Greybrook Realty Partners Inc. announced on 19 March 2020 the successful closing of an equity investment by its managed issuer of CA$43.5 million (US$30 million) to acquire and oversee the development of a prime parcel of land located at 1325-1361 The Queensway in the City of Toronto. Together with its developer partner, Tribute Communities, the firm intends to develop the property into a two-tower, high-rise mixed-use condominium building consisting of over 1,100 units and more than 10,000 square feet (930 square meters) of commercial space at grade.
The development site is located at the southwest corner of Kipling Avenue and The Queensway in Toronto’s South Etobicoke community. A short drive to CF Sherway Gardens and other commercial amenities, the 2.2-acre (0.9-hectare) site features direct access to Highway 427 and the Gardiner Expressway. The area is well-connected to public transit, a short distance from the Mimico and Kipling GO Transit commuter rail stations. Area connectivity is expected to be enhanced by the future Kipling Transit Hub, an integrated community mobility hub that will connect Toronto’s west end to the broader regional transit network.
“With its proximity to the downtown core and its transportation and transit connectivity, the Queensway corridor is emerging as a comprehensive and vibrant residential node,” stated Alex Riajskikh, the Executive Director of Private Capital Markets for Greybrook Realty Partners.
“This is Greybrook’s second planned development site along The Queensway, and we are looking forward to building out the neighborhood and providing much-needed housing in this great location,” he added.
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