Turns out paved paradise in Toronto still costs almost $4 million — even when the bank is just trying to get its money back. Case in point: 361 Davenport Rd., a vacant parking lot that technically falls under residential land, is currently listed for $3,999,000 under power of sale. The property sits in the Annex, just steps from Yorkville, and is being marketed as a power-of-sale opportunity with existing approvals for a boutique development. A South view of the rendering of the proposed 7-storey condominium and office building designed by KFA Architects and Planners and ElasticoSPA for Bianca Pollak on the southwest corner of Davenport Road and Dupont Street. The listing notes that it's being sold "as is," which feels a little funny when the main thing being sold is pavement, but okay. Still, this isn't just some random patch of asphalt with delusions of grandeur. According to a City of Toronto planning report , the site has conditional approval for a seven-storey mixed-use building containing 16 residential units along with retail or office space at grade. The proposal, which was submitted back in 2020 , also includes one level of underground parking with seven vehicle spaces and 16 bicycle parking spaces. East view rendering of the proposed 7-storey condominium and office building designed by KFA Architects and Planners and ElasticoSPA. There are even some very cool-looking renderings from architects KFA Architects and Planners and Elastico SPA showing what the future building could look like. But it appears the developer behind those plans, Bianca Pollak, never managed to get out of the pre-construction phase, so the location is really the only thing this neighbourhood parking lot has going for it. But to be fair, it is a pretty strategic spot. Southwest view of the 7-storey condominium and office building from Admiral St. The area around Davenport and Dupont has been steadily evolving, and the site is close to transit, parks, restaurants, cafés, and multiple post-secondary institutions, while also sitting near some of the city's priciest postal codes. The listing leans hard on that central location and walkability to Yorkville, which, in Toronto real estate speak, is basically code for "yes, it's expensive, but look where you are." Then again, this is Toronto, where even dirt with paperwork can carry a price tag that would buy you an actual mansion in plenty of other cities.