One Development Invites Partners For Its 736 Bathurst Project
In an email, CEO Jeff O’Brien said, “ONE Development’s expertise has always been focused on the earlier stages of the development process. Historically we have worked on targeting and acquiring sites, and some or all of the site’s assembly and rezoning. Once we believe we have provided sufficient value in that respect, we always seek to either sell the project, or partner on the sales and construction with another developer who has more expertise in completing those phases.” Keeping true to its objective, ONE Development has recently rolled out its 736 Bathurst project in the market – inviting potential new partners to join hands in the project or take it over completely.
Located at the intersection with Lennox Street and Mirvish Village, the property is currently home to Randolph Theatre, a 518-seat theatre formerly known as the Bathurst Street Theatre. One Development’s plan was to construct a 49-storey tower including approximately 650 units and spanning a potential gross floor area (GFA) of around 537,000 sq. ft with 24,500 sq. ft of commercial space.
The company has listed three more properties 555, 557, and 565 Markham Street, three single-family homes alongside 736 Bathurst Street. The homes share the same rear lane as 736 Bathurst Street. ‘
CBRE Toronto‘s National Investment Team which recently listed the properties without an asking price notes that the developer hasn’t secured any project approval.
In the listing, CBRE said, “Preliminary architectural plans for 736 Bathurst have been created by BDP Quadrangle for 537,000 sq. ft. of GFA, based on a planning opinion from WND Associates, and heritage preservation opinion from ERA Architects. Provincial policy advancements support the anticipated density for the Project as it sits on three PMTSAs (Bathurst, Christie, and Spadina Subway Stations).”
CBRE highlighted the project’s neighborhood may prove helpful saying, “The Bloor West corridor features strong condominium absorption rates and some of the City’s highest sale prices with recent launches in comparable nodes achieving +$1,500 per sq. ft. with strong velocity, with pricing for premium projects exceeding $2,000 per sq. ft. As evidence of continued demand, there are 63 proposed condominium projects in the Toronto West, Downtown West, and Annex submarkets totaling 13,374 units.”
