While securing prime real estate sites in Toronto's Yorkville neighbourhood is no easy feat, a local developer has done just that and revealed its plans to build a luxury high-rise condo near Avenue and Davenport roads.
Toronto-based Greybrook Realty Partners Inc. announced the successful closing of an equity investment worth $41,765,000 to acquire five Yorkville properties, which the firm plans to develop into a 380-unit condominium building.
In partnership with Tribute Communities, the new high-rise would encompass 148, 152 and 156 Avenue Road, in addition to 224 and 234 Davenport Road. The site currently neighbours one of the city's oldest diners, Avenue Diner, which is located at 222 Davenport Road. Though, at this time, it remains unclear if Avenue Diner would be part of the site.
Together, the two companies are looking to develop the property into a luxury high-rise condominium residence consisting of over 380 units with more than 6,000 square feet of commercial space at grade.
The development site is situated on the corner of Avenue and Davenport, which serves as the gateway into Toronto’s Yorkville neighbourhood.
Due to its central location, the development site offers excellent connectivity with four different TTC Subway stations in close proximity, in addition to nearby shops, restaurants, cafes, and amenities.
The site is also a short walk from the University of Toronto’s St. George campus, the Royal Ontario Museum, the Telus Centre for Performance and Learning, and a number of galleries. The site is also close to several parks, including Ramsden Park, Dupont Parkette, and Robertson Davies Park -- making it a prime location for future residents.
“We are very excited to further participate in the growth and development of Yorkville and the surrounding area and we are thrilled to be partnering with our long-standing and well-respected developer partner, Tribute Communities, on this project,” noted Peter Politis, CEO, Greybrook Realty Partners.
“Residential development sites such as this site have become much harder to find in the City of Toronto, particularly in the best neighbourhoods in the City. With the federal government’s planned increase in immigration over the next three years, Toronto will need new housing to support the growing population and transit-oriented developments such as this site will be in high demand.”
This property is one of several sites in the Bloor-Yorkville area that Greybrook is actively developing, including the “Vertical Forest”, a unique residential development at Davenport Road and Bedford Road, which intends to support over 350 tall trees on the exterior balconies of the building. Greybrook is also developing an ultra-luxury 29-storey mixed-use condominium building that will transform the corner of Yorkville Avenue and Avenue Road.
At this time, no official planning application has been submitted to City planners for the development of this site.