Bids have opened for Toronto real estate developer’s $20M apartment project
Real estate broker Alex Wajeha’s apartment project is currently on the market for $20 million, with bids set to open on March 20.
“It is a massive project, it is a huge piece of real estate,” said Wajiha, who has been in negotiations with developers for the project for more than a year.
Wajiaha’s building is located in the former Queen Elizabeth Plaza and includes 2,700 square feet of office space, 1,500 square feet in retail space, 200 parking spaces and a 300-space gymnasium.
“This is a beautiful building, it’s just a beautiful, beautiful building,” he said.
Wijiaha and the other developers have been negotiating for more time than anticipated, he said, but the developers are “very close” to getting the building built.
“We’re very close,” he told CBC News.
“I would say they’re close, but it’s not perfect.”
Wajieha said that the building is expected to open in 2019, but that the real estate market will take a while to recover from the downturn in the construction industry.
The project is located on the site of a former Toronto-Dominion Bank (TD) bank building.
Wojiaha is looking for a tenant to buy the building, which was formerly occupied by the Toronto Stock Exchange.
“The building was originally going to be used for an office building,” Wajyaas said.
“Now, they are going to use it for condos.
The building has a very nice mix of office, retail, restaurants, hotels.”
He said the location also has an excellent waterfront location, and that it would be a great amenity for a new community, with a good-sized community pool.
Wadjiaas said that he was also hoping to make some new friends in the community, and he hoped to have a couple of condo projects going before the end of the year.
“People are really supportive,” he added.
“They’re really supportive of what we’re trying to do here, and they’re looking forward to the day we’re going to start construction.”
The project will also include a hotel, two office suites and an art gallery, as well as a residential neighbourhood on the former Royal Bank of Canada (RBC) property.
Wjiaha said he was excited to be working with a developer that he knows well, and said that “there is a great sense of community here.”
“This building is a wonderful piece of Canadian real estate.
This is going to create a fantastic community,” he explained.
Wjaiaha says the project is still in the early stages of the negotiations and that he will have more details to share in the coming weeks.
He said that some of the buildings in the neighbourhood are very close to the site and that they will be looking to build the project at a different location.
He hopes that once construction starts, he can have the building open by the end or early-2019.
“That would be awesome,” he laughed.
“For a year, I’ve had so much faith in this building and I’ve seen so many amazing things, and it has finally come to fruition.”
Wjieha’s real estate agent, Paul Stuckey, said that, based on the latest information available, he is “100 per cent” confident that the project will go ahead.
“Alex has been very upfront about the project, and we’re just excited to have the project built,” Stuckeys said.
The real estate commission has not released an official number of apartments, but a spokeswoman for the city said the city has received more than 3,400 applications for the building.
“At this point, the project looks like it will be completed and ready for occupancy in 2019,” said spokesperson Catherine Rancourt.