Toronto-based First Capital REIT has hit two key milestones for its Avenue Lawrence project in North York, according to the REIT's Q1 2025 report published earlier this month.
The project has been in the works since at least late-2019 and is set for a large land assembly located at the northeast corner of Avenue Road and Lawrence Avenue West, to the west of the Lawrence Park Collegiate Institute and a bit over one kilometre west of the Lawrence subway station.
The project originally began with just an assembly of small commercial properties at the corner — 284, 286-288, and 290 Lawrence Avenue West, plus 1507, 1525, 1537-1539, and 1541 Avenue Road — but First Capital REIT subsequently acquired two more of the adjacent properties and expanded the overall site. Notable occupants of the properties include Pusateri's Fine Foods (the last remaining store), a car wash, and a Starbucks.
In Q1 2022, First Capital acquired the three-storey medical office building at 272 Lawrence Avenue West for $21.3 million. In Q1 2025, First Capital then finally completed the acquisition of the Royal Lighting property at 1549 Avenue Road for $22.2 million, which First Capital has had under contract for some time.
The Avenue Lawrence project site, not including 272 Lawrence Avenue West. / First Capital REIT
For the site, First Capital originally proposed 455 residential units across a 10-storey and 13-storey development that would also include commercial retail space on the ground floor. After the project site was expanded, the proposal was then revised to 665 units across a 12-storey and 14-storey development, according to the project website.
The proposal includes 15 rental replacement units, 632 vehicle parking spaces, 500 bicycle parking spaces, over 43,000 sq. ft of retail space, and just under 12,000 sq. ft of green space, as well as several public realm improvements, such as a new public street, wider sidewalks, and improved landscaping.
"We see the corner of Avenue Road and Lawrence Avenue West as an opportunity to provide a diverse mix of uses while still recognizing its current contribution to the retail amenities in the neighbourhood," said First Capital REIT on the project website. "This project has a significant opportunity to improve the walkability of Avenue and Lawrence, and create an experience that makes it a destination for the community."
The proposal for the northeast corner of Avenue Road and Lawrence Avenue West in Toronto. / Turner Fleischer Architects, First Capital REIT
The proposal for the northeast corner of Avenue Road and Lawrence Avenue West in Toronto. / Turner Fleischer Architects, First Capital REIT
According to an email from First Capital's legal representative to the City of Toronto, the REIT brought its application to the Ontario Land Tribunal (OLT) after Council failed to make a decision within the statutory timeline. A hearing was scheduled for April 22, 2025 and the Lytton Park Residents' Organization (LRPO) and Bedford Park Residents' Organization (BPRO) were later granted joint party status.
"The City, LPRO, BPRO and First Capital participated in a series private mediation sessions in an effort to resolve the issues raised by City Staff, the LPRO and the BRPO in the late spring and summer of 2024," the email states. "These sessions have resulted in the resolution of the City, LPRO and BPRO concerns in regard to the OPA and ZBA Applications."
First Capital then made a settlement offer that would see the project go through a series of small revisions, such as adjustments pertaining to setbacks and massing. In its Q1 2025 report published earlier this month, the REIT said that it had secured OLT approval for the project and that the project will now include 679 residential units with 660,000 sq. ft of gross floor area and 47,000 sq. ft of retail area.
Also in Q1, First Capital sold two properties for a total of $72 million. The first was the sale of 895 Lawrence Avenue East to Bazis International for $32 million, as previously reported by STOREYS. First Capital had previously proposed two towers for the site and Bazis has proposed the addition of a third tower. First Capital also sold the Sheridan Plaza retail centre at 2200-2202 Jane Street in Toronto to Trinity Retail Fund II LP for $40 million.
