TORONTO — Hong Kong-based Aoyuan Property Group has announced plans for a major redevelopment of the 8.6-acre Newtonbrook Plaza site at Yonge Street and Finch Avenue in Toronto.
Plans include five residential towers, 180,000 square feet of office and retail, a daycare and a community centre, said a Feb. 14 media statement.
The new community will be 100 metres from the Finch subway station and Finch GO Station. A portion of the lands currently used as a parking lot will be transformed into a new park and playground.
Founded in 1996, Aoyuan was the first developer in China to integrate residential real estate with sport and recreation amenities, the statement indicated.
The publicly traded company now has a land bank of over 200 million square feet and 100 major residential and commercial properties in over 30 cities across China, Australia and Canada.
“Aoyuan’s entry into Toronto is very exciting news for the development community. Aoyuan brings a unique approach to the way we think about the built environment and real estate. Building healthy lifestyle communities was part of their DNA from the beginning,” said Vince Santino, senior vice-president of development for eastern Canada for Aoyuan Property Holdings (Canada) Ltd.
The statement said Aoyuan hand-picks local talent who understand the development landscape and nuances of the local market.
Aoyuan’s purchase of the Newtonbrook Plaza Site was one of the largest acquisitions in Toronto in 2017.