![\"215-laneshore-boulevard-east\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2016\/10\/215-laneshore-boulevard-east.jpg\")
<\/a><\/p>\nPhoto: Google<\/a><\/em><\/p>\n Think detached homes in Toronto are expensive? A Chinese state-owned developer just spent about $166 million on a large waterfront property in the city.<\/p>\n The Canadian arm of\u00a0Greenland Group<\/a>, a global Fortune 500 conglomerate that\u2019s listed on the Shanghai Stock Exchange, has purchased 215 Lakeshore Boulevard East<\/a> for $166,050,000, according to Greybrook Realty Partners, the asset management division of private-equity firm Greybrook Capital.<\/p>\n Dollar for dollar, it is \u201cone of the largest sales\u201d of a condo development site in Toronto\u2019s history, Greybrook says.<\/p>\n According to a source with knowledge of the deal, Greenland Group’s Canadian arm\u00a0acquired the site for roughly $115 per buildable square foot, a value lower than the majority of recent large-scale downtown land transactions. The development site is, in fact, the third largest in the city\u2019s waterfront area.<\/p>\n Greybrook Waterfront Limited Partnership bought the approximately four-acre Lake Shore Boulevard East site in mid-2014 for $60 million with builders Castlepoint Development Group and Cityzen Development Group, the release states.<\/p>\n \u201cThis is an attractive property for a major global developer like Greenland Group who was seeking a development opportunity of a specific size and scale to build a landmark project in Toronto,\u201d said Peter Politis, Greybrook Realty Partners\u2019 CEO.<\/p>\n Greybrook, Castlepoint and Cityzen had initially planned to develop the property \u2014 currently home to a FedEx shipping centre \u2014 themselves, he noted.<\/p>\n \u201cThe original development plan for the site called for the construction of a one-of-a-kind iconic structure that would have brought to market over 2,000 residential units,\u201d Politis detailed in the release.<\/p>\n The landmark deal closed on October 13th.<\/p>\n \u201cOur focus for this project will be on the people and families who will become active residents of the burgeoning mixed-use and culturally vibrant waterfront neighbourhood,\u201d said Henry Cao, President of Greenland Group (Canada).<\/p>\n This is not the company\u2019s first foray into Canadian real estate \u2014 that would be King Blue Condos<\/a>.<\/p>\n