There is prime real estate for sale at 415 Mount Pleasant Rd., which could see some unprecedented development go up in the area.
The land, which is currently a large parking lot attached to a Kentucky Fried Chicken, has been designated as multi-use, which means — under City of Toronto zoning — a condo is permitted.
“I have not seen any proposals yet for this area, but I can tell you this: I think we can do better than having a KFC there,” said City of Toronto Coun. Josh Matlow.
“I’d prefer to see something that does not have a large impact on the street view or the neighbourhood,” said Matlow. Matlow said the area already has issues with traffic and parking and that this would need to be considered when looking at any proposal that would bring height and density to the lot.
Owned by Plazacorp Retail Properties Ltd., the property is 6,000 square feet and has no list price.
“I don’t think we could do anything but improve this corner,” said Greg Russell, president of the South Eglinton Residents and Ratepayers Association (SERRA).
“I don’t see a chance of a condo going in there because it’s just too small, but whatever goes in, we would need to be mindful of other developments, such as the Greenwood school expansion happening in the next couple years,” said Russell. The land is small, but experts say condos have been built on smaller lots.
“I would guess it’s going to be a residential developer who buys up that property. It looks like a natural progression in that neighbourhood,” said David House of Earth Development, a socially responsible developer in Toronto. For now, the neighbourhood will wait and see who makes a bid for the land.