Colliers is marketing 2-8 Laxton as a development opportunity.
Currently a low-rise 4-storey rental and 3 converted Victorians with apartments inside.
Aerial pic:
Site Size: ~2300M2/25000ft2
Streetview:
So I'm putting this here for now, rather than in the development section, because I'm not entirely convinced someone will drop the 19M asking price for this, other than to keep it roughly as is, likely at a discount.
The 4s low-rise is very replaceable, but as you work your way along the street at some point you will be bordering a 2s Victorian which will likely cap your height potential.
Your precedent caps are 12 for the building on Jameson, 8s across the street on Laxton, that's it; while Queen is limited to 6s under the Heritage Conservation District Plans.
The real kicker here, however, is what kind of separation you require from adjacent properties. If you assume 11M from the north lot line, that's an increase in distance from where the lowrise is currently; placement is about right for distance to the building fronting Jameson, but you probably have to allow at least 11M to the next Victorian House simply as a buffer.
That gives you a footprint in the ~9,000ft2 range.
If you assume a 7s building, I'm not sure if the economics are there.......
On top of that, I think the homes are neighbourhood zoning.
Might make a good 'Open Door' type site if the price was right, and the City willing to upzone.