Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $23,000,000 to acquire and oversee the development of an assembly of properties located on the south side of Cosburn Avenue and the north side of Gowan Avenue, between Broadview Avenue and Logan Avenue in Toronto, Ontario. Together with its developer partner, Marlin Spring, Greybrook will develop the land into a high-rise condominium residence consisting of over 320 units.
Located just east of Broadview Avenue and north of Danforth Avenue, the development site is situated within walking distance to Greektown, one of Toronto’s most vibrant and cosmopolitan areas and home to the renowned “Taste of the Danforth” festival, which draws over one million visitors annually. The site is also located within walking distance to an abundance of retail stores, cafes, and restaurants along Danforth Avenue, as well as schools, grocery stores, and the Don Valley trail and park system. The site is conveniently located near the TTC Bloor-Danforth line via Broadview Station, with area connectivity expected to be enhanced by the proposed TTC Ontario Line. Linking from north to south and east to west, the proposed Ontario Line is expected to connect riders from the Ontario Science Centre to Exhibition Place in approximately 30 minutes. A Preliminary Design Business Case put forth by Metrolinx in 2020 confirmed the location of the proposed Cosburn Station, which will be a short walk from the site. Commencement of subway service at the proposed Cosburn Station is targeted for 2030. Additionally, the site is located near the Don Valley Parkway, offering an easy connection to Toronto’s downtown core, the Gardiner Expressway, and 400 series highways.
“We pride ourselves on our ability to source great opportunities to invest in desirable submarkets outside of the Toronto core and this investment in The Danforth, a commercial-residential neighbourhood east of the city core is an excellent example of this,” stated Alex Riajskikh, Managing Director, Private Capital Markets, Greybrook Realty Partners. “We took a similar approach with our Linx condominium project at Main and Danforth and in the city’s west end with our Stockyards District Residences condominium project. We are looking forward to working alongside our long-time developer partner, Marlin Spring, who is developing a number of residential condominium projects nearby in Toronto’s east end.”
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