TORONTO, 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."
Greenwin is one of Canada's largest privately owned, full-service property management and development firms. Headquartered in Toronto, Greenwin is known as a leader in multi-family housing, non-profit and affordable housing, social housing and commercial properties. Greenwin's portfolio includes more than 15,000 residential units and 1,000,000 square feet of commercial space. For more information, visit Greenwin's website at www.greenwin.ca.
About Choice Properties Real Estate Investment Trust
Choice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 756 properties totaling approximately 68 million square feet of gross leasable area. Choice Properties owns a portfolio comprised of retail properties predominantly leased to necessity‐based tenants; industrial, office and residential assets concentrated in attractive markets; and an unmatched development pipeline. Choice Properties' strategic alliance with its principal tenant, Loblaw Companies Limited, the country's leading retailer, is a key competitive advantage providing long-term growth opportunities. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.