Diamond Corp, Tricon Capital Group Inc. and RioCan REIT have recently closed two separate transactions including the acquisition of about one acre of land in Toronto’s Summerhill neighbourhood from Woodcliffe Landmark Properties.
The property, located at the northeast corner of Yonge and Price streets just south of the Summerhill LCBO, was purchased by Diamond and Tricon with the goal of constructing a mixed-use development on the site.
“We are excited to be involved with a city landmark”, said Stephen Diamond, president and CEO of Diamond Corp. “We see an opportunity to revitalize the site and set the tone of excellence with a high quality mixed-use redevelopment which will both respect the historical significance of the site and compliment the surrounding neighbourhoods. We don’t have any plans yet and want to work with our neighbours before putting pen to paper.”
In addition to this transaction, Tricon also purchased The Shops of Summerhill in partnership with RioCan. RioCan’s CEO Edward Sonshine has stated his intent to maintain the Shops of Summerhill and respect its heritage value.
“Tricon is extremely pleased to be partnering with Diamond Corp and RioCan on this project,” said Gary Berman, president and CEO of Tricon Capital, in a press release. “One of our core competencies is developing luxury communities and we believe this is an unparalleled opportunity to work with the neighbourhood to deliver a thoughtful mixed-use project that will reflect the spirit of one of Toronto’s oldest communities.”