Another iconic Toronto institution is on the market, presenting an urban redevelopment opportunity along Richmond Street West.
The stretch of buildings between 218 and 226 Richmond Street West is currently for sale, which means Toronto’s iconic Yuk Yuk’s comedy club, sushi restaurant JaBistro, and a portion of Underground Dance Centre could soon see new life.
The building at 224 Richmond Street West contains Underground Dance Centre and Yuk Yuk’s, while JaBistro is located at 222 Richmond Street West, and a third commercial building occupies 218-220 Richmond Street West.
Listed by real estate broker Zev Gitalis, president of Gitalis Real Estate Inc., as a “redevelopment opportunity” that presents the chance to purchase a high-profile stretch in the downtown core, that’s just “one and a half blocks west of University Avenue, the Osgoode subway station, the Four Seasons Performance Centre, and the “Path”.
“In recent years, with change in zoning, the Spadina King West neighbourhood has experienced enormous re-development, primarily in multi-unit residential condominium high-rises,” reads a marketing brochure for the listings.
“With intensification being encouraged by the City along major transportation nodes and routes, buildings upwards of 40 stories are not unusual. The subject properties are surrounded in all directions by recently completed and ongoing redevelopment.”
The properties, listed on MLS as of late October for just $1, span 10,162 square feet, with a frontage of 101.62-feet, and a depth of 100 feet.
While no actual prices are included with the listings, the brochure says that “interested parties will be invited to submit a Letter of Intent” or an “Agreement of Purchase and Sale” on a specific date.
“Yuk Yuk’s will remain there for at least 3-4 years more and may even be back once the new building is built,” Gitalis said in an email to Toronto Storeys.
Gitalis said he is unsure what might replace the current tenants, as it’ll take time to get the properties rezoned for condo. However, Gitalis said he has already seen lots of interest and that he believes the three buildings combined will sell somewhere in the $42 million range.