ORONTO, April 29, 2019 /CNW/ - The Provincial Government announced today the completion of the acquisition of 26 Grenville St. and 27 Grosvenor St. (the "Property") by veteran Toronto developers
Greenwin Inc. ("Greenwin") and Choice Properties REIT ("Choice Properties" or the "Trust") (TSX:
CHP.UN). The deal paves the way for an expansive revitalization of the 0.9-acre property, featuring over 700 purpose-built rental units, 30% of which will be maintained as affordable rental housing for a period of 40 years.
The planned two-tower development will be located in one of Toronto's busiest and densely populated neighbourhoods, near the intersection of Yonge St. and College St., within walking distance to College TTC subway station, the University of Toronto and the financial core. The Property was acquired by Greenwin 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," said 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."
