Why 485 King West Has Sat Dormant

In an area where historical brick-and-beam buildings are in high demand, 485 King West, an old textile warehouse, has sat mostly dormant. (Inside are shirts from the '70s in original packaging.) But that may change: It's about to go up for sale on the open market.

Colliers AVP Steve Keyzer, who's handling the property sale, says 485 King West is “a bit of a mess.” As you walk along King between Spadina Avenue and Bathurst Street, “it sticks out like a sore thumb,” with its windows boarded up and little discernible activity inside. Steve is pictured here at the property with Jeremiah Shamess, who's also working on the sale; he notes the property is one of the only remaining brick-and-beam buildings in this part of King West that hasn't been retrofitted and redeveloped.

And it's rare that such buildings come onto the open market in King West, Jeremiah adds. (The bid date for the property is Oct. 16.) Built in 1896, the three-storey 485 King West, located just west of Spadina (and seen at centre above) has 13.2k SF of space. It's still used as a textile warehouse, but for the past few decades activity there has been minimal. Owned by the family that ran the original operation, the building is littered with old clothing, says Steve, threads once bound for now-defunct Woolco and Biway. Redevelopment might include ground-floor retail space with offices on the floors above. Or it could work as two-storey retail, Steve says. There could be a possible residential redevelopment play, as well.

With all the condo development in King West—including Freed Development's Fashion House, rendered above—the stretch between Spadina and Bathurst has become a hot spot for restaurants and bars. Retailers have been “understandably slower” to follow, though, Steve notes; the area needed to reach a critical mass of residential first. But the people are arriving in droves now. And that, he says, is a main reason major players like RioCan REIT and Allied Properties REIT are so keen on redeveloping properties there.

Ontario Multifamily Properties Turning to Timbercreek for Mortgage and Loan Solutions

Bridge financing to refinance existing first mortgage debt or existing acquisition financing has become a powerful tool for real estate investors. Timbercreek Asset Management debt investment managing director Andrew Jones reports that Ontario is filled with commercial real estate investors looking for mortgage and loan solutions. Timbercreek offers customized mortgage and loan solutions—across provinces and across real estate sectors. Specifically, Ontario's dated inventory of multifamily properties, retirement homes, and senior living facilities is perfect for renovation programs allowing for material rental rate increases. Andrew and his team were kind enough to share a few of their Ontario loan summaries with Bisnow. Click here to learn more about our sponsor.

What's the Deal with the El Mocambo?

It's been a while since we heard anything on the status of the El Mocambo, the legendary Spadina Avenue music venue that was put on the block back in March. Royal LePage Commercial broker Neil Warshafsky, who's handling the transaction, says he's entertaining a couple of potential offers on the property —asking price is $3.95M—and “prospects are looking good.” Neil almost had a deal done in April, which would have kept The El Mo a music venue, but the prospective purchaser couldn't end up pulling together financing. “It fell through for all the wrong reasons,” Neil says.

The El Mocambo building has 11k SF of space and a third-floor open-air deck. Additional density is permitted under its zoning, which could open the door to redevelopment as a gym, boutique hotel, restaurant, or student residences for nearby University of Toronto, Neil (above) has suggested. But he acknowledges that the old building needs "lots of work," a big hurdle for would-be buyers to overcome.

Oxford Reveals Cumberland Terrace Revamp

Oxford Properties has submitted plans to the city for Phase 1 of the redevelopment of the Cumberland Terrace site, at the northwest corner of Bloor Street West and Yonge Street. (Currently, it's home to a tired-looking, three-storey mall.) The proposed mixed-use project—designed by architects Alliance—includes three buildings: a 54-storey residential rental tower located mid-block; a five-storey, Bay Street-facing podium housing retail space and building amenities; and a smaller two-storey podium with additional retail and amenity space. The three buildings would be connected at the concourse level and via pedestrian bridges.

Mayoral Candidates to
Square Off in CRE Debate

With Rob Ford dropping out of the Toronto mayoral race and brother Doug yet to launch into full-blown campaign mode as his replacement on the ticket, tomorrow's real estate-focused mayoral debate—presented by REALpac and NAIOP's Greater Toronto Chapter—will be a duel between Olivia Chow and front-runner John Tory. The debate, moderated by former Ontario premier David Peterson, starts at 4:30pm Wednesday at the Toronto Board of Trade at 1 First Canadian Place. (Look for coverage of the event in Thursday's edition.)

YOU TELL US: Is Wearable
Tech the Future of CRE?

Each time Apple unveils a gadget, people flip out: grown men cry, old devices are ritualistically sacrificed, and everyone in the world is forced to listen to U2. We know commercial real estate folks love their gadgets, but will wearable tech—like the new Apple Watch or Google Glass—blossom in our industry? Click our poll to the left to give us your thoughts, and read our latest issue of Real Estate Bisnow National to learn the pros and cons of wearable teach in real estate.