Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $41,545,000 to acquire and oversee the development of a parcel of land located on the west side of Charles Street between Victoria Street West and Watson Street West in Whitby, Ontario. Together with its developer partner, Tribute Communities, the firm intends to develop the land into a multi-tower mixed-use condominium community consisting of over 1,450 units.
Located in the heart of the Whitby waterfront within the Port Whitby neighbourhood, the site is situated within an area that will undergo considerable change with current and planned developments in the immediate vicinity. The development site is very well connected – only a short walk from the Whitby GO transit station and a quick drive to Highway 401, providing connections throughout Durham Region and the Greater Toronto Area. The site is ideally situated near an abundance of lifestyle and recreational amenities with a commercial plaza in close proximity and is only steps away from the scenic Port Whitby Marina, Iroquois Park Sports Centre, Victoria Fields, and the Whitby Waterfront Trail, a 13-kilometre family-friendly cycling and walking trail.
The Town of Whitby is part of the Oshawa Metropolitan Area, the most rapidly growing area within the Greater Toronto Area. Since the early 2000’s, Durham Region has experienced a significant population boom growing by approximately 25%, with its population projected to increase to 1.3 million by 2051. Whitby is expected to see a considerable share of that growth with a projected population increase of ~40% from its current population over the next decade.
“We are thrilled to be investing in our first high-rise development project in Durham Region alongside Tribute Communities, one of the most active and successful builders in the Region,” noted Jared Berlin, Executive Director, Asset Management. “This is an ideal location for future residents given the proximity to transit, access to the waterfront, the amenities, and future restaurants and services that will be introduced through the mixed-use developments that are being developed in the area. With roots set in Durham, Tribute is very experienced in developing multi-tower condominiums in the Region having a number of recently completed projects as well as active projects currently underway. This is Greybrook’s 15th development in Durham Region and 15th project with Tribute Communities in the Greater Golden Horseshoe.”
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.