An exceptionally rare opportunity to acquire a premier development site in the heart of Midtown Toronto between Humewood and Cedarvale neighborhoods -one of the city's strongest and most resilient rental markets. The listing price includes Site Plan Approval (SPA) for the proposed 200-unit, 11-story rental development. PAC meetings' feedback and prepared Application Package suggest a short approval period. All seller's obligations related to SPA delivery will be detailed in the Agreement of Purchase and Sale. Offers may be made conditional on these final approvals, giving developers valuable certainty as the project moves toward completion of the planning process. Two independent appraisals have valued the land at about $25 million without approvals, reflecting its true highest and best use as a large-scale rental development. The proposed building aligns perfectly with CMHC's MLI Select program. The completed asset is expected to exceed $100 million in value with projected annual rental income of more than $5,500,000.Situated in a prime Midtown location surrounded by established high-demand rental buildings, the site benefits from strong municipal support for rental intensification as Toronto prioritizes new rental supply. The previously approved townhouse plan is no longer the highest and best use of the land, which is now optimized for a transformative multi-residential project. With near-zero vacancy in the area and robust demand for high-quality rental housing, this is a rare chance for forward-thinking developers to deliver a flagship rental asset in one of Toronto's most coveted neighbourhoods.
Address
464-468 Winona Drive
List Price
$29,499,000
MLS® Status
New
Expiration Date
2026-05-31
Property Type
Residential Freehold
Type of Dwelling
Vacant Land
Transaction Type
Sale
Area
Toronto C03
Sub-Area
Oakwood Village
Region
Toronto
Lot Depth
303
Lot Size Range (Acres)
Not Applicable
Lot Size Units
Feet
Lot Width
71
Occupant Type
Vacant
Cross Street
St. Clair and Winona
MLS® Number
C12554262
Listing Brokerage
FOREST HILL REAL ESTATE INC.
Postal Code
M6C 3T7
Posession Details
30-180 DAYS
Tax Amount
$16,500.00
Tax Year
2025
Site Influences
Park, Public Transit, School, School Bus Route
Property Features
Park, Public Transit, School, School Bus Route
Cable
Available
Central Vacuum
No
Hydro
Available
Ensuite Laundry
No
Special Designation
Unknown
Standard Status
Active
Board Or Association
Toronto Regional Real Estate Board
Direction Faces
West
Tax Legal Description
PART LOT 20 PL 115 TWP OF YORK PARTS 3 & 4, PLAN 66R26535, TORONTO (YORK) TOGETHER WITH AN EASEMENT OVER PART LOT 20 PL 115 PARTS 1 & 2, 66R26535 AS IN AT5005921 CITY OF TORONTO and PT LT 20 PL 115 TWP OF YORK AS IN CY643901
Waterfront
No
Waterfront
None
Sewer
Sewer
