A trio of tall condo towers could soon crop up in Etobicoke, just south of The Queensway. Marlin Spring Developments and Greybrook Realty Partners are behind new development plans that could bring over 1,000 new residential units to 40-60 St. Lawrence Avenue.
According to a letter from the development manager of Marlin Spring, development approvals for the project are being sought in two phases. The application that went to the City of Toronto last month pertains to two easterly towers, proposed to be 34 and 43 storeys, while the second, forthcoming phase will extend to a 26-storey tower to be located on the west side of the site.
“Our decision to divide the application into two phases is primarily driven by the need to phase the development charge payments,” the letter explains. “This approach will aid us in better managing the financial aspects of the project more effectively, and to make a bonus density payment when Site Plan Approval is achieved”
The letter also specifies that a total of 877 residential units — a mix of bachelor units, one-, two-, three-bedrooms, one-bedroom plus dens, and townhomes — 239 vehicular parking spaces, and 674 bicycle parking spaces have been proposed for the 34- and 43-storey towers.
The 26-storey building is expected to add 289 additional residential units to the development, for a total of 1,166 units.
Renderings by Wallman Architects show three rectangular towers dotted with projected balconies. The two tallest towers sit atop a five-storey podium, which, according to the architectural plans, will house outdoor and indoor amenity spaces (expected to be 1,287 sq. m and 1,760 sq. m, respectively), office space, and ten two-storey townhouses.
Marlin Spring and Greybrook acquired the subject site earlier this year, in April, according to a press release from Greybook. At that time, Greybrook specified a $40M equity investment and the intention to “develop the land into a two-tower condominium site consisting of approximately 775 units” — so it would seem, since the spring, plans have been scaled up.
“The Queensway corridor is becoming a lively residential community due to its local amenities and connectivity. As the neighbourhood continues to evolve, it is becoming an increasingly popular destination for young professionals, families, and anyone looking for a vibrant community within Toronto,” John Huffman, Vice President of Asset Management for Greybrook said back in the spring.
“We’re excited to develop this dynamic neighbourhood further and provide much-needed housing. This development marks Greybrook’s 14th residential development project with Marlin Spring.”