In Toronto’s Yorkville neighbourhood, another luxury condo high-rise is planned near Avenue and Davenport roads.
Greybrook Realty Partners Inc. announced this morning the successful closing of an equity investment worth $41,765,000 to acquire five Yorkville properties which the firm intends 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. Although not mentioned in the announcement, the site could also include the neighbourhood favourite Avenue Diner, which is located at 222 Davenport Road and has been open since 1944. Livabl has reached out to Greybrook to confirm whether Avenue Diner would be part of the site.
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The luxury high-rise would also include 6,000 square feet of ground floor commercial space. The developers have not released any renderings of the development yet.
“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,” said Peter Politis, CEO of Greybrook Realty Partners, in a press release.
“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,” he added.
Greybrook Realty Partners is currently working on another Yorkville-based condo tower, slated for 29-storeys at 33 Avenue Road. The two developers are also collaborating on Artistry Condos, which is currently in registration near University Avenue and Dundas Street West.
At the time of publication, no official planning application appears to have been submitted to the City of Toronto for the Yorkville site.