Toronto 19 Bloor West | 317.4m | 99s | Reserve Properties | Arcadis

I think this must be the best thread to drop this bit of news in from CoStar. Likely redevelopment plan in the works, sale likely to close March 2023.



From CoStar:

February 1, 2023 | 5:57 p.m.

Toronto's famed Mink Mile, home to some of the country's most expensive retailers, is about to see a significant deal for two pieces of land next to what is the proposed tallest residential building in Canada.
CoStar News can confirm that 15 Bloor St. W, once occupied by Swedish retailer H&M, is under contract with an unnamed buyer for a undisclosed price. The 0.12-acre property with 20,000 square feet of rental space was listed by Ottawa-based Cavan Realty and marketed by Toronto-based by Packam International Group.
"Boasting a striking three-storey glass facade with approximately 50 feet of frontage on Bloor Street West, 15 Bloor Street is adjacent to The One," states a sale brochure from Cavan referring to an 85-storey residential tower with a hotel component now under construction east of the site.
Michael Cavan, principal and broker of record at Cavan, confirmed to CoStar News the property is under contract, but he is under a confidential agreement until the deal closes. It is scheduled to close at the end of March.
A second real estate source with knowledge of the transaction said in addition to securing the 15 Bloor St. W property, the buyer has a property to the west at 19 Bloor St. W, now home to Bank of Nova Scotia, also under contract. That 0.2-acre property last traded in December 2016 for $74 million when Scotiabank sold the site to Mappro Realty.
JLL previously was leasing the vacated H&M store, which it called a generational opportunity to rent a full building flagship in Canada's most prestigious shopping district.
"Steps from Yonge & Bloor, 15 Bloor Street West is surrounded by the world's leading retailers, including Eataly, Sephora, Dior, Prada, Cartier, Moncler, Montblanc, Peloton, Louis Vuitton, Tiffany & Co., Gucci, Hermes, Roots, Zara, Aritzia and many more," said JLL in the listing.
A JLL spokesperson could not be reached to comment, but the listing notes that more than 25,000 people live within 0.5 kilometres of the site with a household income of $321,266.
Vancouver-based Flagship Properties is selling the 15 Bloor St. property. It lists the property on its website among its current holdings.
Officials with Flagship and Mappro could not be reached for comment.
"The site is most likely a redevelopment play," said a source with knowledge of the deal. Given timelines for zoning applications that could take years, the transactions represent potential short-term rental opportunities.
 
hah, I knew you were going to say that, NL. And how could it not be aggressive on height at this location. There really is nothing holding it back given the immediate neighbour.
 
Provided they can meet tower seperation, yes.

Additionally, remember that Staff are recommending refusal of Mizrahi's height increase due to shadowing issues on Jesse Ketchum - there is no reason this site will be any different. Approval of anything taller than its neighbour will likely have to go through an OLT hearing and will be contingent on Mizrahi getting approval at his hearing.
 
bhwilkins said:
Not me thinking this could be the parkland dedication necessary to get the height increase approved 😅
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LMAO, most expensive parkland dedication per m2 in history and maybe in absolute terms too!
 
Lol oh so now they want to sell? I'm curious how they're holding out from selling has netted them in increased potential profit compared to ~10 years back.
 
Northern Light said:
Ah, since this is becoming public................

I'm going to say a small something...............

I may have heard whispers.............

That will make the height fanboys very happy.
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Height fanboys are not at City Hall though. We say tall.They'll say Jesse Ketchum! /sigh
 
Rascacielo said:
But will it block million-dollar views of The One's west-facing units?
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Oh I can't wait for article in the Star, with a photo of some old rich person, with their arms folded, standing outside The One, whining that their view is going to go away. I will laugh and laugh and laugh.
 
jaborandi said:
Why old?
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For whatever reason it's usually (although obviously not always) an older person in these type of articles. My guess is they tend to be more inclined to write into a newspaper than younger generations, likely due to the way different generations consume media. I would also laugh at a young person making an equally stupid complaint, to be fair. Anyone who thought there was going to be a set of 2 story retail buildings next to The One forever should be laughed at.

Whatever the age group though, they will be frowning and folding their arms in the photo though. Why media thinks that photo style is effective and not just amusingly stereotypical at this point, I'll never know.
 
UtakataNoAnnex said:
Height fanboys are not at City Hall though. We say tall.They'll say Jesse Ketchum! /sigh
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To avoid any issue, all a building need do is cast no greater shadow than an 85 storey 'The One' is casting already.

Its safe to say a lot of height is very possible here.

Also to note, given separation distance requirements, albeit more relaxed than what we're used to; will require this be a very small floorplate, which means a very brief and narrow shadow.

***

For the record, I do not know the exact dimensions of what's coming, though I have an idea.

But I have examined the site boundaries, considered precedent and current planning leanings, and I find it very difficult to imagine a floorplate larger than 650m2; and smaller is entirely plausible.

The economics of a such a small floor plate are, uh....... challenging........as @ProjectEnd has outlined in the past.

But they aren't impossible.
 
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Would be fun to see a narrow spire here that casts minimal shadow but surpasses the height of The One... 😄

Though I doubt that will happen, something in the range between 1Bloor East and The One seems pretty possible.
 
concrete_and_light said:
Would be fun to see a narrow spire here that casts minimal shadow but surpasses the height of The One... 😄

Though I doubt that will happen, something in the range between 1Bloor East and The One seems pretty possible.
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Agreed. There's no way the City agrees to a height peak at a tiny street like Balmuto when they have always been clear the goal is to have the peak height for buildings in the area at Yonge. But yeah, something in the middle seems very possible.
 
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