Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $25,300,000 to acquire and oversee the development of an assembly of properties located on the south side of Dundas Street East between George Street and Pembroke Street in Toronto, Ontario. Together with its developer partner, Metropia, Greybrook will develop the land into a high-rise condominium residence consisting of over 500 smaller scale units with no resident parking, in-line with the new city-wide parking standards enacted by Council.
Located in the heart of Toronto within the Downtown East neighbourhood, the development site is only a short walk from Toronto Metropolitan University and is ideally situated near an abundance of lifestyle amenities including Yonge-Dundas Square and CF Toronto Eaton Centre, a two million square foot shopping centre spanning five floors with over 300 retailers and a range of dining options. The site is exceptionally well-connected offering opportune access to a streetcar stop on Dundas Street East and minutes away from Dundas Subway Station with area connectivity to be further enhanced by the proposed TTC Ontario Line as the site will be only a short walk from the future Moss Park Station. Access to Toronto’s underground PATH system via the CF Toronto Eaton Centre connects area residents to areas such as the Financial District and spans all the way to the Waterfront with over 1,200 services and shops throughout the ~30km’s walkway.
“There are not many attractive development sites left in the Toronto core that are as well connected as this site,” said John Huffman, Vice President, Asset Management Greybrook Realty Partners. “Building a community close to transit infrastructure provides mutual benefits and is efficient community-building. The development site is primely located in a transit-rich neighbourhood and is only steps away from Toronto Metropolitan University’s core campus, one of the largest comprehensive universities in Canada. We are excited to provide housing in an area that is transforming and poised for further growth. We are thrilled to be working with Metropia, a well-respected and seasoned developer who has planned, built, and managed more than 14,000 units and more than 13 million square feet of density across the GTA .”
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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