Graywood Developments has acquired a downtown development site near Church Street and Dundas Street East, which it intends to rezone for a new high-rise residential project.
The lot, located at 241 Church St, is currently occupied by an Esso gas station and a Circle K convenience store on the northeast corner of the Garden District intersection. Couche-Tard bought the property as part of a portfolio acquisition in 2016, recent reporting by RENX explains.
The site is reportedly valued at $73 million, a leap from the initial $4 million it was valued at during Couche-Tard’s portfolio purchase four years ago, RENX reports.
After closing on its ninth private real estate development fund, Graywood Fund IX Limited Partnership, the developer used part of the proceeds to purchase the Church Street lot. Graywood Developments first mentioned the site’s acquisition in an October press release.
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The Toronto-based developer plans to redevelop the site into a 53-storey high-rise tower with 570 residential units and retail at-grade. Proximity to the Ryerson University campus and employment centres were cited as favourable attributes of the corner lot, in addition to site access from three of the property’s sides for ease of construction.
Currently in the preliminary design phases, the developer is contemplating whether to build purpose-built rentals or condominium housing. The site is currently zoned for mixed-use, but applications for rezoning are currently underway, RENX says.
“We’ve received very favourable feedback from the city as to their acceptance of our preliminary development plans,” said Stephen Price, president and CEO of Graywood Developments, to RENX.
Graywood Developments is also behind another Church Street residential application that was submitted to the city in July. A 15-storey condominium project has been proposed for 506 Church Street, currently the site which is occupied by beloved drag bar, Crews & Tangos.