1088 Progress Ave, Toronto, Ontario, M1B 2W1

Description

The Property is strategically located along the Sheppard Avenue corridor in Scarborough, benefiting from a highly accessible location within one of Toronto's largest employment, education, and commercial nodes. The Property benefits from existing approvals for a mixed-use development comprising two residential towers containing 309 residential units and approximately 280,324 square feet of GFA, while historical planning work has also contemplated townhouse and mid-rise built forms, illustrating the flexibility of the Site and its potential to accommodate a range of residential and ancillary development formats, subject to municipal review and approval. The surrounding area continues to experience significant residential investment and intensification, with a pipeline of proposed developments representing more than 11,000 residential units and 10.5 million square feet of GFA. Complementing these development fundamentals, the Property benefits from proximity to Scarborough Town Centre, Centennial College's Progress Campus, the University of Toronto Scarborough, Highway 401, and the future Scarborough Subway Extension, which will introduce new stations at Scarborough Town Centre and Sheppard Avenue East and McCowan Road. PART OF BLOCK 2, PLAN 66M2300, DESIGNATED AS PARTS 2, 5 AND 6, PLAN 66R29675, SCARBOROUGH; SUBJECT TO AN EASEMENT OVER PARTS 2, 5 AND 6, PLAN 66R29675 IN FAVOUR OF ROGERS COMMUNICATIONS INC. AS IN AT3494813; SUBJECT TO AN EASEMENT IN GROSS OVER PARTS 5 AND 6, PLAN 66R29675 AS IN AT4765443; TOGETHER WITH AN EASEMENT OVER PART 4 ON PLAN 66R29675 AS IN AT4768814; TOGETHER WITH AN EASEMENT OVER PART 3 ON PLAN 66R29675 AS IN AT4768814; TOGETHER WITH AN EASEMENT OVER COMMON ELEMENTS IN TORONTO STANDARD CONDOMINIUM PLAN NO. 2632 AS IN AT4768814; TOGETHER WITH AN EASEMENT OVER COMMON ELEMENTS ON LEVEL 1 & A IN TORONTO STANDARD CONDOMINIUM PLAN NO. 2632 AS IN AT4768814; SUBJECT TO AN EASEMENT AS IN E66209; CITY OF TORONTO