Wellesley Street site touted as potential new park now listed for sale for highrise redevelopment

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11 Wellesley Street potential city park site

The 11 Wellesley Street West site, viewed from the northeast last year …

 

11 Wellesley Street West Toronto

… and viewed today from the northwest on Wellesley Street near Bay Street

 

CBRE Limited website illustration of the Bay & Wellesley lands

This image, from a flyer on the CBRE Limited website,  shows an aerial view of the property now listed for sale for redevelopment

 

CBRE Limited website illustration of the Bay & Wellesley lands

This illustration, also from the CBRE Limited online flyer, suggests the highrise development potential for the 2-acre Ontario Government property

 

Park plans deep-sixed?: Downtown residents who were hoping a new public park would be created on provincial government property that has sat vacant near Yonge & Wellesley for years will be dismayed to learn that the land has instead been listed for sale for potential highrise redevelopment. Nevertheless, a city councillor plans to seek City Council approval to direct municipal real estate officials to negotiate acquisition of the property “for parkland purposes.”

A commercial real estate advertisement in today’s Globe and Mail newspaper touts the 2-acre “East of Bay” lands at 11 Wellesley Street West as a “downtown Toronto development opportunity.” The ad, published by real estate brokerage CBRE Limited, says the land “is located in a prime downtown residential development corridor,” and is “centrally positioned” between the city’s financial core and its tony Bloor-Yorkville district.

 

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