— Toronto real estate developers are exploring plans to build a new residential building on land the city purchased in 2012 for $4.4 million, with the intention of building a condominium tower on top of it.
The project, which would require zoning changes in the city’s North York area, would include one- and two-bedroom apartments, according to the developers’ presentation to the city of Toronto.
The developers would also build a “new neighbourhood,” according to their presentation, which was presented to the council on Monday.
The developer’s presentation does not detail how much the project would cost, or how long the project will take to build.
It would be the first new residential development in Toronto since the city bought the land in 2012, when the site was owned by the same developer who purchased the site for $2.2 million in 2012.
Toronto city councillor Josh Matlow said the developers need to demonstrate they can do something new with the land and get approvals for the project from city planners and the city.
“This is the first time in a long time that we’ve seen developers actually try to do something on this site and not be in the way,” Matlow told CBC Toronto.
“They need to be very careful.
If they’re not careful, they’re going to create a problem.”
The project is expected to be approved by the city on Monday, with a formal announcement expected in May.
The city bought land from developer Mike Schmitz for $3.2 billion in 2012 in exchange for an area in the south end of the city where development is allowed.
The city had originally planned to develop the site as a mixed-use development with a mix of rental, office and retail uses, but in 2013, the city agreed to a deal with the developer to build 1,200 units in two buildings on the site, one at the east end of Yonge Street and the other at the west end of King Street.
The first phase of the project is estimated to cost about $1.8 million per unit, while the second phase would cost $2 million per building.
The third phase is expected for 2019, when it will include 300 units.