A rendering of the type of development which could be constructed at the 5507-5509 Dundas St. W., property which is currently for sale. (Courtesy JLL)

A transit-oriented, mixed-use development site is for sale in a rapidly intensifying area of Toronto which is slated for thousands of new residential units in coming years.

JLL is marketing the property at 5507-5509 Dundas St. W., in Etobicoke, which is approved for the construction of a 22-storey, 242,187-square-foot mixed-use building with up to 265 residential suites and 176 parking stalls.

Toronto-based Contessa Developments, a residential developer and merchant builder focused on mixed-use, purpose-built rental apartment buildings, is selling the property.

“Contessa currently has several projects in various stages of the development life cycle, and they have already added tremendous value to this site through taking it through the entitlement process,” Elliot Medoff, executive vice-president of JLL’s Toronto Capital Markets team, told RENX in an email.

Medoff and associate Stratton Townley are the lead agents on the file.

The 5507-5509 Dundas property

The suburban Toronto property would accommodate 228,195 square feet of residential space and 13,982 square feet that can be utilized as commercial space under the approved zoning by-law. It would have 197 feet of frontage on Dundas Street and 161 feet on Shorncliffe Road.

The 0.83-acre corner site is occupied by a low-rise building formerly used by a car dealership that’s no longer in business.

It offers access to a retail, commercial and cultural hub along Dundas, employment opportunities and green spaces. The Kipling Transit Hub 800 metres to the east provides connectivity to Go Transit, MiWay and Toronto Transit Commission buses.

The site is also a short drive from Highway 427, allowing for quick access to the region’s 400-series highway network.

Key development provisions have been completed, including tieback agreements and project costing, and significant progress has been made in the site-plan approval process.

The original development application was made well before inclusionary zoning regulations came into play, so it’s not subject to those rules.

A Section 37 agreement has already been negotiated for: $1 million to be spent at the City of Toronto’s discretion to benefit the community; and $500,000 to go toward public art which will enhance the local streetscape.

While a bid date will be announced in the coming weeks, Medoff said the property has received strong interest from condominium developers seeking to add inventory to their pipeline and institutional groups looking to build out their purpose-built rental platform.

Other nearby Etobicoke multires developments

Central Etobicoke has become a hotbed of multiresidential activity and this development will join a list of other proposed projects that includes:

– QuadReal Property Group’s redevelopment of Cloverdale Mall, which will add 4,050 units;

– QuadReal’s 2 The East Mall Crescent development, which will add 511 units;

– Liberty Development’s redevelopment of Six Points Plaza, which will add 2,130 units;

– Main and Main and Rimap Development’s 5238 Dundas West development, which will add 475 units;

– Stowe Holdings and Mountsfield Properties’ 56-60 Fieldway development, which will add 1,149 units;

– Pinnacle International’s Pinnacle Phase II development, which will add 845 units;

– Amdev Property Group’s 4-8 Beamish Drive development, which will add 305 units;

– and Amdev’s 8-26 Jopling Ave. S. development, which will add 750 units.

“Etobicoke Centre continues to experience tremendous demand for housing due to the unique blend of quality amenities, attractive green spaces and significant public transportation,” said Medoff.

“The location offers easy access to downtown Toronto, Pearson airport and Mississauga City Centre.

“The neighbourhood is anchored by the expansive CF Sherway Gardens mall to the south and green space, including Cloverdale Park and the Humber River, to the east, while also being proximate to several elementary and secondary learning institutions.”