Observer Walt

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A sale of the property at 253 College Street was recently reported. I haven't seen it mentioned here. It's located a couple of doors east of Spadina, west of Huron Street. The property has a very old and shabby-looking brick warehouse, with five levels, presently being used as a self-storage place. I have to think that's not the best use of a property in this location.

The purchaser is Knightstone Capital Management, a low-profile bunch who manage private real estate investments. Nothing is on their website at present.

The sale price was $6 million, equivalent to about $175 per square foot of floor space, which seems high to me. On the other hand it's equivalent to $510 per square foot of land area, which is right in line with a number of condo sites in the central area.
 

Student99

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I can only hope for an "off-campus" student residence. These are lacking around U of T, aside from Tartu, which is a dump.
 

adma

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Though given the proximity to U of T, I could just as well envision something "institutional" rather than "residential"...
 

jaborandi

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Is this the site which sits directly east of a smallish mid 20th century structure set well back from the street? About five years ago, an architect friend of mine was working for a client who wanted to erect a condo there but the client insisted that the odd little tree out front should be preserved. As I sped by on the streetcar last night, I got he impression that the tree in question was gone.
 

Observer Walt

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Jaborandi, I believe you are referring to 245 College Street, which is immediately to the east of 253. 245 is a two-storey building, occupied until recently by the University of Toronto Press. There is an open patio area at the front. I don't know about a tree; I'll try to observe next time I am nearby.

As a side point, 245 was purchased by the University of Toronto a few months ago. The University of Toronto Press, who had been tenants under the previous ownership, have moved out. I don't know what plans the University has for this property. It's a bit small, but again, was not being utilized to its highest potential.
 

jaborandi

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Observer Walt - thanks for the clarification. 245 was in private hands when my friend was working on the proposal.
 

Observer Walt

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Student99, that's a good find. Thanks for posting it.

At 1,250 beds, it's going to be a big residence building. Let's hope for a good design. I'm sure we'll be watching this with some interest.
 

bleeepbluuup

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Mystery solved
http://www.thevarsity.ca/article/17907

The site will be an "off-campus" student residence along with 245 college

*sigh* I really wish they'd would set aside some permanent space for the clubs. Otherwise you just get all kinds of construction happening in the most inappropriate places, usually the atrium of the Sanford Fleming Building, which is where everybody eats lunch.
 

waterloowarrior

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Knightstone.jpg


Streetview
 
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