[LES CITÉS D'OR]

Would there be anyone who knows about the former TTC property at 1500 Weston Road. Apparently, it used to serve a loop for the TTC. I am trying to figure out the development potential of this property. There has been a project for stacked townhomes on the property. Anything else?

 

[Observer Walt]

The property was purchased from the TTC in 2005 by a townhouse developer. They apparently ran into some difficulties and the property went back on the market in late 2007. It has been reported as "conditionally sold" as of January 25, conditional on usual "due diligence".

The zoning permits 48 stacked townhouses. I would imagine that this or something quite similar will go ahead eventually.

 

[LES CITÉS D'OR]

Thanks for you feedback.
Do you know if these 'difficulties' have anything to do with the site itself or relate to the developer financing. I am referring to potential risks/costs with the removal of the fenced compound. Do you know what exactly is inside there? I am not familiar with ttc substation.

 

[Observer Walt]

I don't know exactly why the property is back on the market but I would guess that it relates more to the developer than to the site.

There had been an electrical substation on the site while the TTC owned it, to feed power to the overhead trolley wires that used to be on Weston Road. The electrical equipment was removed before the TTC sold the property. I would be surprised if there were any issues of contamination. The TTC would have remediated it, if required.

 

[Observer Walt]

This property has now been purchased by "Habitat for Humanity". I would think that they will be building some townhouses. The property was sold by a mortgage lender under Power of Sale, apparently confirming my guess of a couple of months ago that the previous owner had financing difficulties.

 

[adma]

Speaking of financial difficulties, I can see a lot of that City of York brownfield infill as our version of certain US "mortgage crisis" zones--at least we're not the US...