TORONTO — Toronto-based Greybrook Realty Partners Inc. has announced the closing of an equity investment by its managed issuer of $15.45 million to acquire and oversee the development of a parcel of land located at 2231 St. Clair Ave. W. in Toronto.
Greybrook intends to work with its development partner Marlin Spring to develop the property into a mid-rise condominium residence consisting of over 220 units and more than 12,000 square feet of commercial space at grade, stated a recent release.
The property is located on St. Clair between Keele Street and Runnymede Road in Toronto’s Stockyards District. The neighbourhood has two nearby TTC stops and the streetcar as well as RioCan’s Stock Yards Village mall.
“We have always prided ourselves on identifying and investing in the right submarkets outside of the core of Toronto that will evolve into vibrant communities. We did that with our early investments in Toronto’s Liberty Village and east of the city with our Linx condo project at Main and Danforth,” said Peter Politis, Greybrook CEO, in the statement. “We are very excited to expand our presence in the Stockyards District with Marlin Spring, with whom we are actively constructing another mid-rise condominium residence less than 200 metres from this site on St. Clair Avenue West.”
In total, Greybrook’s real estate investment portfolio is expected to result in the development of over 39 million square feet of residential and commercial density, with an estimated completion value of $17 billion.