467 Queen Street West
Toronto, ON

Heritage Multifamily Rental + Commercial

Area: 7,800sf

Value: $12M

Project Summary

467 Queen Street West consists of a 3,315 square feet parcel zoned as CR – Commercial/ Residential. The site currently houses a 3-storey mixed-use building containing residential and commercial uses. The client was considered purchasing the property and wanted to evaluate its viability as a long-term income generating asset through a renovation or full redevelopment of the site.

Our Role

Neev conducted a feasibility study to understand the capital and project returns achievable based on various development scenarios as well as to outline any time, budget, permitting risks that the client should be aware of prior to the closing date. We evaluated several development options including renovating the existing building, redeveloping based on existing zoning density allowances and redeveloping based on a “wild card” maximum density option due to the site’s proximity to the new Spadina-Queen Street subway station. Because of the heritage requirements, the existing facade was required to be maintained in any new development scenarios. 

To validate the achievable density, Neev worked with SvN Architects and Planners to develop concept massing options and establish permitting requirements and timelines for the development scenarios. A heritage consultant was also retained to understand the impact of heritage requirements on the development.