NEWS

Stage may be set for Capitol Theatre

Site now owned by Madison Group
ROUGH OUTLINE: The area in the red lines is owned by Madison Group, who says they’ve been considering commercial development.

The site of the old Capitol Theatre on Yonge Street may become a new commercial property, according to property owner Madison Group.

Madison representative Joy Sianghio said the intention at the time of purchase was to create a commercial property and, while that is still likely the plan, “nothing is even initialized yet for that particular property.”

The company purchased 2490–2514 Yonge St., which includes the theatre, and 12 Castlefield Ave. from previous owner Ronald Buildings Limited in February for $19.9 million.

Several businesses and offices would be affected by the redevelopment of the property, which is on the west side of Yonge Street and stretches from Castlefield Avenue about two-thirds of the way to St. Clements Avenue, including Stychin Tyme, Enterprise Rent-A-Car, and Tzatz. The parking lot behind the building was also included in the sale.

Madison Group is involved in several projects in the midtown area, including The Madison — the twin highrise condo towers being constructed on the northeast corner of Yonge and Eglinton. The company is also building Zigg Condo at 223 St. Clair Ave. West and is working on a townhouse development on Briar Hill Avenue at Dufferin Street.