Greybrook Securities and Greybrook Realty Partners Inc. have announced the closing of a $12.85-million private placement of units of the Greybrook Scollard Limited Partnership. Proceeds were used to purchase an interest in property at the corner of Yonge Street and Scollard Avenue in Toronto, Ont.
This intersection is known as the northern border of Toronto’s Yorkville neighbourhood. The property will be the site of a luxury high-rise condominium developed in part by Fernbrook Homes, Cityzen Development Group and architect Michael Wong.
The corner of Yonge and Scollard will have the new luxury development integrated into the surrounding green space, including the historic Frank Stollery Parkette, which is located north of the site.
“Our development team has an opportunity to create a visually impressive entrance into Bloor-Yorkville, something that can be enjoyed and appreciated for generations,” said Peter Politis, CEO, Greybrook Realty Partners, in a press release.
This development is Greybrook’s third in the Yorkville area. Currently, Greybrook is also developing the northeast corner of Yorkville Avenue and Avenue Road, in partnership with Empire Communities. The combined values of Greybrook’s two latest Yorkville developments is approximately $700 million upon completion.
“The luxury condominium market within the City of Toronto has seen new heights in both prices and the number of transactions taking place. Maintaining a dedicated portion of our investment portfolio for luxury residential enables us to diversify our land holdings and ensures we have exposure to buyers across the price spectrum,” said Politis. “Yorkville is considered the Park Avenue of Canada. The expansion of our land holdings in one of the most sought-after real estate submarkets in Canada will continue to be part of our go-forward investment strategy.”