Toronto has been dubbed “Hollywood North” for years, based on the amount of movies and shows that are produced and filmed here. Once in a while, you’ll be walking down a street in Toronto, only to be stopped because it’s closed for filming, and as you turn away, you catch a glimpse of a Samuel L. Jackson or a Jennifer Aniston, or something (or at least you think you did).
No doubt about it, Hollywood loves Toronto. That said, Hollywood is now looking to cash in on some real estate in the city.
For the past few years, 2450 Victoria Park Avenue has been home to Universal Pictures, the Canadian division of NBC Universal. It acts as their base for all of their Toronto projects. Based on an application submitted to the City of Toronto, it appears as though Universal Pictures is ready to cash in on their land and push for a new home development.
The application to the City calls for three new towers, ranging in size from 25 to 30 storeys. The development will be comprised of 895 new dwelling units, which includes two three-storey townhome blocks. Also, the development will feature over 35,000 square feet of retail space on the ground floor. Two public parks will play a significant role in the development, something that we’re starting to see more and more of in Toronto.
The area around Scarborough Town Centre has seen some notable growth over the past 10 years. Developers like Monarch and The Conservatory Group have taken a lead role in the intensification of the area. Now that it’s more mature and less land is available, it appears that the demand is moving north.
The biggest question moving forward is whether or not Universal Pictures will partner with a seasoned developer at 2450 Victoria Park Avenue. It is safe to assume that this application is one that will simply pave the way, allowing them to sell the site with a development approval ready to go.
What are your thoughts on the development? Who do you want to see developing the site?