Amexon to launch 5-tower development at Toronto Central Park | RENX
A Sheppard Avenue property owned by Amexon Development Corp. of Toronto since 1995 is set to be transformed into a mixed-use, multi-tower community that will include more than 2,000 residential units and 320,000 square feet of office space.
The 12-acre master plan The Residences at Central Park at 1200 Sheppard Ave. E. will be built in phases and will eventually include: five residential condominium towers; 55,000 square feet of indoor amenity space; a redesigned office component comprising two existing buildings on the site; retail; Restaurants; and a three-acre park offering year-round outdoor event programming.
Amexon’s redevelopment has been in the planning phase for 10 years.
It once housed three office buildings, but one has been demolished and the remaining two will receive renovation as part of the redevelopment of the underused site into a mixed-use community.
The project is a key part of Amexon’s growth strategy, which involves the acquisition of office buildings and land for development, where it makes financial sense for the company and its investors, and the development of high-rise mixed-use communities.
“We have expanded our residential component with an investment syndicate of more than 20 private investors,” Jason Shiff, who heads the company’s real estate division, told RENX. “We are looking for future growth in our portfolio which we want to explore for mixed-use development.”
Amexon’s History in the Greater Toronto Area
Amexon has been building office and residential projects in the Greater Toronto Area (GTA) for over 35 years and manages a portfolio of office, retail, industrial, hospitality and residential properties.
“Amexon is one of the largest private developers of suburban office properties,” Shiff said. “It has various GTA development lands in its portfolio which when developed will have over 12,000 units.”
The 160-person company is about to launch sales of the first building at The Residences at Central Park. The property is on the northwest corner of Leslie Street and Sheppard Avenue East.
The Bayview Village neighborhood site offers easy access to the Bayview Village shopping center as well as the Leslie Metro Station and Oriole GO Transit Station.
The expansive East Don Parkland, with its ravine network of trails that lead to downtown and the water’s edge of Lake Ontario, is also nearby.
Central Park Residences
The 31-story glass tower that will launch The Residences at Central Park will feature units with floor-to-ceiling glass walls, ranging from 439-square-foot one-bedroom spaces to 1,200-square-foot suites with three bedrooms and a den.
More than 60% of the units will have two bedrooms and each unit will have a spacious six-foot-deep balcony.
“You can fit a lot of furniture there and that was a big design draw for us,” said Shiff, executive sales manager for the project.
The Park Club will be a 55,000 square foot amenity area.
Recreational facilities at The Residences at Central Park will include: indoor and outdoor saltwater pools; spa and whirlpool; fitness center and multipurpose fitness studios; half-size basketball court; outdoor fitness areas; roof terraces; lounges and gardens; sauna; pet care and washing area; event cooking; apiano and wine lounge; children’s club; a refrigerated skating rink in winter; and much more.
There will also be a business center, lobby lounge and library, co-working space with meeting rooms, guest suites, and full-service child care.
Residences in Central Park will be built with environmental sustainability and green features in mind, including: electric vehicle charging stations located throughout the underground parking lot for residents and visitors; green roofs; solar panels; self-service bicycle stations; and an on-site car-sharing service.
The design team for the project is comprised of CORE Architects, interior designer II By IV Design and landscape architect firm Cosburn Nauboris.
Central Park sale and construction schedule
Sales will begin soon for the first tower at the presentation center at 1200 Sheppard Ave. E. and Shiff said that a large database of registrants had been compiled.
“We expect them to sell out quickly based on what we’ve seen in the market and the location.”
Prices will range from around $630,000 to $1.5 million, while condo fees will be 67 cents per square foot.
Construction of the first tower and the majority of amenities is expected to begin this summer with summer 2025 targeted for first occupancy.
Sales of subsequent towers will likely launch within six months. Starts for these buildings will be based on sales.
Shiff expects completion in late 2026 for the entire project.
Redevelopment of the Grand Hotel site and future projects
Amexon’s other major upcoming project is the redevelopment of the former Grand Hotel site at 225 Jarvis St. in downtown Toronto.
It will include a 68-story mixed-use building with six floors of hotel space with 210 suites at the base and condos above. Sales are expected to start towards the end of this year and construction is expected to begin in early 2023.
Amexon’s most recent notable development before The Residences at Central Park was The Residences of 488 University Avenue, a 55-story, 453-unit condo completed in 2019. It was a redevelopment of an 18-storey office building. floors at the corner of Dundas Street. West which kept the office part.
Amexon also completed two 27-story towers, which include South Beach Condos + Lofts, at Park Lawn Road and Lake Shore Boulevard in Etobicoke in 2012. It included over 600 residential units and a commercial component.