Greenwin Inc. and Choice Properties REIT have completed the acquisition of 26 Grenville St. and 27 Grosvenor St. in downtown Toronto, paving the way for an expansive revitalization of the 0.9-acre property.
The planned two-tower development near the intersection of Yonge St. and College St will feature 700 purpose-built rental units, 30 per cent of which will be maintained as affordable rental housing for a period of 40 years.
The property was acquired by Greenwin Inc. and Choice Properties as part of the Provincial Affordable Housing Lands Program, established to leverage provincial land assets for development of market and affordable housing across Ontario.
“Today is an important milestone in Toronto’s development history,” said Cary Green, Chairman, Greenwin. “An investment in affordable housing is an investment in a brighter future for those who need it most. Together, with our partner Choice Properties, we are excited to bring sustainable, affordable housing in a mixed-income setting to the heart of the City of Toronto.”
Stephen Johnson, President and CEO of Choice Properties, said: “We are delighted to enter into a partnership with Greenwin to develop this well-located property and to create a significant number of affordable units. Our intent is to create a landmark project that will make a positive contribution to the community.”
“It’s a win-win situation,” added Kris Boyce, CEO, Greenwin Inc. “Working to address Toronto’s rental housing shortage through the transformation of an underutilized space into a vibrant community is a unique and exciting opportunity.”