Bazis Buys Two-Tower Project From First Capital For $32M, Planning Third Tower

Toronto-based developer Bazis International has acquired a development site at 895 Lawrence Avenue East in North York from First Capital REIT for $32 million. The transaction, finalized on March 26, 2025, marks a significant shift in the site's development plans, transitioning from the original two-tower proposal to a more ambitious three-tower project.

Originally, First Capital REIT had envisioned a 17-storey and a 22-storey tower atop a shared podium, comprising 438 residential units. However, Bazis' revised proposal, submitted to the City of Toronto in December, outlines plans for three towers standing at 26, 32, and 34 storeys, respectively. This new design significantly increases the residential capacity to 1,194 units, including 700 studio and one-bedroom apartments, 354 two-bedroom units, and 140 three-bedroom units.

The updated plan also introduces individual seven-storey podiums for each tower, replacing the previously planned shared podium. These podiums will frame a central courtyard, aiming to enhance the community space within the development. Additionally, the proposal reduces retail space and vehicle parking from 334 to 306 spots, while increasing bicycle parking from 243 to 1,076 spaces, reflecting a shift towards promoting sustainable transportation options.

Bazis emphasized that the project's core objective remains to provide much-needed housing in an area well-served by public transportation and existing amenities. The development is situated just west of the CF Shops at Don Mills shopping centre, a location that offers residents access to a variety of services and infrastructure.

The sale and subsequent redevelopment plans indicate a broader trend of intensification in Toronto's housing market, particularly in areas with established transit and commercial infrastructure. Bazis' approach aligns with the city's goals of increasing housing density while enhancing the public realm.

As the project moves forward, it will undergo the city's review process, including community consultations and planning assessments. If approved, the development at 895 Lawrence Avenue East will contribute significantly to Toronto's housing supply, offering a range of unit sizes to accommodate diverse resident needs.