Description

The Location is ideal for the Proposed Development of a 200-unit, Eleven-story Rental Apartment Building, currently in the planning phase. This project is perfectly aligned with the Multi-Unit CMHC approval process, offering an exceptional opportunity to secure the maximum 100 points in the MLI Select program. It's a once-in-a-lifetime chance to own a rental, retirement, or student housing property in the heart of Toronto's Midtown one of the city's hottest rental markets. A prime opportunity that forward-thinking developers are actively pursuing in Toronto's core neighborhoods NOW.This optimal utilization of the land is highly supported by Toronto's municipal policies that focus on increasing Rental Housing availability to address the current housing crisis in Toronto.The land zoning originally included Rental Building and it is surrounded by Four high Demand Rental Complexes. Hence the previously approved townhouse project is no longer the Highest and Best Use of the land. The Land has been Appraised at $25,100,000 , mirroring its value with respect to a rental building . According to the Appraisal Report, the completed building will generate over $5,500,000 Rental Income per year. The owner developer is willing to acquire the Site Plan Approval if the Buyer asks for it with an agreeable extra cost. Listing brokerage & Seller make no representation and/or warranties with respect to the Property Tax, Approvals etc. Buyer must conduct own Due Diligence to verify all information. Furthermore, feasibility studies and additional information will be provided for the buyer's Due Diligence once a confidentiality agreement is signed following the acceptance of the Conditional Agreement of Purchase and Sale.

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