What does the Future Hold for 381 Yonge Street?
By Lucas on Oct 15, 2013
By Penny Munoz
Recently, the Yonge Street Mission (YSM) sold its founding location at 381 Yonge Street in Toronto. The agreement with the purchaser (a private equity real estate company) states a closing date of September 2016.
Judy Hunter, Board Chair of the YSM said that the decision to sell the location just south of Gerrard Street, which had been open since 1904 was influenced by the desire to help street-involved youth. The delayed closing date will benefit the YSM by providing them with an opportunity to complete programs within the community, while allowing the purchaser ample opportunity to plan for what kind of project might be best suited for the area.
"The Board of Directors determined that fulfilling our vision to serve street-involved youth calls for the sale of the property. We are committed to doing more, rather than accepting the inherent limitations of the Yonge Street location," said Hunter.
The funds from the sale remain undisclosed but YSM CEO Angie Draskovic says that they will help implement a three-to-five year development model that will better help the community that the organization serves. Since this location is only one of six, YSM coordinators expect a smooth transition for the program and the youth that it serves.
What’s in store for 381 Yonge Street?
With the acclaimed 79-storey AURA at College Park, known as Canada’s tallest residential development, just across the street, we predict the purchaser of this spot will sell to a condo developer. Proving the area to be valuable future real estate, 95% of the units at AURA sold in the pre-construction phase. AURA has a 2014 completion date scheduled.
Genworth Canada, the largest private residential mortgage insurer in Canada predicts another condominium surge in Toronto by 2015. Taking the lack of development within the Yonge and Gerrard area into consideration, this just might be the next popular pocket for high-rise condos in Toronto.
Within walking proximity to Ryerson University’s downtown location, and surrounded by retail stores that keep popping up on the strip, prospective developments could definitely include high-rise residential projects. Lodged in between Toronto’s busy Financial District and the dynamic Yonge and Bloor neighbourhood, this area is due. Perhaps potential investors will be interested in the neighbourhood because of the possibility of renting to Ryerson students.
What do you think will become of 381 Yonge Street? What will this area be like in the next five to ten years?Image from Google Maps
