Toronto’s Yorkville Avenue will see more luxury retail with the announcement of a new 35,000 square foot project. Two investors, Greybrook Realty Partners Inc. and First Capital Realty, have partnered in the initiative.
Located at 101 Yorkville Avenue in the heart of the city’s affluent Yorkville area, the project will involve the demolition of an existing 45,000 square foot multi-level commercial building housing notable tenants such as denim retailer Over The Rainbow. The building’s current configuration, featuring retail that is half-level upstairs and half-level downstairs, has failed to attract luxury brands that prefer street-level entrances. The building was built in 1977 and reflects architecture of its time.Â
Greybrook and First Capital Realty each own 50% of the half-acre site (Greybrook has revealed that its share cost $17,785,000), boasting a 120-foot frontage on prestigious Yorkville Avenue. A number of luxury retailers are located nearby, and several others have either signed leases or are negotiating for nearby retail spaces. Last month, French footwear brand Christian Louboutin opened its Canadian flagship next door at 99 Yorkville Avenue, and in several months, Chanel will relocate to an 8,700 square foot space at 98 Yorkville Avenue. More luxury retailers will open as new retail space is added (also involving building demolitions) by First Capital Realty, which now owns a considerable amount of the retail space on Yorkville Avenue between Bay Street and Avenue Road.
For 101 Yorkville Avenue, First Capital Realty will act as development, leasing and property manager for the retail project, according to a press release issued by Greybrook Realty Partners.Â
There’s no mention of any residential being added to this project, with the immediate area being home to some of Canada’s priciest condominium residences. The most expensive home that has sold to date is the 9,038 square foot Four Seasons penthouse, which sold in 2011 for $28 million.
Yorkville Avenue will continue to see more luxury brands move onto the street, as retailers seek alternatives to prestigious Bloor Street West. Although Yorkville Avenue continues to see interest from a number of luxury brands, Bloor Street continues to also attract luxury brands, with recent flagship announcements for Dior, Moncler and Hermes.
Concerning. The Yorkville area needs to include room for regular local stores which used to be all found on Yorkville Avenue and surrounding streets.
If the street turns into nothing but international chain stores, and loses places like Over the Rainbow. Then it is not going to be much of an attraction, anymore, as the uniqueness will be gone.
Yorkville as a whole has seen too much demolition of the iconic retail streets with stores housed in old victorian homes, which made the area special.