Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $28,215,000 to acquire and oversee the development of a prime parcel of land located in Vaughan, Ontario. Together with its developer partner, Castlepoint Investment Group, the firm will develop the land with the view to securing the necessary planning approvals that permit the construction of over 100 single-detached homes and freehold townhomes.
Located north-west of Toronto in the City of Vaughan, the 25-acre development site, which is designated “low-rise residential” in the Vaughan Official Plan, is situated east of McGillivary Road and west of Highway 27, between Rutherford Road and Major Mackenzie Drive. The property’s development will add new housing stock that the rapidly growing City of Vaughan needs.
Vaughan, the fifth-largest city in the Greater Toronto Area, is home to approximately 12,000 businesses and a growing population, that as of 2016, was estimated to be over 306,000. Due to significant investments in public transit improvements providing Vaughan residents and business commuters with seamless mobility throughout the Greater Toronto Area, the city has become a regional transit hub. In addition to York Region Transit and regional GO Transit, the recently completed TTC Toronto-York Spadina Subway Extension provides subway service from the Vaughan Metropolitan Centre to downtown Toronto in approximately forty-five minutes.
“Vaughan is a dynamic, evolving city, which has experienced marked economic growth that is expected to continue as more businesses including KPMG, Miller Thomson, and GFL Environmental, expand into the city and as the population continues to grow,” states Sasha Cucuz, CEO of Greybrook Securities Inc. “We have more than a dozen investments in York Region and are thrilled to expand our development portfolio within the City of Vaughan with the addition of this project.”
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