Description

Listed by REVEL REALTY INC.

Exceptional Downtown Development Opportunity! Prime 135' x 259' feet site with the rare advantage of frontage/access from both Bond Street W and Richmond Street, offering excellent flexibility for future development. The property is in the final stages of Site Plan Approval (SPA) for a proposed 150-unit residential development, with the Seller to provide the approved SPA in accordance with the plans/drawings attached to the listing. A major development incentive has already been secured with municipal development charges waived, representing estimated savings of approximately $25,000 per unit, or approximately $3.7M based on the proposed 150 units. The property is currently occupied by an established vehicle rental tenant under an existing lease, providing immediate rental income to help offset carrying costs while preparing for redevelopment. The lease provides for termination with approximately nine (9) months' notice, subject to its terms. An outstanding opportunity to acquire a strategically located, income-producing development site with advanced approvals, substantial development-charge savings, excellent rental potential and rare dual-street access in the downtown core. Buyer to verify all development information, approvals, DC incentives/waivers and lease terms.