A residential gas station in the heart of Cabbagetown is on the market, presenting an urban redevelopment opportunity along Parliament Street.
Located at 581 Parliament Street, the site is presently home to an Esso gas bar and Circle K retail store that contains a Tim Hortons outlet. Given its location, the property is an "ideal candidate" for residential redevelopment, according to a promotional brochure from Cushman & Wakefield.
The site, which is located on the southeast corner of Parliament and Amelia streets, the property offers easy access to public transit with both subway and streetcar routes nearby. Additionally, the proposed TTC Relief Line South, specifically the Queen and Sherbourne Station, is in close proximity, allowing for further accessibility to downtown.
Image courtesy of 581 Parliament Street sale promotional brochure
"The immediate area continues to see both gentrification and intensification as Toronto’s east end has become a hotspot for development activity," reads the marketing brochure.
READ: Mid-Rise Mixed-Use Condo Building Proposed for Cabbagetown South
Cushman & Wakefield noted that the area currently has 29 active condominium development projects, set to add 12,402 units and 51 proposed projects totalling 19,432 units at different stages of the approvals process.
Artist rendering, 581 Parliament Street
Planning consultancy group Urban Strategies Inc. was brought on to determine what would be the best use of the site, finding that the property could be best redeveloped with a mid-rise, mixed-use residential building.
According to Cushman & Wakefield, the property has a site area of 0.487 acres, a frontage of approximately 164.76 feet, and a depth of approximately 132.99 feet.
This could potentially allow for a residential GFA of 74,363-sq.ft, covering 7-storeys, with 5,912-sq.ft of retail at-grade for a total GFA of 80,275-sq.ft. The potential development could house 101 residential units, retail space, and 126 parking spaces -- 101 for residents and 25 for retail customers.
"While this would be the tallest development on Parliament Street, this option conforms to angular plane requirements from the neighbourhood to the east and conforms to mid-rise design guidelines," reads the marketing brochure.
Additionally, the brochure says there is retail space located on both Parliament and Amelia streets, which mirrors the retail condition on the north side of Amelia Street. This option would require rezoning and Site Plan Approval from the City of Toronto.
Cushman & Wakefield said the seller is prepared to vacate upon transfer of title but has a strong preference to remain operational through a leaseback until construction is ready to commence.
And while no actual prices for the property have been listed, interested purchasers are asked to submit offers to Dan Rogers and Jeff Lever.
