AlbertC

AlbertC

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Greybrook Realty Partners Invests $43,460,000 In A High-Rise Residential Development Project With Tribute Communities In Toronto, Ontario

March 19, 2020 09:36 ET | Source: Greybrook Realty Partners Inc.

TORONTO, March 19, 2020 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $43,460,000 to acquire and oversee the development of a prime parcel of land located at 1325-1361 The Queensway in the City of Toronto. Together with its developer partner, Tribute Communities, the firm intends to develop the property into a two-tower, high-rise mixed-use condominium building consisting of over 1,100 units and more than 10,000 square feet of commercial space at grade.

The development site is located at the southwest corner of Kipling Avenue and The Queensway in Toronto’s South Etobicoke community. A short drive to CF Sherway Gardens and other commercial amenities, the 2.17-acre site features convenient and direct access to Highway 427 and the Gardiner Expressway. The area is well-connected to public transit, minutes from Mimico GO Station and Kipling GO and TTC Station, with area connectivity expected to be enhanced by the future Kipling Transit Hub, an integrated community mobility hub that will connect Toronto’s west end to the broader regional transit network.

“With its proximity to the downtown core and its transportation and transit connectivity, the Queensway corridor is emerging as a comprehensive and vibrant residential node,” stated Alex Riajskikh, Executive Director, Private Capital Markets, Greybrook Realty Partners. “This is Greybrook’s second planned development site along The Queensway, and we are looking forward to building out the neighbourhood and providing much needed housing in this great location.”

Greybrook Realty Partners Invests $43,460,000 In A High-Rise Residential Development Project With Tribute Communities In Toronto, Ontario

TORONTO, March 19, 2020 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed...
www.globenewswire.com www.globenewswire.com


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If the architecture for this turns out to be anything at/above par, it will be a clear net gain for that area; certainly nothing being lost in this redevelopment.
 
Forgive the ignorance - there's probably been discussion about it in the Transportation forum - but has there ever been serious thought given to forking the Queen streetcar at the Humber Loop and having a north and south branch? South would obviously continue as is out to Long Branch, while the north could extend out to Sherway Gardens or loop up to Kipling Station / Transit Hub along Queensway.
 
ProjectEnd said:
Forgive the ignorance - there's probably been discussion about it in the Transportation forum - but has there ever been serious thought given to forking the Queen streetcar at the Humber Loop and having a north and south branch? South would obviously continue as is out to Long Branch, while the north could extend out to Sherway Gardens or loop up to Kipling Station / Transit Hub along Queensway.
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Most transportation demand in the area is north-south going to the subway, not east west. The existing Queensway bus has something like a 20 minute frequency. I'm sure a streetcar extension would improve demand, especially with all this development, but not that much. Most people moving into these buildings will likely either drive or see one person in the household drive and the other take the bus to the subway than the subway downtown to their job.
 
innsertnamehere said:
Most transportation demand in the area is north-south going to the subway, not east west. The existing Queensway bus has something like a 20 minute frequency. I'm sure a streetcar extension would improve demand, especially with all this development, but not that much. Most people moving into these buildings will likely either drive or see one person in the household drive and the other take the bus to the subway than the subway downtown to their job.
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However, the big reason why transportation demand is mainly North-South is because there is no reliable East-West route in the area. The 501 is slow and unreliable, while the 80 is infrequent. If there was a Waterfront West LRT and dedicated streetcar ROW on Queensway, we would see transportation patterns shift dramatically. I'll also add that the North-South route here (44 Kipling South) is already clogged up to near max capacity from September-June because of all the high school/college students using the route.

The Gardiner is already clogged up as it is, so this development definitely wont help the traffic situation at all.
 
Amare said:
However, the big reason why transportation demand is mainly North-South is because there is no reliable East-West route in the area. The 501 is slow and unreliable, while the 80 is infrequent. If there was a Waterfront West LRT and dedicated streetcar ROW on Queensway, we would see transportation patterns shift dramatically. I'll also add that the North-South route here (44 Kipling South) is already clogged up to near max capacity from September-June because of all the high school/college students using the route.

The Gardiner is already clogged up as it is, so this development definitely wont help the traffic situation at all.
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Yup, city dropping the ball as usual on this file.

Also, I was hoping this development would be for the shitty suburban plaza across the street. Oh well...
 
Greybrook, Tribute buy Toronto property for twin-tower condo

Mar. 24, 2020

Greybrook Realty Partners and Tribute Communities have partnered to purchase a 2.17-acre property along Toronto’s The Queensway for $40 million. The two companies are in preliminary planning stages to build a twin-tower, 37-storey condo development connected by a podium of up to 11 storeys at the site.

Greybrook has 85 per cent of the equity in the property, while Tribute Communities owns the remainder.

The acquisition is debt-free, Sacha Cucuz, the chief executive officer of Greybrook Securities and a partner in Greybrook Capital, said during an interview with RENX.

Greybrook raised $43.46 million for its new Greybrook Queensway III Limited Partnership. Cucuz said the balance of the money from the offering will be used for pre-construction soft costs, including planning, designing and marketing.

