< img src ="https://storeys.com/media-library/the-27-storey-tower-proposed-for-34-70-montgomery-avenue-in-toronto-turner-fleischer-graywood-developments.jpg?id=65111339&width=1200&height=600&coordinates=0%2C62%2C0%2C62"alt=""> A big transit-oriented development near the intersection of Yonge Street and Eglinton Opportunity Westchanged hands simply prior to the new year and will be taking a new kind, according to updated application documents.The subject website is 34-70 Montgomery Avenue, one block north of the Toronto Public Library’s Northern District Branch and about a five-minute leave Eglinton Station.The land assembly includes 13 parcels inhabited by a row of
single-family homes and duplexes in between Yonge Street and Duplex Avenue.For the site, Toronto-based First Capital REIT (TSX: FCR.UN)had previously sent a development application for a 24-storey mixed-use tower with 306 property units and around 5,600 sq. feet of ground-level retail space.According to its 2025 annual report released last month, nevertheless, First Capital offered a 100 %ownership
interest in 34-70 Montgomery Opportunity in Q4 2025 for$42 million. They did not disclose the purchaser, but application files and transaction info verify that the site was obtained by Toronto-based Graywood Developments.The Project In a letter to the City of Toronto dated September 26, 2025, planning firm Bousfields Inc. said they were submitting revised products on behalf of Graywood Developments and Graywood Montgomery Limited Partnership”in an effort to continue to attend to the OLT conditions, as well as comments received from City personnel on the Zoning By-law Modification application, and to advance the Website Plan Approval application.”According to Bousfields, First Capital REIT submitted a rezoning application and website plan approval application in June 2022. The application was then attracted the Ontario Land Tribunal(OLT) in June 2023, authorized in principle afterwards
, and is now being revised.< img alt =""height="905"src="// www.w3.org/2000/svg'%20viewBox='0%200%201620%20905'%3E%3C/svg%3E" width ="1620"/ > Ground-level renderings of
the proposal for 34-70 Montgomery Opportunity.(Turner Fleischer, Graywood Advancement)The height of the building is being increased from 24 to 27 floors, while the system count is being increased from 306 units to 335 purpose-built rentals. The suite mix includes 16 studio systems, 157 one-bedroom units, 125 two-bedroom systems, and 34 three-bedroom systems. The overall proposed property flooring area is 256,698 sq. ft.The 2nd level of underground parking and all visitor parking have been eliminated. The previous proposition was for 124 lorry parking spaces and 348 bike parking spaces, while the new proposition is for 86 automobile areas and 179 bike areas. Significantly, the previously-planned ground flooring retail area has been entirely eliminated.Designed by Turner Fleischer, the tower would be located better to the eastern end of the site, nearer to Yonge Street, and sit atop a podium that extends to the corner of Montgomery Opportunity and Duplex Avenue. The style of the tower has actually also been changed considerably from the previous proposition, which was created by RAW Design and saw the tower closer to the corner of Montgomery and Duplex. The previous proposition for 34-70 Montgomery Opportunity.(RAW Style, First Capital REIT)First Capital REIT In 2025, First Capital REIT finished a grand total of$176 million in dispositions, with $67 million across two sales finished in Q4. As First Capital said the Montgomery sale was for $42 million, this implies their other Q4 sale, 801 York Mills & 1855 Leslie Street, was for $25 million.At York Mills and Leslie, First Capital had actually previously proposed two 21-storey apartment towers above a shared podium, then revised the proposition down to two 15-storey structures, before most-recently altering the proposal totally to 3 commercial retail buildings, according to a cover letter outdated September 30, 2025.”Due to the present financial conditions respecting high-rise advancements, FCR has been unable to effectively market the mixed-use development and, as such, is proceeding with a retail and service industrial advancement at this time, which
is allowed by the as of ideal zoning relevant to the site through By-law 569-2013, as modified,”said Bousfield on behalf of First Capital.The new owner is presently unknown.Last year, First Capital REIT also offered the task planned for 895 Lawrence Opportunity East in North York to Bazis International for$ 32 million, as formerly reported by STOREYS. According to their year-end press release, First Capital has three more sales set to close throughout 2026.