If you have a client interested in Toronto real estate who doesn’t care about a firm move-in date and has $25 million waiting to be spent, there is a perfect deal just waiting for them.
The listing for the condo, on Spadina Road in Forest Hill, shows architectural drawings and mockups of a proposed luxury townhome.
According to listing agent Barry Cohen, it is one of two units to be built side-by-side, the other is being listed privately.
The drawings feature a six-level stack of luxury rooms, starting with a six-car garage and ending with a rooftop terrace with outdoor kitchen.
The plans also promise more than 11,000 square feet of livable space, including six bedrooms, eight bathrooms, located across from Suydam Park, just a few minutes walk from Lonsdale Road and Spadina Road, which is the main commercial intersection of “the village.”
Your client will have to envision the whole thing because nothing has been built.
The old building – an abandoned six-story brown-brick apartment house still stands on the lot, boarded up and awaiting the wrecking ball. It was purchased in 2012 for $4-million by former condo building executive Arash Beheshti, one of the backers of the AB8 Group, which is named as the builder of the proposed development.
A billboard advertising the project at the site has a curiously past-tense quote – “The intent was to make this building the gateway to the village” – from Toronto architect Richard Wengle.
In a press release, Cohen says it is likely that construction will begin in 2018.
“I think this is more of an early release, where construction is going ahead regardless; it’s an opportunity for someone to get involved with early selections, possibly some alterations,” he says.
Moreover, since the planned property was first listed in December, Cohen said in the release that response has been overwhelming and he is seeking buyers from outside of Canada who are looking for something like a New York brownstone in Canada.
“As the world becomes more unsettled, the wealthy [from] other countries are looking to Toronto,” he explained.
Will the condo ever be built? If it is, will they get the asking price?
Only time will tell.