Toronto Developers Buying Smaller Lots: Focus on End User.
One does not simply conduct an environmental assessment on land unless you’re selling or developing. Well, on March 30th we noticed an assessment happening on the Jim’s Restaurant & Anchored Social Club garage lot and sure enough, we found out that the sale closed just a few short weeks ago. Bye bye Jim’s Restaurant.
The parcel at 897 Queen Street East formerly owned by local Real Estate Lawyer, Mitch Korman has recently been sold to a surprise developer. We knew it was in the hands of a developer but were surprised to find out that Daniels, one of Toronto’s largest development companies has their hands on this tiny lot. I mean these guys have developed billions of dollars of Toronto Real Estate in North York, Regent Park, Mississauga, and our East Portlands are next. Why would they be interested in our little community?
We assumed they were attempting to assemble the whole block but according to our source, they’re only interested in this garage lot.
A source close to the deal said:
…a very small lot indeed, although a lot of bigger developers are looking at these smaller sites now. They’re likely looking at a 6-7 storey condo building here.
The corner of Logan and Queen is already a hotbed of activity but the redevelopment of the Red Door site on the SW corner and now this potential development is going to bring much needed street traffic to help the local businesses thrive. If you haven’t been to Jim’s Restaurant, go. Their breakfast is a perfect cure for a late night out and won’t break the bank either.
Leslieville isn’t an easy place to develop. Just ask those guys at Kartelle and Rockport about their projects. We hope to see some forward thinking design, community minded development, and respect for our density regulations as this progresses through the various planning stages.