Last week it was announced that Allied Properties and Westbank have acquired 19 Duncan Street in Toronto for $47 million.
The property sits at the southeast corner of Adelaide Street West and Duncan Street (shown above), and includes an existing 61,911 square foot (GLA) office building, 36 surface parking spots, and a laneway (it was specifically called out in the press release).
The plan is to restore the existing heritage building, as well as build additional retail space, office space, and rental apartments. Given the nature of this site and the team behind it, I have high hopes that it will end up a remarkable development project.
It’s interesting to see the continuing interest in rental apartments here in Toronto – which is something I’ve written about before. Up until recently, the development community had almost zero interest in purpose built rental apartment buildings. Now they’re coming back in fashion.
But the other piece that’s interesting to me is the laneway. Below is a photo from Google streetview, showing what I believe is the laneway that the press release is referring to.
As many of you know, I’m involved in a non-profit here in Toronto called The Laneway Project (advisory role only). We want to transform Toronto’s underutilized laneways. And this strikes me as a perfect opportunity to do something really exciting at the corner of Adelaide and Duncan in the Entertainment District.