Northern Light

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Terracap has registered to lobby on an assembly of 17-29 Glenavy, which is located just to the north-west of Bayview and Eglinton.

The site as it is today:

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Aerial View:

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Site Size: ~24000ft2

Comments: Likely covered by the Bayview MTSA; that is the only way I can imagine going that far into a 'neighbourhood' with a development plan of any scale.

Precedent is tough to judge here as this one does not front a major street, but the the proposal for 2-20 Glazebrook is very close, and the ask there is 34s.
 


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As per the images from @AlbertC I have modified the proponent in the title, and added story count based on the site plan.
 


Elysium is partnering with Terracap and Trolleybus Urban Development for a project on a recently acquired half-acre site at 17-29 Glenavy Ave., approximately 150 metres from the Leaside station on the under-construction Eglinton Crosstown light rail transit line near Eglinton Avenue East and Bayview Avenue.

Trolleybus assembled seven properties for the development site. The partners are fine-tuning their pre-application consultation package, but they’re proposing a Gensler-designed high-rise tower with a townhome podium totalling approximately 350,000 square feet in the hot development area.
 
A past news article but some commentary to add:



Elysium Glenavy Limited Partnership was formed to develop the property in which, in addition to Hepsor and Elysium, various Canadian and European investors are also participating. Fasken (www.fasken.com), one of Canada's largest law firms, served as legal counsel for Hepsor, reviewing the partnership agreements and providing advice on deal structure and risk mitigation. The initial phase of the critical path of the project will involve the activation of a best-in-class consultant team led by the project architects, internationally renowned Gensler Architects and industry leading urban planning firm, Bousfields.

The subsequent phase will involve the preparation and formal submission of the Site Plan and Zoning/Official Plan amendment applications to permit a residential hi-rise tower on a podium. The precise height and projected Gross Floor Area will be made available at time of formal submission.

The zoning and Site Plan approvals are expected to be achieved within 24 months. The Elysium Glenavy Limited Partnership is contemplating the build out of a high-end purpose built rental tower, but will remain open to other capitalization options.

The total value of the land and project soft costs is 22 million euros (CAD 32,5M), of which Glenavy Limited Partnership will invest ca 2,4 million euros (CAD 3,6M) as own funds.
 
Another article on this project:

 

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