Greybrook Realty Partners and
Tribute Communities have acquired an $84-million, five-property assembly just west of Toronto’s Yorkville neighbourhood in a 50-50 partnership for a future development.
The five separate deals for the properties at 148-150, 152 and 156 Avenue Rd. and 224 and 234 Davenport Ave. — comprising a combined 21,200 square feet on 0.486 acres — were brokered by
Lennard Commercial Realty.
“I don’t think we were unique in looking at the site in terms of thinking that could be a great development corner with a beautiful tower there,” Greybrook chief executive officer Peter Politis told RENX. “The complexity was five different owners and five different people wanting different things in different ways, and putting them all together.”
The assembly’s components
– 148-150 Avenue Rd. is occupied by Super Convenience,
Sushi Avenue and Avenue Diner (which uses the address 222 Davenport Rd.). It sold for $17 million.
– 152 Avenue Rd. is a vacant space formerly occupied by a bicycle shop. It sold for $14 million.
– 156 Avenue Rd. is owned and occupied by
CGL Architects. It sold for $12.5 million.
– 224 Davenport Rd. is owned and occupied by
Stanley Wagman & Son Antiques. It sold for $17.5 million
– 234 Davenport Rd. is the head office of
Gluckstein Design. It sold for $23 million.
Greybrook, Tribute development plans
Politis said many of the plans for developing the site haven’t yet been determined, but it’s expected to include a luxury high-rise condominium residence consisting of more than 380 units and more than 6,000 square feet of commercial space at grade.
There will be opportunities to widen sidewalks and “make a better ground realm for everybody” around the site, he added.
All of the properties are already zoned commercial/residential, but municipal approval will be needed to increase the density for the site.
“There aren’t a lot of sites that allow for towers left in this area,” said Politis. “If this isn’t the last one, it’s very close to being the last one that could be assembled for a tower based on zoning.”