A Toronto strip mall destined to become a huge development has been languishing on the real estate market for months, even at the tempting price of just a buck.
And while you’re not actually going to be able to buy an entire shopping plaza for such a low price, there is much more than meets the eye to this strip mall.
The property at 1635 Lawrence Avenue West, just east of Black Creek Drive, is currently home to a handful of restaurants and a Chinese supermarket.
Plans have been in the works to redevelop this 3.47-acre site into an affordable housing community since 2022.
Owner Spotlight Development is currently seeking a Ministerial Zoning Order from the province to advance its current vision for a group of towers rising between 30 and 42 storeys, and featuring designs from Sweeny &Co Architects.
Plans call for 70 per cent of the 1,878 suites (1,314 units) offered through affordable and attainable rental and ownership options, along with 564 units of market-rate condos, with the complex to be known as The Inclusive on Lawrence.
Hoping to grease the wheels of the planning and approvals process, the developer has put forward a petition to gain signatures from the public in hopes of getting the community behind the project to help get the required approvals to build its plan.
Spotlight Development
And yet, despite all of Spotlight’s movement on the project, it appears that the developer is still shopping the site around to prospective builders.
A listing posted over three months ago has the property up for sale at just $1, a common marketing strategy for owners looking to attract bids (at much higher market rates) and earn top placement on listing sites when sorted by price.
So, while you wouldn’t be buying a strip mall for pocket change, you would be buying into an active planning application now making the push for shovel-ready status.
The listing advertises the property as a “strip retail plaza with potential for redevelopment into high density residential uses,” and notes that the site is “ideal for rental or affordable housing.”
While it may sound like a sweet deal to some on paper, there have been no takers as of publication after 100 days on the market.
