Asking Price – $11,500,000

Overview

The subject 7.45 acre property has been declared surplus by the Toronto District School Board (TDSB) and is being offered for sale by the Toronto Lands Corporation (TLC) acting as manager and agent for the TDSB. The offering provides a residential builder/developer an excellent opportunity to acquire a large site in west Toronto with exceptional re‐development potential for an infill residential project.

Location/Neighbourhood

The property is located in a mixed use area at the north east corner of Lawrence Avenue West and Blackstone Street, approximately midway between Jane Street and Black Creek Drive, in west Toronto. A four storey apartment building is located on Lawrence Avenue immediately to the east of the school. Single family and semidetached homes, and a Place of Worship are located to the west. Small single family homes are located to the south. To the north and northwest is an established residential neighbourhood consisting single family and semidetached residences. Black Creek and the associated valley lands are located to the north and north east.

Legal Description

Pin 103300233
Part Block A, Plan 2525 North York, as in NY66298 & NY14061; S/T NY396185; Toronto (N York), City of Toronto

Site Details

The site totals 7.45 acres with 302.56 feet frontage on Lawrence Avenue West, 602.85 feet frontage on Blackstone Street and 649.5 feet along the northern boundary. The north east portion of the site lies within the Black Creek Valley. The top of the bank has been staked and a geotechnical report completed to determine the long term stable slope limit and development limit, and both have been approved by the Toronto Regional Conservation Authority (TRCA) in writing. The developable acreage is approximately 4.88 acres. Hardington School is located at the south of the site, fronting on Lawrence Avenue West with the parking area and school playing field located behind the school on the rear portion of the property. The property has access from both Lawrence Avenue and Blackstone Street. There are two (2) easements on the property. One, in favour of the City of Toronto, lies within the valley lands. The second runs parallel to the east lot line for the purposes of a storm sewer.

Official Plan/Zoning

The City of Toronto Official Plan (consolidated 2006) designates the front portion of the site “Apartment Neighbourhoods”, the rear portion “Neighbourhoods” and a small portion in the northeast corner “Natural Area”. The North York Zoning By‐law 7625 zones the property One‐Family Detached Dwelling Fourth Density Zone (R4).

Development Potential

Given the subject property’s size and location in an established residential neighbourhood; the Official Plan designation; and the zoning, the property has excellent residential redevelopment potential. Preliminary analysis indicates that there is planning merit in developing the rear of the site with small singles or semi‐detached units, while the Lawrence Avenue frontage could support a higher density for stacked townhouse units or an apartment building. Concept plans have been prepared by Weston Consulting and are available upon executing a Confidentiality Agreement.

Improvements

The 25,554 square foot Hardington Public School, built in 1931 and added to over the years, is located on the site. The school is currently operated by TDSB for various programs and a portion is leased for the LINC program. The Buyer will be required to lease back the property to the Seller on a fully net basis which will end no later than August 31, 2013.

Offering Terms and Guidlines

Royal LePage Real Estate Services Ltd., Brokerage, has been retained by the Toronto Lands Corporation (TLC), acting as manager and agent for the Toronto District School Board (TDSB), to market and dispose of the subject property. Additional information is available from the Listing Agent. A Purchase and Sale Agreement will be provided and prospective buyers are requested to use the this Agreement for their offer submission. Offers are to be submitted to Royal LePage’s office (Attention: John Morrison) at 55 St Clair Avenue West, Toronto prior to 3:00 p.m. on Wednesday, February 20, 2013. Offers will not be reviewed prior to then, or considered if submitted after that time. All offers will be evaluated based on standard industry criteria and TLC requests that the Buyer provide a Concept Plan showing how they plan to develop the site. TLC/TDSB is under no obligation to accept any offer.

Additional Documents

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• Protected Documents