ZONED RESIDENTIAL CONDOMINIUM DEVELOPMENT SITE

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Address:  611-631 KENNEDY ROAD

City:        TORONTO

State:      ON

ZIP:        M1K 2B2

 

611-631 Kennedy Road is a proposed residential condominium development project located on the east side of Kennedy Road and south side of Corvette Avenue in the former City of Scarborough in the City of Toronto. The property is approximately 1.0 KM from the TTC Kennedy subway station. Zoning and site plan approvals are in place for the development of a 10 storey modern style condominium building, containing 110 residential units and approximately 9,444 square feet of commercial space, plus storage lockers. There will be two (2) levels of underground parking containing 134 spaces (110 – residential; 11 – visitor and 13 – Commercial parking spaces). The property is zoned as Neighbourhood Commercial (NC).

PROPERTY STATISTICS:

  • This property is ready to accommodate a sales program and a subsequent build-out.
  • Site Area: 2,757.1 sq.m.29, 677.1774 s.f. 0.50087 Acres Density 3.6 GFA 9,992.7 sq.m. (107,562s.f.)
  • Fr.: 214.84 Ft. – Kennedy Road & D: 138.00 Ft. on Corvette Avenue
  • Legal Description: LT 1, PL 3507; PT LT 2, PL 3507,Part 2 & 4, 64R-8883,Scarborough, City of Toronto PIN: 064360003
  • 110 Residential Units 74 – 1bm + 32 – 2 bm units 3 – studio + 1 – 2 bm + den. All have private balconies or terraces, and ensuite laundry
  • Prime corner location & well exposed. Inexcess of 30,000 vehicles pass by the property every day (perTREB).
  • Plans, surveys, environmental reports are available upon the executionof a confidentiality agreement.
  • There is approximately $150,000to be spent to clean the property andobtaina recordof site condition.
  • The Seller is prepared to complete this work upon a firm deal with a large non-refundable deposit.
  • The pro forma incorporates a small environmental remediation whichwill be completed on excavation & development.
  • 2015 Realty Taxes – $50,086.18
  • There are 11 units in the existing plaza of which 4 remain occupied by tenants undermonth tomonth gross leases.
  • The total gross income is estimated at $85,000 perannum including HST. Tenants pay water, gas& hydro through separate meters.

Current Status:

  • Zoning Amendment: File #12-113066-ESC-35-OZ – Submitted: March 20, 2012;
  • Zoning Amendment Approved: March 21, 2013;
  • Kennedy Park Community By-law #9276 – Final submissions for agreement on Section
  • 37, and revised site servicing report, for Bill 471 submitted to Council for enactment;
  • Site Plan Application: File #12-139412-ESC-35-SA – Submitted: March 12, 2012;
  • Signed Notice of Approval Condition (NOAC)
  • Site Plan Approved      March 14, 2015

Available Documents upon Due Diligence period:

  • Up to date Survey date December 16, 2011 prepared by Vladimir Dosen Surveying;
  • Architectural Plans including Concept Plan, Context Plan, Floor Plans, Underground
  • Garage Plans, Elevations and Site Sections;
  • Site Servicing and Grading Plan;
  • Storm Water Management and Site Servicing reports and drawings;
  • Parking and Loading Review;
  • Tree Preservation Plan;
  • Landscaping Plan;
  • Green Roof Plan and Green Development Standards Checklist;
  • Traffic Study;
  • Wind Study;
  • SunShadow Study, and;
  • Composite Utility Plan

 

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Price:$3,200,000
Address:611-631 KENNEDY ROAD
City:TORONTO (SCARBOROUGH)
State:ON
Zip Code:M1K 2B2
MLS:E3426160

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