Lawrence Manor Townhome Project In Receivership Listed By Colliers

A sought-after development project in Toronto’s Lawrence Manor neighborhood has been placed in receivership and is now listed for sale by Colliers International. Located at 579-585 Lawrence Avenue West, this 19,226-square-foot site sits at a prime location near Lawrence Plaza, Yorkdale Shopping Centre, and just 600 metres from the Lawrence West subway station. The site is currently occupied by four single-family homes but is primed for redevelopment.

The original plan, approved in May 2022, envisioned a modern townhouse development featuring 25 stacked units in two separate blocks. These units were designed to include 23 two-bedroom and two three-bedroom layouts, with 24 parking spaces available for residents and visitors. Despite its promising design, the project remained undeveloped and entered receivership, opening up new opportunities for prospective buyers.

Colliers has highlighted the site’s versatility for redevelopment. While the existing approval permits the townhouse project, the land also has the potential to accommodate a six-story mid-rise building with 69 units and a larger gross floor area. The property’s location makes it highly appealing due to its excellent public transit access and surrounding amenities.

Receivership listings like this have become increasingly common in Toronto as some developers face financial difficulties amid market challenges. This trend is partly due to rising interest rates and economic uncertainties, which have pressured the real estate sector. Such properties, however, offer opportunities for investors to capitalize on well-located projects with pre-approved development potential.

The listing is also part of a broader wave of receivership sales across the Greater Toronto Area, reflecting shifts in the development landscape. Buyers are drawn to these projects for their readiness and strategic locations, which minimize planning risks and maximize future returns.

The sale of this Lawrence Manor property represents not just the complexities of urban real estate but also the resilience and adaptability of Toronto’s property market. Interested parties are encouraged to contact Colliers for more details about this unique investment opportunity.