Greybrook Realty Partners Inc. recently announced the successful closing of an equity investment by its managed issuer of $27.6 million to acquire and oversee the development of a two-acre parcel of land in Toronto. Greybrook plans to develop the property into a mid-rise residential condominium in partnership with the developer, Tribute Communities.
The site, located east of Bayview Avenue at 680-688 Sheppard Avenue East, is right on the TTC’s Sheppard Avenue subway line, within walking distance to both Bayview and Bessarion stations. It also provides easy access to the Oriole GO station and the highway.
In recent years, the Sheppard Avenue East corridor has seen immense transformation and strong urban growth, particularly in regions near rapid transit infrastructure. Both public and private investments are being made in the area surrounding the development site.
Investments include the redevelopment and expansion of Bayview Village shopping centre, as well as the addition of a number of high-rise and mid-rise for-sale and purpose-built residential towers nearby. Other investments in the area include a proposed 209,000 square foot Bessarion Community Centre, which is expected to be one of the largest community centres in Toronto. The community centre is set to be completed by 2021 and will include recreation space, an aquatic centre, child care and a 13,000 square foot public library.
“We are thrilled to add this transit-oriented development site to our GTA portfolio in an area of the city that is seeing a considerable amount of activity,” said Alex Riajskikh, the executive director of private capital markets at Greybrook Realty Partners, in a press release. “From an investment perspective, this project offers our investors an opportunity to invest in an exciting Toronto-based development and to diversify their real estate investment portfolios.”