1088 Progress Avenue
Prime Residential Development Opportunity
|Total Size 0.92 acres|
Lennard Commercial Realty (“the Advisor”) has been exclusively retained by Empire Pace (1088 Progress) Ltd. (“the Vendor”) to coordinate the sale of Phase 2 of a residential development comprised of 0.919 acres of land located in Scarborough in the City of Toronto within the Malvern Community Area (“the Property”).
The land is located at the south west corner of Sheppard Avenue E and Progress Avenue, just east of Markham Road, surrounded by local amenities, is easily accessible by public transit (GO and TTC) and is 2 minutes away from Highway 401.
A Site Plan Application and Minor Variance Application have been made to the City of Toronto and an application to the Committee of Adjustment has also been made seeking approval for a minor variance to enable development of the project. The development consists of two phases (Figure 1). Phase 1, located to the south of the Property, consisting of 105 stacked townhouses is complete. Phase 2, the Property available for sale, proposes a high-density 18-storey residential condominium with 272 units, a total gross floor area of 21,487 m2 (231,290 SF) inclusive of a 379 m2 4,080 SF) retail component on the ground floor. The unit mix supplied includes 1 Bedroom, 1 Bedroom + Den, 2 Bedroom, 2 Bedroom + Den, and 3 Bedroom units. A total of 338 parking spaces are provided over three levels of underground parking. Sixty (60) parking spaces will be provided for the adjacent Chinese Cultural Centre. Indoor and outdoor amenity areas are included on the first floor, and a green roof will be provided on the roof of the 8th floor podium.
Using the currently proposed unit distribution (272 units), the Site-Specific Zoning By-law requires 379 parking spaces on site. The current proposal provides the equivalent of 338 spaces (including 60 spaces for the Chinese Cultural Centre and 4 car share spaces, 16 spaces equivalent). A Parking Study, completed by BA Group, supports reduced parking on site using the Policy Area 4 parking rates. The current parking supply meets the Policy Area 4 requirements, whereby a total of 338 parking spaces would be required on site (including 60 spaces for the Chinese Cultural Centre). A Minor Variance will be required to permit this reduction. The adjacent site, developed by Daniels Rosebank Park Corporation (5131 Sheppard Avenue), received support for a variance to permit parking rates as per Policy Area 4.
The Advisor, on behalf of the Vendor, is soliciting development and building firms for Agreements of Purchase and Sale for the Property. Submissions shall be made on the Vendor’s Standard Form of Agreement of Purchase and Sale. Offers will be accepted on a first-come, first-served basis. Do not approach Municipal Planners or Vendor’s Consultants without written consent from the Vendor. All questions for the Vendor shall be submitted in writing and will be responded to on a timely basis. Please contact Scott Sutherland, Aran Pope, Glenn Crosby or Brennan Shier for more information, Confidentiality Agreements and access to the secure data room.