The parcels of land at 1325 and 1361 The Queensway are currently occupied by commercial businesses such as Hakim Optical, Mister Transmission, Queensway Auto Service Experts and Vanquish Car Care. Cucuz declined to identify the vendor.

Mixed-use development planned

While Cucuz said it’s still early and not many details are confirmed, preliminary plans are for two 37-storey condominium towers connected by a podium of from six to 11 storeys.

The average size of the units is anticipated to be approximately 671 square feet, with some two- and three-bedroom suites.

The project is expected to be built in two overlapping and essentially identical phases, each comprised of approximately 550 suites and 5,000-square-foot, ground-level commercial components.

Westhall Limited Partnership will be the development and construction manager.

While the Queensway property is zoned for mixed-use, it will require a zoning by-law amendment, site plan approval, plan of condominium approval and building permits. Cucuz believes it could take from 18 months to two years to get the zoning by-law amendments.

renx.ca

Greybrook, Tribute buy Toronto property for twin-tower condo | RENX - Real Estate News Exchange

Greybrook Realty Partners and Tribute Communities have partnered to purchase a 2.17-acre property along Toronto’s The Queensway for $40 million. The two companies are in preliminary planning stages to build a twin-tower, 37-storey condo development connected by a podium of up to
renx.ca renx.ca
 
AlbertC said:
Greybrook Realty Partners and Tribute Communities have partnered to purchase a 2.17-acre property along Toronto’s The Queensway for $40 million. The two companies are in preliminary planning stages to build a twin-tower, 37-storey condo development connected by a podium of up to 11 storeys at the site.
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I understand they need to make their initial investment back, but I mean really 37 stories? They're really pushing it; Kipling station is close but it's not like it's right across the street. Nor is this even Etobicoke City Centre for that matter.
 
Amare said:
I understand they need to make their initial investment back, but I mean really 37 stories? They're really pushing it; Kipling station is close but it's not like it's right across the street. Nor is this even Etobicoke City Centre for that matter.
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It's aggressive but 37 storeys does relatively align with some of the taller current projects along the Queensway. Across the street for the car dealerships at the NW corner of Kipling & Queensway, they're proposing 31 storeys. While east of Kipling, I believe the IQ3 project by Remington is 42 storeys. And 36 Zorra by Altree is 35 storeys.
 
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Northern Light said:
If the architecture for this turns out to be anything at/above par, it will be a clear net gain for that area; certainly nothing being lost in this redevelopment.
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I've always liked the Late Modern TD Bank branch at the corner. It was built at the height of Postmodernism's craze for cheesy historical references and pastiche, yet it rejected that approach for something sleeker and more forward thinking. It feels like one of the last gasps of when architecture mattered to banks.

With that said, it's not the most coherent design. I wouldn't mind seeing it replaced with a more metropolitan building, provided that the architecture was attractive.
 
Amare said:
I understand they need to make their initial investment back, but I mean really 37 stories? They're really pushing it; Kipling station is close but it's not like it's right across the street. Nor is this even Etobicoke City Centre for that matter.
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The site is deep enough that The Queensway can have a pleasant mid-rise built form while the 37 storey towers are set back from the street. I think it will be fine, and we'll see more once the development application is submitted.

I think this is what we should be going for in this area. The Queensway should be a high-rise corridor, with heights ranging from mid-rise at The Queensway, to high-rise in the lots set-back to the street, and eventually rising all the way to 50-60 storeys as you approach the lots adjacent to the Gardiner.

We need to build housing, and this is the correct place to put it. Now if only the transit planning in this city can keep up.

Amare said:
However, the big reason why transportation demand is mainly North-South is because there is no reliable East-West route in the area. The 501 is slow and unreliable, while the 80 is infrequent. If there was a Waterfront West LRT and dedicated streetcar ROW on Queensway, we would see transportation patterns shift dramatically. I'll also add that the North-South route here (44 Kipling South) is already clogged up to near max capacity from September-June because of all the high school/college students using the route.

The Gardiner is already clogged up as it is, so this development definitely wont help the traffic situation at all.
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I'd like to see the Waterfront West LRT split into two services at Humber Loop, with one serving the Queensway in a dedicated streetcar ROW and the other Lake Shore. (Or maybe some alternative configuration with the Kraft Bakery site at 2150 Lake Shore West now that it is revealed what a massive office-commercial destination that site is planned to be)
 
WislaHD said:
The site is deep enough that The Queensway can have a pleasant mid-rise built form while the 37 storey towers are set back from the street. I think it will be fine, and we'll see more once the development application is submitted.

I think this is what we should be going for in this area. The Queensway should be a high-rise corridor, with heights ranging from mid-rise at The Queensway, to high-rise in the lots set-back to the street, and eventually rising all the way to 50-60 storeys as you approach the lots adjacent to the Gardiner.

We need to build housing, and this is the correct place to put it. Now if only the transit planning in this city can keep up.
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We need housing for sure I completely agree with you there, but if the city is unable and has no plans to accommodate adequate infrastructure (ie: transit) there is no way we should be accepting 50-60 stories along a corridor that cannot accommodate that.

How many Humber Bay/ Liberty Village type situations do we need to replicate before this city realizes that this kind of trend cannot continue.
 
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