First Capital Completes Land Assembly, OLT Settlement For Avenue Lawrence Project

Toronto-based First Capital REIT has achieved two major milestones for its Avenue Lawrence project in North York. In its first-quarter 2025 report, the company announced that it has completed its land assembly and reached a settlement in its appeal to the Ontario Land Tribunal (OLT).

The project has been in development since roughly late 2019. Initially, First Capital acquired several small properties at the corner of Avenue Road and Lawrence Avenue West. It then added two more adjacent lots, including a medical office building bought in early 2022 and the Royal Lighting site acquired in early 2025 for CAD 22.2 million.

First Capital originally planned two mid-rise buildings with 455 residential units. After the site expanded, the plan grew to include two towers of 12 and 14 storeys containing about 665 units. Now, with OLT approval secured, the project is expected to offer 679 units in buildings with a total gross floor area of 660,000 sq ft, along with about 47,000 sq ft of retail space.

The development will provide amenities like 15 rental replacement units, 632 parking spots, 500 bicycle spaces, and almost 12,000 sq ft of green area. There are also plans for a public street, wider sidewalks and better landscaping to improve the neighbourhood’s walkability.

First Capital brought its planning applications to the OLT after Toronto Council did not make a decision within the expected time. The hearing was set for April 22, 2025. Local neighbourhood groups—Lytton Park Residents’ Organization and Bedford Park Residents’ Organization—were granted status as parties to the appeal. Through private mediation in 2024, First Capital and these groups reached agreement on changes including building setbacks and massing, leading to a settlement that resolved concerns over Official Plan and zoning changes.

With both land consolidation and the OLT agreement complete, Avenue Lawrence now moves into the next phase. First Capital has also sold two other Toronto-area properties for a total of CAD 72 million, in line with its capital allocation strategy that includes development, acquisition, and property sales aligned with its financial goals.