Greybrook and Stafford Homes have acquired two downtown Toronto office properties on Adelaide Street just east of Yonge Street with the intention of developing a high-rise condominium on the site.
Toronto-based Greybrook and Stafford are 50-50 partners on the $29.25-million acquisition, with Stafford leading the development side.
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Politis said the site was subject to an active application by the previous owners, but Greybrook and Stafford have a different vision and will need to go through a rezoning process with
City of Toronto representatives.
It’s hoped those negotiations will be completed in time to allow sales to be launched in the second half of 2025.
It’s too early to reveal details about the proposed development, according to Politis.
“There are a number of applications in this area that are in between 50 and 65 storeys in height and we're going to look at appropriate density along those lines,” he said.
renx.ca
