North York City Centre (Yonge & Sheppard)

[Jusji]

I live at one of the Broadway buildings for some while now and I love the area. Jonathan, I believe Broadway would be a good building for you. Great amenities, great management, very good reverse fund study the only problem might be is there is construction in the parking garage and walkway now but should be completed next month. The corridors, party room and entryway are supposed to be renovated this year!

 

[Jusji]

I live at one of the Broadway buildings for some while now and I love the area. Jonathan, I believe Broadway would be a good building for you. Great amenities, great management, very good reverse fund study the only problem might be is there is construction in the parking garage and walkway now but should be completed next month. The corridors, party room and entryway are supposed to be renovated this year!

Does anyone know

Except for pool, the Pinnacle right at Empress Walk checks all the boxes, you can always go to the public pool beside the Meridian Arts center. Sleep country is gonna take over the old Shoppers location near Ultima

Does anyone know what’s going in the other space beside what sleep country is taking up? They aren’t taken up the entire old shoppers space under Ultima to my knowledge.

 

[fatty]

Anyone have info on what the "grocery store anchor coming soon" at North York Centre 5150 Yonge St will be?

Commercial Real Estate Listings | Avison Young Canada - Canada - Avison Young

Commercial real estate listings from Avison Young Canada. Properties for investment & leasing, including office, retail, industrial, multi-family & more.

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The space next to Rexall on the concourse level has giant wrapping around it saying Coming Soon and pictures of food but no other info

 

[sunnyraytoronto]

Anyone have info on what the "grocery store anchor coming soon" at North York Centre 5150 Yonge St will be?

Commercial Real Estate Listings | Avison Young Canada - Canada - Avison Young

Commercial real estate listings from Avison Young Canada. Properties for investment & leasing, including office, retail, industrial, multi-family & more.

www.avisonyoung.ca

The space next to Rexall on the concourse level has giant wrapping around it saying Coming Soon and pictures of food but no other info

Word on the street is one that starts with "T"

 

[fatty]

Word on the street is one that starts with "T"

Thanks! Makes sense since the wrapping is green and the pictures are of Asian food.

 

[yrt+viva=1system]

Possible T&T to finally come to North YorK Centre? I stumble across this today, the window wrapping is definitely T&T:

 

[fatty]

I posted about this in December and there has been zero update since then

 

[Northern Light]

I posted about this in December and there has been zero update since then

Be assured, if someone had information they were able to share; they would.

 

[fatty]

Be assured, if someone had information they were able to share; they would.

I meant updates from T&T, not members of this forum. My update is that there has been no update. I pass by the site regularly and nothing has changed since December

 

[AlbertC]

For the southeast corner of Yonge & Finch, but I'll just slot this here:

5587 Yonge Street is listed for sale at $15.888 million:

https://www.realtor.ca/real-estate/26825899/5587-yonge-st-toronto-willowdale-east

 

[sunnyraytoronto]

5587 Yonge Street is listed for sale at $15.888 million:

But are they demanding the entire $15.888 million in "Cash Money"???

 

[Northern Light]

For the southeast corner of Yonge & Finch, but I'll just slot this here:

5587 Yonge Street is listed for sale at $15.888 million:

https://www.realtor.ca/real-estate/26825899/5587-yonge-st-toronto-willowdale-east

View attachment 560435

At ~6,000ft2 its not a potential tall building site.

That's before considering its adjacent to a par, and another existing hirise.

I find it difficult to believe that the current rental income supports that valuation.

The site is stranded.

Personally, if I were brokering the site, I'd be pitching Parks, Forestry and Recreation to see if they'd pick it up as an expansion of Olive Square Park. I frankly think this is a crappy spot for a Park, and Olive Square is one of the rare cases where I think the City should look at offloading the site.

That said, especially give its association as a memorial for the van incident, there's a case to be made for making the best of it, and having the park take the entire N-S block.

 

[sunnyraytoronto]

At ~6,000ft2 its not a potential tall building site.

That's before considering its adjacent to a par, and another existing hirise.

I find it difficult to believe that the current rental income supports that valuation.

The site is stranded.

Personally, if I were brokering the site, I'd be pitching Parks, Forestry and Recreation to see if they'd pick it up as an expansion of Olive Square Park. I frankly think this is a crappy spot for a Park, and Olive Square is one of the rare cases where I think the City should look at offloading the site.

