 units, and 5 levels of underground parking offering 84 parking spaces.
With 150 feet of frontage along Scollard Street and another 50 feet along Yonge Street, the development is approved for a total gross floor area of 220,529 ft² of which 807 ft² is ground floor retail space and 219,722 ft² is residential density.
According to commercial real estate broker CBRE which is handling the sale of the property, its location is one of a kind, as the surrounding neighbourhoods offer luxury shopping, high-end restaurants, galleries, parks, schools, and cafes. Located just south of Frank Stollery Parkette, the area is also highly pedestrian and transit oriented, providing residents with the convenience of being a short distance to the Don Valley Parkway and Rosedale and Bloor-Yonge TTC subway stations.
There are several neighbouring developments on adjacent blocks in the neighbourhood that are underway or are scheduled to come to market before the end of 2021. The collection of projects is expected to bring over 2,080 new units to the market. Of note is Pemberton’s development at 33 Yorkville Avenue, which is anticipated to launch Tower A this month.
Developments coming to the neighbourhood around 1 Scollard, image courtesy of CBRE
For more details, please visit CBRE’s website.
UrbanToronto collaborated closely with CBRE on this feature for the purpose of sharing details on commercial and industrial properties for sale or alternative use. For more information, contact us here.
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