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Greybrook Realty Partners Invests $20,000,000 in a Mid-Rise Residential Development Project with Marlin Spring in Toronto, Ontario


August 20, 2021

Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $20,000,000 to acquire and oversee the development of a prime parcel of land located at 2237, 2255, and 2283 St. Clair Avenue West in the City of Toronto. Together with its developer partner, Marlin Spring, the firm intends to develop the land into a mid-rise condominium residence comprised of two connected buildings consisting of over 380 units.

Located on St. Clair Avenue West, between Runnymede Road and Keele Street and in Toronto’s Stockyards District, the development site is well situated with nearby cafés and restaurants, and minutes away from RioCan’s Stock Yards Village, a 500,000 square foot shopping centre spanning two levels with over 50 major retailers and range of dining options. The site is well connected with convenient access to a streetcar stop on St. Clair Avenue West and a short walk to the proposed future St. Clair – Old Weston GO Station, included in the SmartTrack Station Program, which is anticipated to commence operations in 2026 and offer passengers direct access to Union Station in approximately ten minutes. The development site is steps away from popular outdoor recreational parks and activities, including Runnymede Park and an outdoor ice rink at George Bell Arena, and is a short drive to the Gardiner Expressway, offering easy connection to Toronto’s downtown core and Highway 427 and 400 series highways.

“This is a great addition to our development portfolio and an opportunity to further expand our footprint in Toronto’s burgeoning Stockyards District neighbourhood with our developer partner Marlin Spring,” said Jared Berlin, Executive Director, Asset Management, Greybrook Realty Partners. “The development site is directly across the street from our Stockyards District Residences that is expected to begin occupancy in early 2022, and adjacent to our Upper Junction II development. These developments, along with others in the neighbourhood will encourage more retail and lifestyle amenities as the buildings are completed and add to a neighbourhood known for its strong community roots and excellent current and future transit options.”


 
From Marlin Spring's website:



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Currently on site is the CMP Meats building which is mid-block, and stretching all the way to the sales centre building for Stockyards District Condos at the corner of Cobalt Ave.

While to the east is the former Rexall site, which is set to be a different project by Marlin Spring:



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Not Marlin Spring...again.

They are single handedly going to make this neighborhood look at dull as possible.
 
The Stockyards area is certainly becoming Marlin Springville. Further west, but I noticed earlier that the building at the SW corner of St. Clair W & Runnymede has a Krcmar sign on it, which may indicate a future project there as well. Curious if Marlin Spring are extending their reach on that block as well, or if other developers are getting in on the neighbourhood pie. There's a fair amount redevelopable land along this stretch of St. Clair.
 
Looks like two 12-storey buildings based on that massing model (excluding mechanical penthouse).
 
Not Marlin Spring...again.

They are single handedly going to make this neighborhood look at dull as possible.

Their first project in the area, the Stockyards District condo, may not be architecturally distinguished, but it's turning out to be handsome with its red brick exterior, black-framed windows, and many setbacks. It fits in well but urbanizes the area with walkable mixed-use density.
 
Their first project in the area, the Stockyards District condo, may not be architecturally distinguished, but it's turning out to be handsome with its red brick exterior, black-framed windows, and many setbacks. It fits in well but urbanizes the area with walkable mixed-use density.
A diamond in the ruff, i'm glad they finally stuck.
 
In Marlin Spring's proposal for the former Rexall site, they pivoted to using RAW Design instead of G+C. Curious if they continue with this change in architectural firm here as well.
 
The red brick meatpacking building with the trucks in front, formerly known as Beef Terminal, has an interesting history. With Canada Packers operating a massive slaughterhouse across the street with numerous buildings and railway sidings, it was built to house a group of small independent meatpackers in the late 1960s or early 1970s, including what might have been Toronto's first Halal meatpacker.

It has a staircase on the west side of the building that's a striking example of 1970s interior design, which might still be intact. It used to have transparent windows, which made it easy to see the staircase, but the windows were replaced at some point in the 2000s.
 

St. Clair West acquisition and activity

Marlin Spring and Greybrook Realty Partners acquired 2255-2283 St. Clair Ave. W., in August for an undisclosed price. The 1.9-acre property is occupied by a meat packing and retail operation owned by Corsetti Meat Packers Ltd. in the Upper Junction neighbourhood of Toronto’s Stockyards District.

Greybrook is a long-standing partner that’s also involved in other Marlin Spring projects in the same area. They’re finalizing development plans to submit to the City of Toronto to build a condo with more than 500 units.

“It’s an area that we know and it’s going to be very much in keeping with the area and the demand that exists for that area for housing,” said Mathur.

The site is close to public transit, RioCan REIT’s Stock Yards Village shopping centre, restaurants, parks, community centres and craft breweries.

“It’s very consistent with Marlin Spring’s approach to investing in growing communities,” said Mathur. “For us, it’s never about doing just one deal in an opportunistic way.

“It’s a strategy of finding locations and building communities. This site adds to what we already have in the area. We’re in the final stages of the construction of our Stockyards project, where we’re targeting occupancy in the first quarter of 2022. We also have another development at 2231 St. Clair.”

Stockyards District Residences is a 202,000-square-foot, 242-unit condo at 2306 St. Clair Ave. W. that’s a partnership with Greybrook.

The other project Mathur referred to is also in partnership with Greybrook. It’s in the planning and approvals stage for a proposed 235,000-square-foot, 276-unit condo.
 
From the Planning Rationale Report:

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Parking ratio seems high at .66 resident spaces per unit
 

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