A new development on Toronto’s Bayview Avenue marks the early stages of the modernization of a retail strip in an affluent area which will also be well-served by the Eglinton Crosstown LRT. The project, called ‘Bayview and Hillsdale’, will add more than 150 luxury rental residential units above an 18,000 square foot retail podium.
The building’s developer, Jay Brown of The Brown Group of Companies, explained how the development made sense given changes to the area that includes an expanding base of residential households, as well as a rapid transit expansion that will make the pleasant Bayview retail strip more accessible to people in other parts of the city. At various times during the week, the street can be busy with pedestrians that patronize the area’s restaurants and shops.
Parking is an issue in the area, however, as well as an older stock of commercial buildings which are generally one or two floors that are characterized by narrow facades, low ceilings, and are generally showing their age. The Brown Group already owned a 29-unit rental apartment building at 1674 Bayview Avenue and, seeing an opportunity, the developer set out to assemble adjacent properties with the goal of creating a residential project with a commercial podium that would include ample parking for shoppers, thus solving the parking issue that has been a challenge to the area.
The new ‘Bayview and Hillsdale’ project includes a seven-storey residential tower, designed by Kohn Partnership Architects, which will add more than 150 high-end rental units to the affluent neighbourhood. The Bayview Avenue retail strip passes through the upscale North Toronto neighbourhoods of Leaside and Davisville. Wealthy Lawrence Park, home to some of the city’s most influential residents, is to the north.
The Bayview and Hillsdale project also includes about 18,000 square feet of retail space which will be very attractive for retailers, restaurants and other potential tenants seeking to locate in the area. Benefits to the newly-built retail space include high ceilings, wide-open spaces, expansive windows and underground parking — luxuries not present in most retail buildings in the area. Several retail spaces are available in the new Bayview and Hillsdale project and the broker team at DWSV Remax Ultimate Realty, under the direction of David Wedemire and Stan Vyriotes, are listing the entire space.
Mr. Brown noted how the Eglinton Crosstown LRT, which will include a stop along Bayview a couple of blocks north, will significantly enhance the area by creating an accessibility that isn’t currently present. Another benefit to the project is on-site parking — limited parking is a complaint amongst many existing businesses in the area, making Bayview and Hillsdale a likely target for businesses wanting to be in the neighbourhood (including nearby businesses seeking to upgrade to a more contemporary retail space).
Several other developments nearby are expected to further gentrify the area. RioCan is redeveloping its ‘Sunnybrook Plaza’ property a couple of blocks to the north, and other landlords at the Bayview and Eglinton intersection are said to be interested in redevelopment. The relatively shallow lots along much of Bayview Avenue, however, means redevelopment is less likely — particularly on the east side of Bayview Avenue. Mr. Brown explained how he was able to develop the Bayview and Hillsdale site because of the ability to assemble properties that were wide and deep enough to make a residential development financially feasible.
As Bayview Avenue continues to gentrify and the area gains affluence and accessibility, retailers, food and beverage and other commercial uses are expected to jump on available opportunities in the area. For those that are interested in locating at the new Bayview and Hillsdale project, contact David Wedemire (David@DWSV.ca) or Stan Vyriotes (Stan@DWSV.ca) of DWSV Realty at 416.487.5131. Also, check out Canada Condo Assignments Resale by Condoly at Condoly.ca.
