On October 3rd, Greybrook successfully closed on a $29,250,000 investment completed by its managed issuer. The funds will be used to acquire and oversee the development of a prime parcel of land located just east of Yonge Street on Adelaide Street East in Toronto, Ontario. Together with our developer partner, Stafford Homes, Greybrook intends to develop the property into a high-rise condominium residence with a significant number of the units offering unobstructed views of the Toronto waterfront.
Primely located in the heart of Downtown Toronto within the St. Lawrence neighbourhood, the development site is directly adjacent to St. James Park and is steps away from St. Lawrence Market and a bustling array of shops, restaurants, cafés, movie and performing arts theatres on Yonge Street. The site is in close proximity to multiple Toronto landmarks, including the CF Toronto Eaton Centre, Union Station, Scotiabank Arena, Yonge-Dundas Square, Toronto Metropolitan University, the vibrant Financial District, the historic Distillery District, Sugar Beach Park, and the scenic Harbourfront, offering a diverse range of attractions and amenities to explore.
The site is exceptionally well-connected offering easy access to the Toronto Transit Commissions (‘TTC’) King and Queen subway stations, both of which are conveniently accessible within a short 10-minute walk, and the TTC’s 504 and 501 streetcars that pass near the site. Future residents will be only a short walk to a proposed future Metrolinx Ontario Line Station, expected to open in 2031, further enhancing transportation options and connectivity. The site is also less than a 5-minute drive to the Gardiner Expressway and Don Valley Parkway, easily connecting future residents to other parts of Toronto and the Greater Toronto Area.
“Opportunities for development within the heart of Toronto’s core are becoming increasingly scarce, and there are only a handful of sites that come close to the overall appeal of this one,” said Jared Berlin, Executive Director Asset Management, Greybrook Realty Partners. “With the record population growth that we have seen in the past two years and the acute housing supply shortage in Toronto, we are very excited to have the opportunity to work on a project that will bring more housing to the city, particularly in an area that will provide access to so much without the need for a car.”
Forward-Looking Information
This news release contains forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.
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