A developer has changed course on a plan for bougie condos near Lawrence subway station in North York, pivoting to a rental building with 157 units, over 70 per cent of them two and three bedrooms.
The plan, which required city sign-off as there were some minor variances involved, was approved by the North York Committee of Adjustment on Thursday.
The owner was “attempting to sell to empty nesters who are quite affluent,” Michael Goldberg, principal at Goldberg Group, told the committee. Goldberg Group represented the owner, Montcrest Asset Management, which was not present at the hearing.
“It didn’t work on this site.”
It’s been a tough time for the new condo market in the city, as demand for conventional small units has dried up and new projects have been stalled or cancelled.
Many developers have switched to rental projects. Some in neighbourhoods like Rosedale, and Yonge and St. Clair, are trying to sell larger high-end condos.
The Lawrence luxury building was supposed to be 14 storeys. But the rental will be 15, without changing the height, Goldberg said. That’s because the higher-ceiling luxury units have been compressed to add a floor.
The number of residential units increases from 80 to 157, with retail and commercial spaces at the bottom.
“It is very difficult to bring a development to the market today,” Goldberg added to the committee.
“This will enable shovels to get in the ground.”
The plan at Yonge and Lawrence is “to market this to neighbourhood people who don’t want to live in their homes anymore but still want some space,” Goldberg said at the committee. This includes many downsizers but maybe also some families.
The site is within a “Protected Major Transit Station Area,” a zone within a 10-minute walk to the subway that’s been slated for more growth by the province.
The application prompted about 30 letters of objection from locals, taking issue with, among other things, the increased number of households, and congestion from more cars being on local streets.
Neighbourhood resident Bryan Walenius noted to the committee that there had already been several iterations of plans at the same site, the latest for 14 storeys denied by the committee of adjustment and overruled by the Ontario Land Tribunal.
“My objection is to this further change,” he told committee members. He supports new housing beside the subway and rentals. “What I ask is that what gets built here fits the scale and nature of the neighbourhood and stays close to what was approved.”
He said the application nearly doubles the number of homes.
“Neighbours don’t feel storeys, they feel people, they feel cars, they feel parcel deliveries, moving trucks and garbage pickup.”
John Miles from the Bedford Park Residents Organization told the committee that, among other things, the organization wants to see a minimum of 10 per cent of the units as affordable housing.
Goldberg said the owner plans to apply for Canada Mortgage and Housing Corp. (CMHC) funding. This would generally require a percentage of units to be affordable.
Committee members were supportive of the change in plans.
“I drive by this site every day, it really bothers me that it’s just been vacant for years,” said member Mehdi Marzyari.
Before being torn down, the existing buildings at the site were boarded up and painted black, which neighbours found to be an eyesore, the Star reported in 2023.
“Overall I think it’s a very good move,” Marzyari said.
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