That said, especially give its association as a memorial for the van incident, there's a case to be made for making the best of it, and having the park take the entire N-S block.

Err,... the City can't off-load a Olive Square,... official City parks are not sellable, especially for development.

Yes, this small site is stranded,... but it does have valuation beyond as retail rental - it has air-rights,... and potential!

Here, this southeast corner of Yonge & Finch - instead of the standard 4.5FSI density within North York Centre Secondary Plan, this prime corner site would get 6.0FSI with direct Subway Entrance (like Tridel HullmarkCentre, Menkes Gibson Square and Bazis Emerald Park),.... but now with OMB/OLT granting Double Density, this site could easily get 12.0FSI (as did Menkes 4800 Yonge),.... so 6,000sqft X 12FSI = 72,000sqft,... that's a lot of extra floor space to add onto a condo proposal! What's that worth to a Developer? And once the Developer transfer all the air-rights off the site, they convey the land to the City as Section 37 Community Benefit or Section 42 Parkland Dedication,... but,...

But what makes this site interesting is,... potential for TTC Entrance - a stand alone TTC entrance, not a hole in the wall nor hole in the ground but a proper TTC entrance building - with open space (Olive Square) next to it!,... currently, Yonge & Finch intersection is busiest pedestrian intersection in North York,... it even beats out higher-density area Yonge & Sheppard intersection. Why?
- At Yonge & Finch, all TTC Subway entrances are north of Finch,... forcing TTC users to cross Finch Ave.
- At Yonge & Sheppard, there's at least 1 TTC entrance at/near every corner - thus, reducing the need to cross Sheppard or Yonge!

And right now, as they're finishing up Finch West LRT from Finch West Station (Keele) to Humber College,... eventually, they'll extended Finch West LRT from Finch West Station (Keele) to Finch Station on Yonge Line 1. And when they do,.... this 2-storey retail space would be gone, and City won't need the City owned laneway that service it,... add in Olive Square and this could become something like Yonge-Dundas Square,...

 

[Northern Light]

Err,... the City can't off-load a Olive Square,... official City parks are not sellable, especially for development.

Notwithstanding City Policy, the City has in fact offloaded a park, in exchange for another, larger park nearby.

See the 90 Eastdale thread, that building is rising on what was a City park; with a new park to be built on what are now townhomes 2 city blocks to the south.

That said, the City is exceedingly reluctant to do those kinds of deals.

The current policy arose out of a sale of community parkland that the community balked at, some decades back.

****

For those unaware, this is the current official policy:

Updating Policies for Infrastructure Projects in Parks and Open Space Areas

The Planning and Housing Committee will consider the Recommendation Report for the Proposed Official Plan Amendment on July 11, 2024. The report will be posted to the agenda approximately one week in advance. As the City grows, so does the need for essential services, public works, and...

www.toronto.ca

Yes, this small site is stranded,... but it does have valuation beyond as retail rental - it has air-rights,... and potential!

Can you provide a real-world example, in The City of Toronto of the transfer of 'air rights' entirely off-site?

I searched for anything similar to the above, in Toronto and couldn't find it. The only examples I could find involved either:

- Selling strata rights directly over a given parcel, to still build on said parcel, but a different owner than the underlying building/land. (railway lands)

- In theory, in the above scenario, a cantilever (self-evidently, this would be from a development on an adjacent site)

- Finally, the transfer of air rights within a contiguous or adjacent parcel from one portion of said lands to another. The example given here was ROCP (Residences of College Park)

***

In summary of the above, I'm unaware of the wholesale transfer of 'air rights' from one free-standing parcel of land to another, non-abutting parcel in Toronto.

References:

Canadian Bar Association - Defining Ownership in the Skies: Navigating the Complexities of Air Rights in Canada’s Urban Landsca

www.cba.org

Explainer: Air Rights and Density Transfers | UrbanToronto

This week, Explainer looks at air rights and density transfers, a practice in some cities like New York, that some people believe happen in other cities, like Toronto. It doesn't happen in Toronto, but we take a look at how it works in New York.

urbantoronto.ca

 

[taal]

Interesting, I noticed they recently put Celestica's sign on the North York City Center Office building (at empress station beside Mel Lastman square) - I think they just have a temporary lease until their new HQ finishes - not sure why they bothered with the sign just now.