Real Estate Update – Leaside
Leaside continues to be an area in high demand with very little product currently available for sale or lease. Hence, there have been very few new transactions to report. Recent leases and sales include:
- Amsterdam Breweries expanded in to the adjacent space at 45 Esandar Drive and will be increasing their production at this location;
- TI Group expanded in their secondary facility at 255 Wicksteed Avenue;
- The Edgewood Health Network (EHN) is Canada’s leader in treating adult addiction and mental health, with a growing network of treatment facilities across the country delivering a variety of inpatient and outpatient services. An agreement has been reached for EHN to lease the 175 Brentcliffe Road site. Renovations are underway and operation of Bellwood Health Services’ programs are expected to open at the Leaside facility in Q3 or Q4 of 2016;
- The 195-205 Wicksteed Avenue development has been a great success including a now complete Canada Post distribution facility, Access Self Storage under construction and industrial/commercial condos which are approximately 70% sold.
Many of the sales over the last several years now have development applications on these sites. There are also several development proposals which have either been approved or are nearing a decision date.
- The proposal for a 165,000 SF Costco facility on 42-46 Overlea Boulevard has just been approved, but will no longer include a gas bar as originally proposed at this time. They may revisit this 6 months after the Costco has been in operation however will be required to do further traffic studies.
- There is a proposal for a zoning amendment at 33 Laird Drive which would allow for the conversion of an existing two-storey building into a 47,000 SF multi-tenant commercial facility. Some of the proposed uses include retail, a nursery and a restaurant among others. The proposal promises to preserve the heritage of the building which is recognized under the City of Toronto Heritage Register. A Statutory Public Meeting is expected to be held in the third quarter of 2016.
- A proposal for a large development at 146-150 Laird Drive is also underway and is currently holding the second prehearing. VIVA Retirement Communities intends to construct an eight-storey rental retirement building with and a seven-storey condominium containing almost 300 senior resident units between them.
- Shane Bahai has applied for an eight-storey, 98-unit residential condominium on 3-5 Southvale Drive. A community consultation meeting is expected to be held in late November or early December.
- First Capital’s proposal for a 60,000 sq. ft., two-storey fitness facility located at 11-25 Industrial Street is still under consideration. This site is adjacent to their Longo’s anchored retail development on Laird Drive – Status TBC
- Walmart – 99 Vanderhoof Avenue and 70-80 Wicksteed Avenue – status still TBC
- Staff has supported the conversion of the lands fronting on the south side of Eglinton Ave East (815-939 Eglinton Avenue East), between Laird Drive and Brentcliffe Road to a Mixed Use Area, which would allow for residential and commercial development, subject to policy conditions regarding intensification. There is, however, a 50 metre portion on the south side of these lands which will remain employment.
Please visit our website at www.cbre.ca for more detailed market information, or feel free to call Carol Trattner directly at 416-495-6253.
|CAROL M. TRATTNER, MBA *