874-878 Yonge Street for Sale!

According to CBRE Canada, there is a retail/condominium development opportunity at 874-878 Yonge Street in Toronto.

The 7,650 square foot site is located on Yonge near Scollard, just south of Davenport Road. Situated in the prestigious Yorkville neighbourhood, you can bet that this site will be drawing a lot of attention. According to RealNet Canada, as of August 2013 the average price of a Bloor-Yorkville site is $801,510. With this location across the street from the Frank Stollery Parkette and surrounded by luxury developments, we can see the site going for slightly more.

What can we expect at 874-878 Yonge Street?

The current zoning By-Law designates the site as Commercial Residential. The property has been prescribed a potential height range between 62 and 107 meters or 20 to 35 storeys by the Downtown Tall Buildings Vision and Guidelines.

You can expect a total GFA well over 200,000 square feet and about 156 units. As you know, Yorkville boasts the best high-end shopping spots in Toronto, so it wouldn’t be surprising if a developer took advantage of the Commercial zoning and included a few storeys of retail in a sleek podium.

Two other condo developments currently underway in the neighbourhood are 1 Yorkville by Bazis and Plaza, and Milan Condos by The Conservatory Group. And just last year, Diamante Development Corporation completed The Florian, located west of 874-878 Yonge at 76 Davenport Road.

1 Yorkville is currently in the preconstruction phase; Bazis and Plaza are accepting registrations. Milan Condos is located east of 874-878 Yonge at 825 Church Street, and is currently under construction with a completion date scheduled for 2014.

Do you think Bazis, Plaza, Diamante, or Conservatory Group will make a move to bring another development to Yorkville? Or will we see a new player hit the scene and offer their vision of a luxury condo? Time will tell.

All images via CBRE brochure