Toronto-based developer Carlyle Communities has put the south phase of its two-tower project in the Junction neighbourhood on the market, according to a sales brochure obtained by STOREYS.
The project is set for 6 Lloyd Avenue, a 2.6-acre site at the intersection of Lloyd Avenue and Mulock Avenue, just south of St. Clair Avenue West and the future St-Clair-Old Weston Station planned as part of the UP Express Line.
The property is held by Berkley Carlyle (Junction) Limited Partnership under Berkley Carlyle (Junction) Inc., and Carlyle was originally planning a mid-rise condo project that was granted approval in 2022, but things changed.
“Carlyle quickly pivoted when both the City and Province shifted the applicable policy and legislation landscape weeks before a planned sales launch,” Carlyle’s website states.
6 Lloyd Avenue and the future St. Clair-Old Weston Station. (TD Cornerstone)
“The change in direction paid off with the OLT’s decision in June 2024 to approve the development on site of two 35 and 28 storey towers, 12 storey mid-rise podium and separate 5 storey boutique office building.”
All in all, approved for the overall site is 629,457 sq. ft of residential floor area — 909 units — and 16,146 sq. ft of commercial floor area for a total gross floor area of 645,603 sq. ft., plus 354 parking stalls.
“Carlyle identified back in 2017 that the Junction would soon become one of Toronto’s key growth markets. As vacant land, Carlyle foresaw the perfect opportunity to reimagine 6 Lloyd Avenue as a new transit-oriented residential development and acquired it that same year.”
Project statistics for 6 Lloyd Avenue. (TD Cornerstone)
The Listing
In late-April, however, the south phase of the project — the 413-unit 28-storey tower — was listed for sale by Ashley Martis, David Bloomstone, Alexandra Henderson, and Jason Lay of TD Cornerstone Commercial Realty Inc., according to the sales brochure, which noted that the vendor intends to work with the purchaser to complete the severance for the south phase so the land title can be conveyed free and clear.
- Address: 6 Lloyd Avenue, Toronto
- Buildable Gross Floor Area: 286,498 sq. ft
- Residential Units: 413
- Height: 28 storeys
- Price: Unpriced
- Listed By: TD Cornerstone (Ashley Martis, David Bloomstone, Alexandra Henderson, and Jason Lay)
“A maximum residential GFA of 805,947 sf is permitted with a minimum of 10,764 sf non-residential uses required in the north tower, a minimum of 9,419 sf of affordable housing in either tower, and a private daycare with a minimum size of 5,382 sf in either tower,” the brochure also notes.
“The site is [inclusionary zoning] exempt due to previous Site Plan Applications made in 2021 and 2024, however, the current concept consisting of two independent towers without a shared podium will require an updated SPA submission and land severance. These future applications will allow a prospective purchaser to refine their own vision for the Site. It is noted the current proposed concept totals 645,603 sf of GFA which offers density upside should a prospective purchaser choose to build out the full 850,348 sf of approved density on the Site.”
TD Cornerstone also notes that the project will benefit from several policy changes made in recent years. The project can benefit from the elimination of GST on purpose-built rental, and the recent reduction of development charges by 50% will result in an estimated $8.1 million in savings for the south phase.
“These measures directly lower all‑in project costs, enhance yield‑on‑cost metrics, and support more competitive underwriting assumptions — particularly for large‑scale, transit‑oriented, mixed‑use developments.”
