Is it profitable enough to build a condo on Broadview Ave lower than 16, 18 or 22 storeys? Many have suggested that a condo development couldn’t be profitable unless it was close to 20 floors high, so how is it that someone found a strategy to be profitable at 10.
At the OMB pre-hearing on November 23rd representatives of 1001 Broadview Ave Inc revealed that they were prepared to present a specific development proposal for the former Whistler’s site. For those looking to live closer to downtown and use the TTC’s planned Broadview relief line to get to the core, 1001 Broadview Ave Inc may have the answer for you.
At 10 storeys the proposed building would rise to a height of 38.6 metres (126 feet), including the mechanical penthouse. Reportedly backed by Callian Capital Partners, there plans to be 111 condominium units with a mix of 79 one-bedroom units, 21 two-bedroom units, and 11 three-bedroom units including 3 grade-related townhome units as well as 449 m² (4833 feet²) of retail at the ground floor.
If Callian or 1001 Broadview Ave Inc feels it can compete with the 24 storey condo across the street, then it appears they also elected to go with a low-rise development to gain favour with local residents and neighbourhood associations. Many local residents are still hoping that 958 Broadview Ave could continue to be home for Estonian-Canadians but will have to wait until a new owner has announced their intentions at the OMB hearings next April. As seen from the drone shot above, the westerly view from a 7th floor window at a redeveloped 958 Broadview Ave could have great value for a potential condo owner.
For a review of the proposed development, Urbantoronto.ca has a little more detail.
If you are interested in putting in your pre-order then you’ll want to check the listing on condopromo.com.