Well hold on a second, that’s not fair – it wasn’t Jilly’s that Streetcar Developments bought, but rather the building that Jilly’s is in.

And yes, I am aware that you’ve already heard about this and I’m late to the party.  Once the news broke on Tuesday afternoon, it was all over social media, and on every news channel.

But I’m not trying to break this story; instead, I’d like to examine what could be built on this site, and how the market would respond to it.

Let’s start with a blog video I shot last year…

Believe me when I say that I do not like to recycle content, but there are three things in the video that I wanted to note:

1) I said I didn’t think this building was going anywhere any time soon, and I was clearly wrong.
2) I mentioned Streetcar Developments has built a lot in the area, and they are, in fact, the developer that bought it.
3) Despite the comments on the Youtube video (two people used the term “raving idiot”), I can’t help but think that Jilly’s imminent disappearance will help this area grow.

In fairness to the people who commented and said I was a moron, and had no idea what Riverside is all about, I think that people are very, very sensitive about their own neighbourhoods, and it’s not unusual to let loose a knee-jerk reaction in defence.

But if you break down what I said in the video, it’s essentially this:

Riverside is a fantastic area, that is booming, and growing.  However, Jilly’s is an eyesore, a running joke, and Riverside will never make the move from B+ location to A+ location with the strip club still in operation.

Is that fair?

Don’t well all think that Bloordale Village would be talked about in a much more positive light if “The House of Lancaster” wasn’t prominently functioning on the corner of Bloor & Margueretta?

Hey, I have nothing against strip clubs – I’m just saying that public perception of an area is negative if there’s a well-known strip club on the main drag.  Whenever I send clients listings for the hard loft at 284 St. Helens Ave, they always say, “This place looks great, but the strip club on the corner is kind of killing this area for me.”

In any event, Jilly’s will likely be gone in 30 days, and while the current “breaking news” is that there’s a major structural problem in the building at the corner of Queen & Broadview, I certainly don’t think that’s going to hold up the sale here.

The developer is buying a landmark building for the location more than anything, and to a lesser extent, for the gorgeous brick building that can be restored and look fantastic.

But the question now becomes: what will the developer do with that gorgeous brick building?

Well folks, I’m no clairvoyant.  But when a condominium developer buys a building on a piece of land in a prime downtown Toronto location, I would hazard a guess that maybe, just maybe, they’ll build a condo.

However, if you read the media reports today, and looked at the quotes from Les Mallins, the President & CEO of Streetcar Developments, you might be led to believe otherwise:

“We have great affinity for the neighbourhood and we believe this building is a jewel of Riverside.”
 
“We will first be focusing all our efforts on making the building safe and restoring it to reflect its place in Toronto’s history.  We are in the early stages of planning, but our focus is to revive this building to a landmark everyone in the area can be proud of.”

Really?

I mean, really?

Are we going to believe that a condominium developer isn’t going to build a condo on this site?

Apparently, Mr. Mallins suggested a “restaurant” or a “boutique hotel” as possibilities for the site, but I don’t believe it.

I have to believe with 100% certainty that 5-years from now, there will be a condo on this site.

So remember this quote from Mr. Mallins:

“One of the reasons that we mentioned in our brief release that it’s not a condo project is because condos are often very private places for condo owners and you know, their select guests.”

Remember that, folks.

When this four-storey heritage building becomes the base of a nine-storey, 100-unit condominium down the line, I want you to look back at that quote.

Maybe the problem here is perception.

Maybe the idea of turning a strip club into a condo doesn’t sit well with a developer who has a pretty good reputation, and is known for doing some very nice boutique projects.

Streetcar Developments has built, among others, The Vinegar Lofts on River Street, the entire Corktown District Lofts (4 buildings) in King East, the Beach Lofts at 952 Kingston Road, Edge Lofts, Sync Lofts, Trinity Lofts, and a very cool 12-unit building called “The Riverside Lofts” at 747 Queen Street in the heart of Leslieville.

So maybe the words “strip” and “club” aren’t something that Streetcar wants to be associated with at the moment.

Maybe it will take some time – well after the posters of those classy ladies on the exterior of the building are removed, for the public to forget about “Jilly’s.”

I’m thinking that if Streetcar takes the stench (both literal and proverbial…) away from the building that formerly housed “Jilly’s,” and puts some time in between this purchase, and a possible condo development, then perhaps the building can be known for something else in between.

Perhaps 3-4 years of being a gorgeous, late-1800’s piece of architecture, sitting proudly on the corner of the busiest intersection on the east side, temporarily housing an organic coffee shop, can change the public’s perception of this infamous Toronto landmark.

And maybe THEN will be the right time for Streetcar to debut an artist’s rendering of a 9-unit “boutique” condominium, at $800/sqft…

Well folks, read the paragraphs above, and that’s a lot of “maybe,” “perhaps,” and “possible.”

No matter how much time is put in between the last lap dance at Jilly’s, and an eventual development, I think much of the general population will remember this building for what it was most famous for.

And if you walk into the sales centre in 2018, for “The Flash Lofts,” or whatever the project is called, won’t you kind of wonder, “Is this what it’s like living in an old strip club?”

We revel at the Toy Factory in Liberty Village for being the home to Irwin Toys as they made G.I. Joe after G.I. Joe, and we get a kick out of walking into the Candy Factory on Queen Street West, and helping ourselves to a tube of “Rockets” like we were candy-hungry kids on Halloween.

The Feather Factory, Vinegar Lofts, Chocolate Lofts, Tip Top Lofts, and countless other hard-loft condominiums in Toronto are synonymous with their former uses.

So how will Jilly’s be any different if and when it’s turned into a condo?