11 Wellesley Street has been sitting vacant for the last two decades.The 2.1 acre piece of land was owned by the province of Ontario until Lanterra Developments purchased it for $65 million dollars in February of 2013. At the time of purchase, the province of Ontario recommended a multi tower condo site with over 1000 units.
This is what the province has recommended:
Instead of following the most lucrative path, Lanterra Developments had a different idea in mind. They have proposed to build a 1.6 acre park with only 1 condo tower and 630 units. Now obviously the city is against this plan because it brings in less tax revenue but Lanterra has taken a bold step to provide local residents with something that they want and need… Green Space!
Take a look at the Lanterra’s proposed condo site for 11 Wellesley Street:
Local residents are highly supportive of this plan and for the last 6 months, Lanterra Developments and local residents are negotiating with the city to allow this proposal to go forward. Although the plan has not been fully approved, our sources tell us that the 11 Wellesley Street Condo will be launched with Lanterra’s proposal.
The final design with floor plans and pricing for the 11 Wellesley Condo site will be released to Insider Condos in the second week of December. Register here to stay up to date for this new condo site.