[SOLD] 505 Richmond Street West
This heritage-designated property has a rich history in the City of Toronto. In 1837, the property was set aside by the City for a public market. A wooden market thrived at the site until 1860, when a fire burned it down. It was rebuilt in 1873 but unfortunately in 1880, the market`s activity began to decline. Even though an addition had been built, the market closed in the early 1900s.
In 1932, the building was torn down to make way for a new Water Works building as part of the City`s program to offset Depression-era unemployment. The old Water Works building remains on the site today. Given its history, and its location, in between the City`s vibrant and trendy King Street West and Queen Street West neighbourhoods, the site represents one of Build Toronto (now part of CreateTO) (now part of CreateTO’s) most exciting redevelopment opportunities.
Over the last four years, we have worked with a number of stakeholders to better understand the property and its potential. We worked with a heritage consultant to understand the history of the site and to arrange a heritage easement with the City of Toronto, to ensure the heritage components are maintained. We also engaged with local community members over eight meetings to understand the local needs.
In September 2016, we announced the revitalization plans for the community-focused development that will bring a new YMCA, 15 affordable housing units and a public food hall, located under a 299-unit residential development. This will be made possible through the sale of the project to a partnership between MOD Developments and Woodliffe Landmark Properties. This project is currently under construction.
For more information on The Waterworks, visit: waterworkstoronto.com
DetailsMajor Intersection: Richmond Street West and Brant Street
Surrounding Uses: The Queen Street West commercial strip and an established low- to high-density residential neighbourhood to the north; and a mix of low- to high-density commercial, residential and office buildings to the east, south and west; and St. Andrew's Park to the south.
Ward: Spadina-Fort York
Councillor: Joe Cressy
Site Area (acres): 1.3
Past Use: Vacant Water Works building and former City office
Official Plan - Land Use Designation: Regeneration Area
Planning and Staff Reports:
- Respect the heritage designation and honour the strong history of uses on the site;
- Integrate St. Andrews Playground;
- Create an active publicly accessible private space;
- Create a sustainable mixed-use development;
- Animate the Richmond St. frontage;
- Incorporate a community facility; and
- Develop a financially sound plan that respects the character of the street while providing an opportunity for place-making at 505 Richmond St. W.