KingSett Capital is looking to take the residential transformation of Bay and Gerrard one step further — by converting the office building that remained after years of redevelopment around it.

A site plan application filed with the City of Toronto proposes 249 purpose-built rental units inside 700 Bay St., a 24-storey, 184,687-SF office and retail building at the southeast corner of Bay and Gerrard streets.

The move would bring housing directly into a building that KingSett had previously worked around.

After acquiring the property in 2012, the firm developed a 32-storey, 275-unit rental tower at 99 Gerrard St. W. and added four storeys to the neighbouring residential building at 77 Gerrard. Those projects were completed in 2020 while 700 Bay continued operating as office space.

Now the office component itself is in play. More than 84K SF at 700 Bay was being marketed for lease in September.

The property has also had longstanding ties to the student-housing sector, including earlier involvement from Campus Suites. Its location puts it within walking distance of Toronto Metropolitan University, the University of Toronto and the downtown hospital district.

The City application describes the 249 homes as purpose-built rental units. Construction timing and costs have not been disclosed.

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