Co-working space to close permanently as century-old Toronto building put up for sale

An old building in Toronto's The Annex neighbourhood is among the latest landmarks put on the chopping block, and it will mean the permanent closure of a shared workspace for organizations promoting social causes.

The Centre for Social Innovation (CSI) has announced that it has put its 720 Bathurst Street location up for sale in response to declining in-person office attendance, and has opted to consolidate its operations within its larger Spadina location.

The organization announced via news release that the process is expected to take between 12 and 18 months, and that it doesn't expect operations to cease at CSI Annex until 2025.

CSI assuaged fears with a promise that the organization is doing just fine, and offered an assurance that it was not facing the same challenges as other high-profile co-working environments like WeWork and Artscape.

"Don't worry. We are good," reads a statement from CSI.

"CSI is being proactive, strategic and forward-looking. The world is changing, and so must CSI."

The statement explains that "Real estate has always been a tactic to get at the change that we want to see in the world," and states that selling the property "will give CSI more focus and capacity to help build the world that we want in turbulent times."

The organization claims that it is "in a stable position financially, but interest rates, inflation and work from home have changed the real estate landscape, and we want to be proactive in how we are addressing these changes."

CSI states that consolidating operations to a single location and selling off this real estate asset "will enable us to reduce or retire our mortgage, thus insulating us from further market volatility."

As for existing tenants, CSI assures those currently using their Bathurst location that "this is not a notice to leave," and should be interpreted more as a display of transparency from the organization.

The five-storey building at 720 Bathurst Street was constructed in 1920 and renovated in 2010.

Despite its age of over a century, the over 33,000-square-foot building is not designated under the Heritage Act or listed on the City's heritage registry, meaning it could potentially be subject to demolition once acquired by new owners.

The building site is currently permitted to host a wide range of uses, including apartment buildings.

While it is only zoned for a 10-metre building height as of right now, it's a safe bet that the site would be rezoned for something much larger, based on approvals for nearby developments.