The City of Toronto is poised to bid on a derelict downtown lot in hopes it can be transformed into a park instead of yet another thicket of condominiums.

Councillor Kristyn Wong-Tam is leading the charge to buy 11 Wellesley St. W., east of Queen’s Park, and turn it into a park named for Jane Jacobs, the celebrated Toronto-based urbanist who died in 2006.

The Ontario government owns the 2.1-acre lot, between Wellesley and Breadalbane Sts. and Yonge and Bay Sts., which has languished since the 1980s when it was to be donated for a now-shelved ballet and opera house.

The province started taking bids Aug. 15 and says the city is welcome to make an offer. Government management committee voted to authorize use of an undisclosed sum from a parkland acquisition fund that is replenished by developers’ contributions.

Wong-Tam, a former real estate professional, said the city might have to negotiate with the top bidder, but if full council confirms the committee’s decision she is confident the city can purchase 1.5 acres for the park and leave a developer room for one condo tower.

“This is the very last opportunity to build a park of this significant size in a very dense urban environment,” said Wong-Tam (Ward 27, Toronto Centre-Rosedale). “If we lose this once-in-a-lifetime opportunity then I would say it’s gone forever.”