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Greybrook Invests $49,900,000 in a Residential Development Project with Tribute Communities in Hamilton, Ontario

Date:
June 30, 2023
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New residential development will bring a master-planned community to the expanding City of Hamilton

On June 30, Greybrook successfully closed on a $49,900,000 investment completed by its managed issuer. The funds will be used to acquire and oversee the development of two prime parcels of land located at Fletcher Road and Golf Club Road in the City of Hamilton, Ontario. Together with our developer partner, Tribute Communities, Greybrook intends to develop a low-rise residential community consisting of over 1,200 units comprised of townhomes and single-detached homes.

Located approximately 70 kilometres west of the City of Toronto, Hamilton is one of the largest cities in Canada, with a population that is projected to experience rapid growth in the years ahead. The city’s diverse economy is anchored by its growing advanced manufacturing industry, with some of the nation’s leading manufacturing companies located in Hamilton. The city is also home to businesses and organizations in sectors such as agribusiness and food processing, finance, insurance and real estate, ICT & digital media, and a life sciences sector anchored by Hamilton Health Sciences, the largest employer in the region with a community of 15,000 staff, physicians, researchers, and volunteers that provide specialized and advanced care to people from across the province.

Hamilton is home to one of the largest and top-ranked universities in Canada, McMaster University, attended by over 30,000 students annually. The university was ranked the 4th best university in Canada according to Times Higher Education and ranked #2 in Canada for graduate research funding. The university is also home to the McMaster Innovation Park, a research and innovation park that acts as a bridge between academia and industry supporting startups, business, and research and offering collaborative space to transform ideas from vision to commercial reality. Students, residents and tourists alike are also attracted to Hamilton for its natural heritage. With the Niagara Escarpment flowing through its boundary, the city is renowned for its scenic waterfalls, conservation areas, hiking trails and gardens including the popular Royal Botanical Gardens.

Greybrook’s development site is ideally located in a growing area with convenient access to local area amenities and easy access to the QEW, Highway 403, and 407, providing connections to Burlington, Oakville, and Mississauga, as well as the City of Toronto, which is also easily accessible via the GO Transit Hamilton Centre station in under one hour. As the city continues to grow, future residents will also benefit from private and public sector investments that will bring 14 kilometres of light rail transit to Hamilton, adding 17 Metrolinx transit stops, as well as investments in Hamilton’s pier that will transform a portion of the waterfront and investments that will revitalize the major venues that make up the city’s arts, culture and entertainment district.

“Hamilton is a great place to live. We look forward to bringing new low-rise homes at attainable price points to this growing part of the city to help address the significant need for housing in Ontario,” said Sasha Cucuz, CEO, Greybrook Securities Inc. “The desirability of the city is growing as a significant transformation, fueled by over $1 billion dollars in investments, is underway. Alongside our experienced developer partner, Tribute Communities, we are thrilled to contribute to this thriving city’s growth. This will be Greybrook’s 16th residential development with Tribute Communities.”

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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