Observer Walt

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The DeBoer's store at the southeast corner of Yonge and Hillcrest has been sold. The purchaser is First Capital Realty, a developer of neighbourhood shopping centres, usually in the 50,000 to 75,000 sq. ft. range.

I don't know what their plan is for this site. In this location, a retail plaza is unlikely. The more likely development would be either a condo or an office tower, although these are not what First Capital has been known for.

The sale price was $14 million. At 30,800 square feet of site area, that's $455 per square foot.
 
thanks for the heads up OW ~

First Capital was also a partner with Urbancorp behind the Fuzion King West condos ... so I wouldn't be suprised if they build a condo at this site (partnered with another builder)
 
DeBoer's is large but doesn't take up the whole block...there's one small building at Elmwood that houses an optical store and a Dairy Queen that's been there forever. This is one of the few blocks of commercial buildings along Yonge here that would be better off replaced, though the replacement (99% chance of a condo) would have to have retail, and hopefully much better spaces than pokey cubicles behind pillars.
 
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Deboer's is shutting its doors.
It seems like this sale nudged the owner into retirement. (nice nudge btw)

Anybody know what First Capital Realty has planned for this sleepy Yonge Sheppard neighborhood?
I'm hoping for something with better retail.
 
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John DeBoer is retiring, I'm guessing he's cashing in on his stores while the market is still good.
I been to a DeBoer's store recently, and although the quality of their furniture has always been very good, it is still relatively expensive and out of touch with today's furniture customer and design. They sell some mid-century modern knockoff furniture (probably to compete with other furniture stores), but they do not look very convincing and could be bought almost everywhere else.

This follows Garrit De Boer's (the founder of Idomo and the guy with the really long beard) retirement and store closing announcement -- I don't know if he is any way related to John.
 
tweet tonight hinting that Menkes coould be involved with this site....
 
Confirmed. Michael's is moving into half of the de boer's old location.

I can see this redevelopped in the next 5 years and most likely with the acquisition of the dairy queen/optical store building and the parking lot adjacent to it (same owner -- from '94)
 
Didn't take any pictures but There is now a 2 Storey Jack Astors (With Rooftop Patio) which is now open + a South Street Burger Opening up soon.
 
Doing some core sampling in the parking lot.

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Pretty prime location in NYCC, wonder if First Capital will go with mixed-use including office space or just condos with retail. They should be able to easily go 40+ storeys here.
 
Is that what it's for ? There was a proposal for a 1 story restaurant patio on the site (the parking lot, or part of it).
 
Is that what it's for ? There was a proposal for a 1 story restaurant patio on the site (the parking lot, or part of it).

Behind yonge there’s parking lot(s); the southern half parking lot (10 elm wood) belongs to different owner who have the restaurant patio proposal you mentioned.
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Source: https://www.toronto.ca/legdocs/mmis/2019/ny/bgrd/backgroundfile-138312.pdf

With regards to the yonge frontage structure; First Capital owns the northern 3/4 which currently host Michael’s, Jack Astor’s, Asian place & Dairy Queen. The southern 1/4 hosting Creative Optic and Indonesian restaurant at corner has different owner.
 

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