We are excited to report we recently leased the basement retail space at 559 St. Clair Ave. W. to a performing arts school called Spotlight Academy (https://www.spotlightacademyto.com/) for a term of 5 years.
Their lease starts out at $16.82 psf net for years 1 and 2, with a bump to $20.12 psf net in year 3, and $21.92 psf net in years 4 and 5. Spotlight expects to begin operating out of the space on Jan. 1, 2024.
This building is now fully leased with Pet Valu on the ground floor as the anchor tenant and Casa Hotels operating monthly furnished rentals out of the two apartments on the second floor. We are in the process of applying for a minor variance to permit a two-suite hotel on the 2nd floor to be operated by Casa Hotels. In our first fund, Skye Mainstreet LP, we have achieved substantially greater income by converting our second story apartments to boutique hotels. We plan to replicate that success at this property and expect these suites to perform well given the shortage of hotels and short-term rentals in this neighbourhood.
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