Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $27,600,000 to acquire and oversee the development of a prime parcel of land located in Toronto, Ontario. Together with its developer partner, Tribute Communities, the firm intends to develop the property into a mid-rise residential condominium.
The two-acre development site is located east of Bayview Avenue at 680-688 Sheppard Avenue East in Toronto’s established North York community. Directly on the TTC’s Sheppard Avenue Subway line, the property is walking distance from both the Bessarion station and Bayview station. The site also has easy access to the Oriole GO station and the 400 series highways.
The Sheppard Avenue East corridor has transformed in recent years, experiencing strong urban growth, particularly in areas near rapid transit infrastructure. Both public and private investments are being made in the immediate area around the site that will enhance the urban living experience of future residents. Investments include the redevelopment and expansion of Bayview Village, one of Canada’s most prestigious shopping centres. Plans are underway to transform the shopping centre, as well as to add a number of high-rise and mid-rise for-sale and purpose-built residential towers to the surrounding property. Other area investments include a proposed 209,000 square foot Bessarion Community Centre, set to be one of the largest community centres in the Toronto area. Expected to be completed by 2021, this expansive centre will include recreation space, an aquatic centre, a child-care centre, and a 13,000 square foot public library.
“We are thrilled to add this transit-oriented development site to our GTA portfolio in an area of the city that is seeing a considerable amount of activity,” states Alex Riajskikh, Executive Director, Private Capital Markets, Greybrook Realty Partners. “From an investment perspective, this project offers our investors an opportunity to invest in an exciting Toronto-based development and to diversify their real estate investment portfolios.”