A Toronto strip mall, priced at an eye-catching $1, has been lingering on the real estate market for months, despite its promise of massive redevelopment potential. At first glance, the offer seems too good to be true, but the reality is far more complex than it appears. The property, located at 1635 Lawrence Avenue West, just east of Black Creek Drive, houses several restaurants and a Chinese supermarket. But it’s much more than a simple retail space—it’s the focal point of an ambitious redevelopment project that could dramatically transform the area.
The owner, Spotlight Development, has been working on plans to convert the 3.47-acre strip mall site into an affordable housing community since 2022. The vision for the site includes a series of towering residential buildings, ranging from 30 to 42 stories, with the design led by the renowned Sweeny &Co Architects. The proposed project, titled The Inclusive on Lawrence, would offer 1,878 new suites, with 70% (about 1,314 units) designated as affordable and attainable housing options, while 564 units would be market-rate condominiums.
In an effort to speed up the approval process, Spotlight Development has been pushing for a Ministerial Zoning Order from the provincial government, which would allow the project to bypass the typical zoning approval steps. To drum up support for this initiative, the developer has launched a public petition, hoping to gain community backing to help secure the necessary approvals.
However, despite these ambitious plans and considerable momentum, the strip mall is still up for sale. The property has been listed at the incredibly low price of $1 for over three months, a strategy often used in the real estate industry to attract attention and top-tier placement on listing websites. The idea is to spark interest and encourage bids that are far above the listing price, thereby generating competitive offers.
While the $1 listing is part of a marketing tactic, it’s important to note that buyers aren’t actually purchasing the strip mall for pocket change. Instead, they’re buying into a project that’s still in the planning stages, with the site currently awaiting the required approvals and zoning changes to become shovel-ready. The listing describes the site as “ideal for rental or affordable housing,” emphasizing its potential for high-density residential development.
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Despite the attention this low-priced listing has garnered, there have been no buyers for the property as of the latest update. After 100 days on the market, the site remains unsold, leaving many to wonder why such a promising development opportunity hasn’t yet captured the attention of potential investors or builders.
So, while it may seem like a sweet deal to some, the true value of this Toronto strip mall is far more nuanced than its $1 price tag suggests. Whether it’s the uncertain approval process, the complexity of the project, or other market factors, the property is still waiting for the right buyer to take the plunge into what could be a major redevelopment project for the city.
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