Maroc - STOREYS.COM - A La Une - 09/Sep 18:42

JLL Lists Site Of Planned Queen West Condo From KingSett

A prime parcel of development land just a stone’s throw (300 metres) away from the intersection of Queen Street West and Dufferin has just hit the market, and it has most of the pieces in place for a 12-storey mixed-use building with 21 condo units. According to the listing from Jones Lang LaSalle Real Estate Services, Inc. (JLL) — which went live around 24 hours ago — the swath of land at 1354-1360 Queen Street West and 8-14 Brock Avenue spans 0.46 acres, and is currently occupied by tenanted commercial and residential buildings “that provide interim cash flow, with lease termination clauses allowing for near-term development.” (At present, the “rentable area” clocks in at 14,147 sq. m.)And the site is nearly shovel-ready. According to the marketing materials, the vendor has successfully completed zoning by-law and official plan amendments to permit the aforementioned 12 storeys, as well as 152,277 sq. ft of gross floor area. That latter figure includes 3,402 sq. ft of retail space to be located at grade, and the remainder of the GFA would be dedicated to residential.SpecsAddress: 1354-1360 Queen Street West and 8-14 Brock AvenueFloors: 12Parking spaces: 36Units: 221Rentable area: 14,147 sq. mLearn more: JLL“An incoming developer will be required to complete a site plan approval application prior to redeveloping the site based on the established height and density provisions,” JLL’s marketing brochure states. “The existing improvements provide holding income in the interim, with demolition clauses in-place to allow for near-term redevelopment, and vacant possession available upon 120 days’ written notice.” View of proposed development from Queen and Brock, looking northwest. (Giannone Petricone Associates)Although this is not revealed by JLL, a series of planning documents from the City show that the 12-storey project slated for the site comes from KingSett Capital, and that the firm’s plans have been in the works since (at least) the fall of 2020. That said, plans for the site were initially for a nine-storey building with 117 condo units. A revised proposal was filed at the end of 2022, that time calling for an 11-storey building with 172 condo units, and those figures have since been increased to reflect its current iteration: a 12-storey mixed-use building with 21 condo units. The planning process has been made more complicated over the years by the fact that the three-storey building at 1354-1356 Queen Street West and the two-storey building at 1358-1360 Queen Street West were listed on the Toronto Heritage Register at the time the initial proposal was filed in 2020. Through the City’s review of the original proposal, the property at 1354-1356 Queen Street West was also determined to have heritage value, and was designated under the Ontario Heritage Act in November 2021. As such, the planned development now calls for the retention of the south facades of 1354-1360 Queen Street West, as well as the the east facade of 1354 Queen Street West; 8-14 Brock Avenue is set to be demolished.