Lloyd Avenue is a servicing and development project offered through the Fortress Real Capital product. Located in the Junction Road area of St Clair Avenue West, the objective is to complete remediation and re-zoning of the site to sell to a builder. This development plan is strongly supported by the local City councillor and residents.
Terms at a Glance
12 month term, 8% interest earned annually, interest to be paid quarterly, 2% potential performance bonus upon completion, 87.5% Loan to Value ratio.
Use of Proceeds
Completion of site remediation, obtaining Record of Site Condition, initial development costs, equity participation, application for Official Plan Amendment and Re-Zoning.
Available Supporting Documentation
Valuation opinion, budget analysis from cost consultant, initial pro-forma, planning letter, research report on best use of lands, letter of support from local City councillor, By-Law update and St Clair Avenue study.
This servicing project in Toronto is nearing its maturity and has made great strides towards getting all the required zoning approvals. Work done on the site has included remediation and clean-up of the property. A recent meeting with the city concluded that the site is indeed primed for rezoning. The proposal scored a win last week, when the planning and growth management committee decided to delete the recommendations of city staff and instead recommend that two-thirds of the property be allowed to convert to mixed-use areas with residential, while some of the property will be carved out for employment lands.
The site has been identified by the City of Toronto as a redevelopment site and is excluded in its decision to keep employment lands “as is” within the City. In a rendering over the summer, committee adopted a list of sites throughout the city that are currently zoned employment and that are to be exempt from that use – the Lloyd site is on that list. This means that we are able to proceed with applications for rezoning subject to certain special provisions that the city has that are specific to each site on that list, inclusive of ours. Our partner is currently working with the City in moving this forward.
Of the 121 properties on the list for conversions in the City of Toronto, the Lloyd Avenue project chosen as one of only five to be converted. The developer will work with planning staff to achieve the final rezoning application acceptance over the next two to three months.
The draft plan has been submitted for approval. The project has been selected as one of the conversions to be evaluated by the City of Toronto’s planning and growth committee. “Being selected by the Planning and Growth Committee is great for this project. There is a site tour planned for mid-February that will bring out local councillors and the Mayors office. This will help us with our timelines for approvals which are expected to come in Q3 2013” – Louie Santaguida, CEO of Terrasan
Terrasan Corporation has successfully completed the wind/odour study, conducted by RDWI Air Inc. Consulting reports are currently in the process of being completed. Terrasan Corporation has provided the Ministry of The Environment with further clarifications regarding the Record of Site Condition (RSC).
Terrasan Corporation has received confirmation from the City of Toronto City Planning Department that they are in receipt of their written request to have the land use designation of the property changed from employment use to residential use as part of the proposed Official Plan Amendment and Rezoning application. The City has indicated that they will provide a response to this written request by late Fall 2012. City Planning had requested that studies also be conducted on the subject land, as per new requirements. Terrassan has commissioned a firm to perform the Air Quality/Odour Study. Terrasan is estimating that the final completion of the planning reports are to be done by this October.
Senior geoscientist confirms the site currently satisfies the MOE soil and groundwater standards.
Final stage of remediation begins.