Another iconic Toronto institution is on the market, presenting an urban redevelopment opportunity at the northeast corner of Bathurst and Adelaide.
Located at 123 Bathurst Street, Toronto's historic Factory Theatre and its surrounding property are officially for sale and are being marketed by JLL Capital Markets as a "unique redevelopment play" that presents the opportunity to purchase one of the last undeveloped high-profile corners in the downtown core.
According to the listing, the property comprises a total land area of 13,205 square feet and encompasses the northeast corner of Bathurst Street West and Adelaide Street West. The site currently houses an 18,000 square foot Queen Anne style mansion originally built in 1869, which has been operated by Factory Theatre for nearly 40 years.
JLL Capital Markets
Founded in 1983, Factory Theatre is a privately owned, not-for-profit that supports Canadian artists and serves as a venue for workshops, writers’ retreats, and some of Canada’s most original live performances.
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Known as “the Home of the Canadian Creator”, the theatre has brought over 300 new Canadian plays to the stage since its inception. Annually, the theatre hosts over 50,000 guests and is financially supported through ticket sales and charitable donations.
JLL Capital Markets
JLL Capital Markets says the property offers a potential buyer the opportunity to restore or intensify the site with a commercial or residential redevelopment that is keeping with planning and heritage objectives put in place by both the municipal and provincial governments.
Specs:
- Price: Contact for price
- Address: 125 Bathurst
- Size: 13,205 ft2
The vendor says it's open to a flexible offering process that allows for a sale-leaseback, vacant-sale, or Factory Theatre retaining a component of a future redevelopment, allowing flexibility in terms of timing to development, while also adding cultural significance to any redevelopment of the site.
"We have engaged JLL to provide advice on how we can further develop our theatre in support of Canadian artists. Our objective is to see what opportunities exist to enhance our wonderful heritage building at Bathurst and Adelaide in partnership with private developers, having been unsuccessful in obtaining sufficient public funds to upgrade our 150-year-old building," said Factory Theatre in a statement.
"At the present time we are seeking proposals that will enable us to enhance our current theatre and adjacent grounds. We are at the exploratory phase and have made no decision to move forward on any plans."
As the Bard would say, all the world’s a stage, and now is someone's chance to develop it.
