On April 19, Greybrook’s managed issuer successfully closed on a $40,000,000 equity investment. The funds will be used to acquire and oversee the development of a parcel of land located on the west side of St. Lawrence Avenue, south of The Queensway, between Islington Avenue and Kipling Avenue in Etobicoke, Ontario. Together with our developer partner, Marlin Spring, Greybrook intends to develop the land into a two-tower condominium site consisting of approximately 775 units.
Located in the heart of Etobicoke’s The Queensway neighbourhood, the site is within an area set to undergo substantial revitalization with recently built and approved residential and commercial developments in the immediate area expected to bring thousands of new units and new retail, contributing to the noteworthy intensification of the area in the years to come. The development site is well-connected – only a short drive from the Gardiner Expressway and Highway 427, providing access to Sherway Gardens and connections to the Downtown core and other 400 series highways. The abutting property will be developed into a Sobeys grocery-anchored retail plaza, and just a short walk east of the site is a Cineplex movie theatre and planned retail and restaurants. The Queensway offers residents and visitors easy access to Toronto’s waterfront and several parks and green spaces, including Humber Bay Park, Colonel Samuel Smith Park, and most notably, High Park, Toronto’s largest public park, located just under a 10-minute drive from our project site.
“The Queensway corridor is becoming a lively residential community due to its local amenities and connectivity. As the neighbourhood continues to evolve, it is becoming an increasingly popular destination for young professionals, families, and anyone looking for a vibrant community within Toronto,” stated John Huffman, Vice President, Asset Management. “We’re excited to develop this dynamic neighbourhood further and provide much-needed housing. This development marks Greybrook’s 14th residential development project with Marlin Spring, a long-standing partner with whom we are developing a mid-rise development nearby on The Queensway.”
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.