Downtown Toronto

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New land assembly in upper Yorkville. Plaque on 224 says it's a heritage building but none of the properties are on the heritage register. Title points to Tribute-TRIBUTE (AV & DAV) LIMITED being the purchaser. Closed on Nov 26th for $23M.

156 Avenue Rd in all likelihood is also part of the assembly however the sale only shows up on title for 234 Davenport, the sold sign is on 224 Davenport and 150,152 Avenue Rd.

Situated Directly behind the 20 story "Pears on the Avenue" by Menkes.
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Northern Light

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New land assembly in upper Yorkville. Appears to be on the heritage register. Title points to Tribute (TRIBUTE (AV & DAV) LIMITED) being the purchaser. Closed on Nov 26th for $23M.

150,152 and 156 Avenue Rd might also be part of the assembly however the sale only shows up on title for 234 Davenport, the sold sign is on 224 Dav. Situated Directly behind "Pears on the Avenue" by Menkes.View attachment 291896View attachment 291897View attachment 291898

Good Find!

Even w/o the diner, subject to building above any retained heritage, you have the basis of a ~16,000ft2 floor plate.

For residential, I don't see much value in a larger assembly unless we're getting into multiple towers.

In that case, I think you'd want the Avenue Rd frontage north of the diner as well.

ie. 152/158

Truthfully, visualizing how I would want to lay a site out, I'd rather have the latter than the diner............
 

AlbertC

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Considering the height precedents set by nearby developments, I can see them going for something in the lower to mid 20 storey range here.
 

ADRM

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Considering the height precedents set by nearby developments, I can see them going for something in the lower to mid 20 storey range here.

...and, sadly, it's likely that will mean 20ish stories of Turner Fleischer or G+C crap (or possibly a less awful Core design if they aim this a bit further up market.)
 

AlbertC

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...and, sadly, it's likely that will mean 20ish stories of Turner Fleischer or G+C crap (or possibly a less awful Core design if they aim this a bit further up market.)

Ahh sake, good call out mate. Tribute continue to be one of the lower design initiative developers around. Like seriously, Artistry Condos? :mad:
 

sitruc

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Good Find!

Even w/o the diner, subject to building above any retained heritage, you have the basis of a ~16,000ft2 floor plate.

For residential, I don't see much value in a larger assembly unless we're getting into multiple towers.

In that case, I think you'd want the Avenue Rd frontage north of the diner as well.

ie. 152/158

Truthfully, visualizing how I would want to lay a site out, I'd rather have the latter than the diner............
My close friend has lived at 150 Avenue for ages and was given notice a few months ago.
 

Northern Light

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My close friend has lived at 150 Avenue for ages and was given notice a few months ago.

Sorry for your friend; but great contribution!

Hmmm; nothing listed/designated there.

Still.........

Too small a foot print by itself.

Might be with this assembly.
 

Downtown Toronto

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The antique store at 224 Davenport has a plaque that alludes to it being on the heritage register but is actually not, nor is it in the list of 966 new properties that were being considered in the November meeting of the preservation board.

Original post has been edited to reflect this.
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YIMBY519

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I wonder if Brian Gluckstein will be involved in the interior design as this is his office/HQ. Developers have been circling this assembly for a decade. Its time has finally come.
 

AlbertC

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Greybrook Realty Partners Invests $41,765,000 to Develop a Luxury High-Rise Condominium with Tribute Communities in Toronto, Ontario


January 20, 2021

Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $41,765,000 to acquire five properties located at 148, 152, 156 Avenue Road, 224 and 234 Davenport Avenue, in the City of Toronto and oversee the development of the assembled parcel of land. Together with its developer partner, Tribute Communities, the firm intends to develop the property into a luxury high-rise condominium residence consisting of over 380 units and more than 6,000 square feet of commercial space at grade.

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The property is one of several sites in the Bloor-Yorkville area in which Greybrook is actively developing, including the “Vertical Forest”, a unique residential development at Davenport Road and Bedford Road, intended to support over 350 tall trees on the exterior balconies of the building, and an ultra-luxury 29-storey mixed-use condominium building that will transform the corner of Yorkville Avenue and Avenue Road. “We are very excited to further participate in the growth and development of Yorkville and the surrounding area and we are thrilled to be partnering with our long-standing and well-respected developer partner, Tribute Communities, on this project,” noted Peter Politis, CEO, Greybrook Realty Partners. “Residential development sites such as this site have become much harder to find in the City of Toronto, particularly in the best neighbourhoods in the City. With the federal government’s planned increase in immigration over the next three years, Toronto will need new housing to support the growing population and transit-oriented developments such as this site will be in high demand.”


 

Northern Light

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Greybrook Realty Partners Invests $41,765,000 to Develop a Luxury High-Rise Condominium with Tribute Communities in Toronto, Ontario


January 20, 2021

Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $41,765,000 to acquire five properties located at 148, 152, 156 Avenue Road, 224 and 234 Davenport Avenue, in the City of Toronto and oversee the development of the assembled parcel of land. Together with its developer partner, Tribute Communities, the firm intends to develop the property into a luxury high-rise condominium residence consisting of over 380 units and more than 6,000 square feet of commercial space at grade.

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The property is one of several sites in the Bloor-Yorkville area in which Greybrook is actively developing, including the “Vertical Forest”, a unique residential development at Davenport Road and Bedford Road, intended to support over 350 tall trees on the exterior balconies of the building, and an ultra-luxury 29-storey mixed-use condominium building that will transform the corner of Yorkville Avenue and Avenue Road. “We are very excited to further participate in the growth and development of Yorkville and the surrounding area and we are thrilled to be partnering with our long-standing and well-respected developer partner, Tribute Communities, on this project,” noted Peter Politis, CEO, Greybrook Realty Partners. “Residential development sites such as this site have become much harder to find in the City of Toronto, particularly in the best neighbourhoods in the City. With the federal government’s planned increase in immigration over the next three years, Toronto will need new housing to support the growing population and transit-oriented developments such as this site will be in high demand.”



Aerial photo from TO Maps with the footprint of the properties listed above highlighted in yellow:

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AlbertC

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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.”
 

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