Landmark midtown site sold for $40 mil
Local residents Geoffrey Jones and Terry Mills outside the Art Shoppe site
According to records obtained from Toronto’s Land Registry Office, the Art Shoppe site was sold to a developer for $40,360,800 in October of last year. The land title was transferred from a numbered company that lists Martin Offman (CEO of the Art Shoppe Ltd.) as its president to a numbered company that lists Peter B. Freed, of Freed Developments, as its president. The numbered company that purchased the property also lists Jordan Dermer and Todd Cowan of CD Capital Partners as officers.
It’s business as usual at the Art Shoppe, still open and showing no signs of slowing down, located on the east side of Yonge Street, occupying the entire block between Soudan Avenue and Hillsdale Avenue.
Coun. Josh Matlow said he has not yet been approached about the site, but if and when he is, he will stick to his policy of bringing residents to the table to meet with any developer. “I hope that the applicant will come forward with a spirit of dialogue with the community rather than trying to push anything through,” he said.
Terry Mills, of the Federation of North Toronto Residents’ Associations (FoNTRA), would welcome any opportunity for input before the developer’s plans are crystallized.
“I think it would be interesting to talk to them about what they’re going to do in terms of doing an interesting building at the ground level to really try to knit together the avenue retail of Yonge south with what becomes the [Yonge Eglinton] Centre once you cross Soudan,” he said.
Condo developer Brad Lamb said he anticipates Freed will apply for some form of high-rise development.
“The price he paid for the land would warrant a reasonable amount of density on that property — it’s not going to be a townhouse site,” he said. “It’s a big piece of property. It can certainly carry two buildings.”
The Art Shoppe, Peter Freed and Jordan Dermer and Todd Cowan declined to comment.