88 Ossington Avenue
This Toronto heritage building had been neglected for many years and, as a result in 2014, we were able to purchase 88 Ossington Avenue in Toronto in an off market transaction at a significant discount to replacement cost. We saw the potential in revitalizing this landmark property.
SiteLine Transformation Program
Our work at 88 Ossington Avenue, focused on 3 main steps:
Step 1: Strategic Capital Expenditures
Our capital plan focused on both an extensive restoration to the exterior of the building as well as a renovation of the interior. The work to the exterior was complex as we needed to both improve the look of the building while ensuring the integrity of its historical appearance. At the same time we oversaw a complete renovation of the interior of the building in order to help the property attract the right tenants.
Step 2: Lease-Up of the Building
During the restoration and renovation of the building we began our efforts to draw prominent tenants from the local community. As the building is situated in a great location, there was a lot of interest from potential tenants looking to expand or create new local businesses. Ultimately, SiteLine signed a with strong local business owner.
Step 3: Building Optimization
Once we had our new tenant in place we were in a position to lease up the remainder of the building with other tenants fully optimizing the remaining space.
We were able to turn a neglected historical building with limited interest into a successful commercial building, restoring its appearance and providing stable cash flow and increased value to our investor.