Greenwin Corp. & Choice Properties REIT are the project’s developers.
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.
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties’ portfolio spans approximately 66.8 million square feet of gross leasable area and consists of 751 properties primarily focused on supermarket-anchored shopping centres and stand-alone supermarkets. On May 4th 2018, Choice Properties
and Canadian Real Estate Investment Trust joined together creating Canada’s preeminent diversified REIT.
Read more about the project team here.
The Ministry of Infrastructure is the former owner of the 26 Grenville & 27 Grosvenor site.
As mentioned on Infrastructure Ontario’s website, “In early 2017, Infrastructure Ontario (IO) began working with the Ministry of Finance, the Ministry of Housing and the Ministry of Infrastructure, on the design of the Provincial Affordable Housing Lands Program. The Provincial Affordable Lands Program was one of the measures included in the Government’s Fair Housing Plan, announced as a program to leverage the value of surplus provincial land assets across the province to develop a mix of market housing and new, permanent, sustainable and affordable housing. The program is being rolled out in a phased approach. IO, with its Broker of Record, CBRE, led the marketing of the identified sites. In April 2018, after a successful response from the market, the successful purchaser and leaseholder for the Phase 1 sites were announced.”
At the conclusion of this broker-led disposition process, Greenwin Corp. & Canadian Real Estate Investment Trust (CREIT)–now joined with Choice Properties REIT–were announced as the successful purchasers of the 26 Grenville and 27 Grosvenor site.
On the site today, there is a vacant office building that was previously the Provincial Coroner’s Office, and a 3-storey parking garage. The intention of this project is to redevelop this site with a project that addresses important needs of the community.
Greenwin Corp. & Choice Properties REIT are the current property owners of 26 Grenville & 27 Grosvenor.
All units in the proposed buildings will be rental units and not for sale.
The affordable units in 26 Grenville & 27 Grosvenor comply with the City of Toronto’s Open Door Affordable Housing Program‘s definition of affordable rental housing:
“The City, through its Official Plan and Municipal Facility Housing By-law, defines affordable rental housing as new housing where the total monthly shelter cost (gross monthly rent, including heat, hydro and hot water, excluding parking and internet/cable charges) is at or below Toronto’s average market rent (AMR) by unit type (number of bedrooms), as reported in the fall of each year by CMHC.”
For example, according to the CMHC Rental Market Report Fall 2017, average market rents (AMR) and affordable housing utility allowances (including hydro, hot water, water and heat) for the City of Toronto were as follows in 2018:
30% of the building’s units are designated at affordable rents. The remaining 70% of the building’s units will be at market rate rents.
We’re very excited to bring more rental housing options to the heart of Toronto – and we know you are too! However, it’s still too early in the process for us to consider applications. Please check back at a later date for all the latest updates on this project.
No, there is not currently a waitlist. Please check back at a later date for all the latest updates on this project.