A Canadian real estate developer has acquired a prime Toronto development spot to build a master-planned residential block.
Building off the momentum of the St.Clair Village development, currently, under construction at 900 St. Clair West, Canderel announced the purchase of 490 St. Clair Avenue West -- a 1.91-acre site at the northeast intersection of St Clair Avenue West and Bathurst Street in mid-town Toronto.
The site is located in a transit-oriented location adjacent to a significant Loblaw's supermarket and St. Clair West Subway, connecting commuters to the Financial District in less than 12 minutes.
With an east-west dedicated streetcar route right outside its door, it is also a gateway intersection to many of Toronto's most coveted ravine trails and neighbourhoods, such as Forest Hill, Cedarvale, and Wychwood. Locally run businesses on St. Clair West, including retail, restaurants and cafés, are also within walking distance.
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In a city where prime development space is limited, this acquisition will allow Canderel to expand its neighbourhood-focused approach for Toronto. Development plans include three residential towers with retail at grade, a new public park, and a daycare.
"The acquisition of 490 St. Clair west is a fantastic opportunity to revitalize a prominent corner that has been vacant for many years," says Ben Rogowski, COO, Canderel.
Rogowski says he's excited about the site's potential because he knows Canderel will build a complete community in a part of the city that the company is already working in and knows quite well.
"With increasing demand for public outdoor spaces and childcare, we look forward to working with the City and agency partners to create amenities that support the evolving needs of this neighbourhood," said Rogowski.
Rendering courtesy of BDP Quadrangle
A spokesperson for Canderel told STOREYS the site is zoned for three residential towers, with retail and commercial space at grade, a public park at the corner, and much-needed community amenities, including a daycare. It is also currently zoned to include a small number of affordable rental units.
“The look and feel of the retail and public spaces, and how they are integrated into the urban fabric is going to be a very exciting improvement to this vital intersection. Our vision for this site is that it becomes a new community hub, serving the needs of the communities that live in and around St. Clair West,” says Rogowski.
Canderel says it will be working on updated designs for the residential buildings and retail in the coming months with the site already zoned.
