What's the Deal with the El Mocambo?
It's been a while since we heard anything on the status of the El Mocambo, the legendary Spadina Avenue music venue that was put on the block back in March. Royal LePage Commercial broker Neil Warshafsky, who's handling the transaction, says he’s entertaining a couple of potential offers on the property —asking price is $3.95M—and “prospects are looking good.” Neil almost had a deal done in April, which would have kept The El Mo a music venue, but the prospective purchaser couldn’t end up pulling together financing. “It fell through for all the wrong reasons,” Neil says.
The El Mocambo building has 11k SF of space and a third-floor open-air deck. Additional density is permitted under its zoning, which could open the door to redevelopment as a gym, boutique hotel, restaurant, or student residences for nearby University of Toronto, Neil (above) has suggested. But he acknowledges that the old building needs "lots of work," a big hurdle for would-be buyers to overcome.