FOR IMMEDIATE RELEASE – April 27, 2018
Greenwin Inc. Unveils Plan to Develop Approximately 700 Rental Housing Units, Incl. Affordable Suites, in Downtown Toronto
Veteran developer, landlord and property manager partners with CREIT, the Ministry of Housing and the City of Toronto to build a new 0.9-acre mixed-use development featuring 30% affordable housing units in the City's Yonge/College corridor
TORONTO, ON – Cary Green, Chairman of Greenwin Inc., joins Canadian Real Estate Investment Trust ("CREIT")(TSX:REF.UN), the Ministry of Housing and the City of Toronto to announce plans to develop a new 0.9-acre mixed-use development featuring approximately 700 new rental suites in the City's Yonge/College corridor. Thirty percent of these units will be designated affordable.
Inspired by input from both the municipal and provincial governments, as well as the community, this vibrant two-tower development will be constructed on carefully curated parcels of land that are strategically located in close proximity to College TTC subway station, the University of Toronto, the University Avenue hospital network and the downtown financial core.
The Property is being acquired in partnership with CREIT as part of the first phase of the Provincial Affordable Housing Lands Program, which was established to leverage provincial land assets in order to develop a mix of market and affordable housing across the Province of Ontario. Greenwin and CREIT plan to deliver a two-tower, purpose-built rental community with approximately 700 units, 30% of which will be maintained as affordable rental housing for a period of 40 years.
"Today is an important milestone in Toronto's development history," said Cary Green, Chairman, Greenwin Inc. "Our city is in need of affordable housing and we are excited to partner with the Ministry of Housing and the City of Toronto to deliver on this important objective in creating sustainable, affordable housing in a mixed-income setting. Together, with our partner CREIT, we are looking forward to executing on this unique opportunity."
Rael Diamond, President and Chief Operating Officer of CREIT added, "We are delighted to expand our partnership with Greenwin on this well-located Property. Development projects of this calibre are difficult to acquire, so we are very pleased to have the opportunity to add this project to our development pipeline."
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.
About Canadian Real Estate Investment Trust
CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, industrial, office and residential properties.
Jessica Green, Director, Communications