Posted Sep 27, 2011, 10:32 PM
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Join Date: May 2011
Location: Toronto
Posts: 2,213
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http://thetorontoblog.com/2011/09/27...ntre-for-4-5m/
Condo highrise expected for Church-Wellesley site sold by cancer patient support centre for $4.5M
Photos on the article link
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According to a Twitter post yesterday by Urbanation, a research and consulting firm that tracks Toronto’s condominium real estate market, 81 Wellesley Street East has been sold for $4.5 million, with a “future high-rise condo site planned.” The property, which includes the 5,000-square-foot, 3-storey Odette house fronting on Wellesley Street, and a 2,200-square-foot, two-storey coach house behind it, was owned by the Wellspring cancer support centre.
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However, the tweet did link to a Colliers International real estate listing for the property, which describes 81 Wellesley as a “rare boutique building” that is “free of any historical designation/listing” and offers “development potential.”
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Wellspring decided to sell the property not only since it was outgrowing the site as it provided additional services to meet steadily growing demand, but also because it was becoming too expensive to operate from the two houses.
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One resident who told me nearly two months ago that the sale of 81 Wellesley was imminent also said he has heard that a developer has a large condo tower in the works for the Wellspring site and the adjacent property to its west — a four-storey brick apartment building with street-level retail at the southeast corner of Church and Wellesley Streets. An H-shaped structure constructed in 1926, that building has street addresses of 77 Wellesley Street East and 501 Church Street. I asked a member of the City’s planning department staff last month if a condo tower has been proposed for the corner, and was told no development applications had been filed. However, the planner did say that since Church & Wellesley is among several downtown areas facing significant “development pressure,” it’s quite possible someone will seek to build a highrise there.
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