Toronto-based ONE Development has made its 736 Bathurst project available for purchase, opening the door for a new partner to join the project or take over the project altogether.
The project is set for 736 Bathurst Street, at the intersection with Lennox Street, half a block south from Bloor Street West and the Mirvish Village mixed-use project (formerly Honest Ed's) developed by the Vancouver-based team of Westbank and Peterson.
The property is currently occupied by the Randolph Theatre, a 518-seat theatre formerly known as the Bathurst Street Theatre that's housed in a former Gothic revival church, and adjacent Annex Theatre.
For the site, ONE Development was planning a 49-storey tower with approximately 650 units, with a potential gross floor area (GFA) of around 537,000 sq. ft, including around 24,500 sq. ft of commercial space.
Listed alongside 736 Bathurst Street is also 555, 557, and 565 Markham Street, three single-family homes fronting Markham Street that share a rear lane with 736 Bathurst Street. Although 559, 561, and 568 Markham Street are not included in the land assembly, One Development has envisioned the Markham Street properties as a second phase of the project, with the potential for a high-rise tower of its own that could accommodate approximately 350 units and a GFA of around 300,000 sq. ft.
The properties were recently listed without an asking price by CBRE Toronto's National Investment Team, who also note that the property is currently unentitled, meaning no project approvals have been secured.
"Preliminary architectural plans for 736 Bathurst have been created by BDP Quadrangle for 537,000 sq. ft. of GFA, based on a planning opinion from WND Associates, and heritage preservation opinion from ERA Architects," said CBRE in its listing. "Provincial policy advancements support the anticipated density for the Project as it sits on three PMTSAs (Bathurst, Christie and Spadina Subway Stations)."
- Address: 736 Bathurst Street + 555, 557, 565 Markham Street
- Lot Size: 0.44 acre + 0.44 acre
- Current Income: ~$240,000 + ~$440,000 per annum
- Price: Unpriced
- Listed By: CBRE (Peter D. Senst, Casey Gallagher, Taylor Clements)
The Randolph Theatre at 736 Bathurst Street in Toronto. / CBRE
CBRE also notes the Annex neighbourhood's strong condominium market as key to the property's potential.
"The Bloor West corridor features strong condominium absorption rates and some of the City's highest sale prices with recent launches in comparable nodes achieving +$1,500 per sq. ft. with strong velocity, with pricing for premium projects exceeding $2,000 per sq. ft," said CBRE. "As evidence of continued demand, there are 63 proposed condominium projects in the Toronto West, Downtown West and Annex submarkets totalling 13,374 units."
Upon inquiry, ONE Development CEO Jeff O'Brien told STOREYS that the decision to seek out a partner or sell the project outright is true to their nature.
"ONE Development's expertise has always been focused on the earlier stages of the development process," said O'Brien in an email. "Historically we have worked on targeting and acquiring sites, and some or all of the site's assembly and rezoning. Once we believe we have provided sufficient value in that respect, we always seek to either sell the project, or partner on the sales and construction with another developer who has more expertise in completing those phases."
As an example, O'Brien pointed to 101 Peter Street, which ONE Development did some assembly and rezoning work on prior to selling the property to CentreCourt, who then completed the Peter Street Condos in 2015. Another example is 620 King Street West, which ONE Development assembled and rezoned before selling to Allied Properties REIT and RioCan REIT, who then completed the King Portland Centre in 2019.
The current bid submission deadline for the Bathurst and Markham Street property is Monday, September 30.
