Bazis Inc. Purchases in Yorkville

Remember when we were talking about how slow the real estate market is? The lack of development applications and land acquisitions? Well, those days are behind us, based on the flurry of activity over the past few months.

One developer that has been quite active is Bazis Inc. Not only have they launched one of the more important developments in Toronto, E Condos at the corner of Yonge and Eglinton, but they also recently acquired another key piece of Toronto land.

Another Yonge Street condo project for @bazisinc? 838-848 Yonge Street (south of Yorkville Avenue) purchased for $20.5 million.

— Urbanation (@Urbanation) November 13, 2012

Urbanation said via Twitter that Bazis Inc. has purchased 838-848 Yonge St., right in the heart of the Yorkville. We really don’t have much information regarding the plans for 838 Yonge St., but we expect to receive more info very soon.

The site is an interesting one. Sitting at the front of Yonge Street, there is a series of older Victorian style homes that feature retail space, and the back portion of the site is wide open for development. Yorkville has been on fire lately, with developers such as Menkes and Lifetime moving forward with some great projects in the neighbourhood. It’s obvious why developers still target Yorkville: there’s plenty of space to develop, it’s on the edge of downtown, and as far as reputations go, it’s the most luxurious district around.Now, as we stated earlier, we don’t have much information about Bazis’ plans for the site. This is just speculation, but it would be great to see the Victorian-style retail maintained, maybe a landscaped courtyard, and possibly a 40 or 50-storey tower. Who knows what Bazis has up their sleeve – it’s always something interesting.What are your thoughts on this transaction? What type of project should rise here?

Comment below.