587 Avenue Road
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Property Type:
Development Residential
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Transaction Type:
Sale
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Property Address:
587 Avenue Road
Details
Development Opportunity with Holding Income –
Proposed 15 Stories or 60,000 SF
587 Avenue Road is a 0.240 acre (10,266 sf) parcel of land for sale with 60 feet of frontage onto Avenue Road. The property is improved with one four storey apartment building totaling 56,276 square feet comprised of 22 units. As such the highest and best use for this site would be for redevelopment.
The Area
The Property is situated in Toronto’s Avenue Road Corridor which is currently comprised mostly of large single family homes, and multi-residential apartment buildings, however the supply of condominium or townhouse developments is lacking. This region is proving to have a high demand for luxury condominium developments based on the locations demographics and area sales.
Lot Description
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Number of Suites |
22 |
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Site Area: 971M2 |
10,208.64 SF |
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Dimension |
60 x 174 FT |
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Taxes – Roll #190411122000300 |
$33,257.69 (2010) |
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Legal Description |
PT LT 45, PL 890 AVENUE HILL AS IN CT371020; CITY OF TORONTO PALAVENUEGP INC; RLC AVENUE LP |
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Current Zoning |
R4C (Residential) ZZ.0 H16 The zoning By-law classifies the property R4 Z2.0, a residential classification which regulates maximum gross floor area through parking, setback and landscaping requirements |
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