Toronto-based The Gupta Group / Easton’s Group has purchased a prime piece of land from Build Toronto on the northwest corner of Yonge Street and York Mills Road.
The developer plans to build a large mixed-use complex on the 3.2 acre property which is currently a parking lot managed by the TTC. Plans for the $300 million project include a four-star hotel, office space, retail space, luxury condominiums, and 1.16 acres of conservation land.
The site’s location at 4050 Yonge Street is directly across from the York Mills subway station and York Mills Centre, making it an ideal spot for this type of project.
“The site is ideal for an ambitious mixed-use development which will breathe new life into the entire neighbourhood, especially because this property sits alongside some of Toronto’s most pristine urban parks, the Don Valley Golf Course, and is minutes away from the Don Valley,” said Steve Gupta, Chairman and CEO of The Gupta Group and Easton’s Group.
Reetu Gupta, Managing Director, added that “the lush beauty and urban sophistication will make this project a draw for professional office owners, hotel guests, and condo homeowners.”
The Easton’s Group, which recently rebranded under The Gupta Group umbrella, is known for its flagship hotel properties across Ontario including brands like Hilton, Marriott, and Holiday Inn. The company also has extensive experience in the condominium market after launching King Blue Condos in 2012, and is currently developing Dundas Square Gardens and The Rosedale on Bloor Condos.
Construction on the Yonge-York Mills site is slated to commence in 2015 and is scheduled for completion in 2019. The purchase price of the uptown property was not disclosed.