Redevelopment Opportunity

1997 Avenue Road,

Confidential Information Memorandum

Comtech Fire Credit Union 1997 Avenue Road, North York, ON M5M 4A1 Redevelopment 1997 Avenue Road Opportunity

Executive Summary

Cresa Inc., Brokerage has been appointed by Comtech Fire Credit Union (“Comtech”) to act as Comtech’s exclusive representative in the disposition and transaction related agreements for Comtech’s 1997 Avenue Road property (“the Property”) in North York, Toronto.

Offered for sale at $4,750,000

This North York Property is placed at the intersection of Avenue Road and Haddigton Avenue, an active thoroughfare, providing unique retail and housing options in a predominately single-detached residential neighbourhood. The Property, as-is, has a strong commercial and retail pull, as well as development potential due to the location, visibility, and orientation. As other end-unit properties in the area are being developed into multi-residential units with commercial on the first floor, is it likely that the low-density CR zoning may transition to accommodate the growing demand for housing and retail options, as per The Avenue Road Avenue Road Study.

“Strong commercial and retail pull, as well as development potential.” 1997 Avenue Rd Site Description North York

Background Property Highlights

The Property has been owned and in use by Cometech PIN 103500038 since 1993. The site has 2,737 SF of rentable area (as per MPAC) that sits on a 3,681 SF parcel. This building Legal Description PT LOT 30, PLAN 2529 , AS IN houses a portion of the administrative and sales activity TB911281 ; NORTH YORK , CITY for Comtech. The surrounding land is characterized by OF TORONTO two-storey mixed commercial-residential buildings and Land Area 3,681 SF (0.084 acres) low to mid-density residential uses.

Building Area Dimensions 39.32 ft x 112 ft x 65.00 ft x 9.87 ft The subject site is occupied by a one-storey Frontage 29.37 ft commercial building on a slab-on-grade/raise slab style office building. The Property includes alleyway access Parking 4 Private Parking Spaces and behind the building that is connected throughout the Public Street Parking entire city block and contains private parking for the Property owners. The site is required to have a 1.5 Appraised Value $1,204,00 yard set back on the northern perimeter, as per the (Municipal Assessment) City of Toronto zoning, which is currently a landscaped walkway. Property Taxes $30,101 (Municipal Realty Tax)

Zoning CR 3 – Commercial Residential

Official Plan General Urban Area (No Secondary 3,681 SF Land Area $1,204,00 Appraised Plan) Value 1997 Avenue Rd Interior & Exterior North York

Exterior

Interior 1997 Avenue Rd Zoning Review North York

Planning Synopsis Toronto, in partnership with Metrolinx, is in the process of constructing the Eglinton Crosstown LRT line, with a The zoning for The Property is “CR” (Commercial stop at and Avenue Road. The corridor Residential) which allows for retail, low-density is also served by two Toronto Transit Commission bus residential buildings, and mixed-use buildings routes. (commercial and residential). The Property is currently used as a financial institution, which is one of the Specifically, within the Avenue Road Study, a key permitted uses. The Property falls under the Avenue recommendation by the City of Toronto was to Road Study. This report promotes constructing appropriate scale development conditions to allow buildings that contribute to the character of the for mid-rise developments up to five-storeys, with the neighbourhood and streetscape through high quality opportunity to develop up to seven-storeys for sites design. between Joicey Boulevard and Lawrence West Avenue. There are currently three development applications The Property is located along the Avenue Road corridor pending approval, with eight recently approved where the majority of the lands abutting are similarly developments up to seven-storeys on Avenue Road. zoned CR. To the north and south of the Property there are a variety of mixed commercial uses with residential Subject to the Avenue Road Study, the potential units on the second-storey. The corridor includes development square footage for the Property is over several amenities and services within walking distance. 11,500 SF, compared to the existing rentable space of To the south of the Property there are a variety of local 2,737 SF. A good example of a redevelopment project and chain grocers, boutiques, restaurants, and retail can be seen at 2078 Avenue Road, just north to the shops. site. As the following pictures demonstrate, a significant increase in development value is possible, even on a Zoning Development Rationale site that is a single end-unit. With several development applications in review and approved, the Property offers high development potential. The City of Toronto is moving forward to increase density along Avenue Road as an intentional strategy to encourage growth, attract pedestrians, Commercial Potential Development and diversify the commercial and residential activity in Residential Zoning Square Footage of over the area. In addition to increasing density, the City of 11,500 SF

Site 1997 Avenue Rd Redevelopment North York

Example Redevelopment Site

Rendering 1997 Avenue Rd Additional Information North York

Site Visits Potential purchasers are not to visit the site as it is an operating financial institution at the present time. Specific tour dates must be pre-booked with Cresa Toronto Inc., Brokerage by contacting Vivian Patel by email at vpatel@ cresa.com. Any other access to the site must be arranged in advance through Cresa Toronto Inc., Brokerage.

Broker Co-operation Cresa Toronto Inc., Brokerage is the broker representing Comtech Fire Credit Union. As per the MLS listing, a co- operating broker commission of two percent (2.0%) will be payable on this transaction.

Offering Process This property is being offered for sale with a listing price of $4,750,000. Comtech’s objectives are to complete a transaction in 2018 and therefore will be more likely to consider offers with minimal conditions, short due-dilligence timelines, and no financing obligations of the vendor. Offers should be submitted by email to John Macintyre, Principal, with Cresa Toronto Inc., Brokerage on a standard OREA forms. Offers should be forwarded by email in PDF electronic format to:

John Macintyre Jamie Grossman Principal, Sales Representative Managing Principal, Broker [email protected] [email protected] 416.862.1584 416.862.2666

Comtech and Cresa Toronto Inc., Brokerage are under no obligation to accept any offer and reserve the right to modify the offering process at their sole discretion and without notice. All offers should include a ten-day irrevocable condition.

Disclaimer The information in this Confidential Information Memorandum (CIM) is based on information from various sources and is considered reliable, however Cresa Toronto Inc., Brokerage, and Comtech Fire Credit Union Ltd. makes no representations as to the accuracy or completeness of the information and will accept no liability for this information. All potential purchasers are advised to conduct their own independent investigation and verification of the information provided and should seek professional advice regarding, but not limited to, legal, tax, engineering or planning/development advice. Prepared by: Cresa Toronto Inc., Brokerage 170 University Avenue Suite 1100 Toronto, ON M5H3B3