Greybrook and Stafford Homes have acquired two downtown Toronto office properties on Adelaide Street just east of Yonge Street with the intention of developing a high-rise condominium on the site.
Greybrook Realty Partners chief executive officer and Greybrook Capital partner Peter Politis told RENX the buildings had several owners, including some tenants.
“Given the number of people involved, it wasn’t as complex as you would have imagined,” Politis said of the transaction. “They were all on the same page in terms of what they wanted to accomplish and what was important and they acted quite reasonably.”
Toronto-based Greybrook and Stafford are 50-50 partners on the $29.25-million acquisition, with Stafford leading the development side.
Central location with few complications
The site is adjacent to St. James Park and close to St. Lawrence Market, CF Toronto Eaton Centre, Union Station, Scotiabank Arena, Yonge-Dundas Square, Toronto Metropolitan University, the financial district, The Distillery Historic District, Sugar Beach Park, Harbourfront Centre and an array of shops, restaurants and movie and performing arts theatres on Yonge Street.
“We’re familiar with the area and stuff like this — in terms of the size of the site and a lack of heritage and other complications that go along with most sites — doesn’t come along very often,” Politis noted.
The property offers easy access to the Toronto Transit Commission’s King and Queen subway stations as well as its 504 and 501 streetcar lines. It will also be within walking distance of a proposed Metrolinx Ontario Line subway station.
The Gardiner Expressway and Don Valley Parkway are each a short drive away.
Politis said the site was subject to an active application by the previous owners, but Greybrook and Stafford have a different vision and will need to go through a rezoning process with City of Toronto representatives.
It’s hoped those negotiations will be completed in time to allow sales to be launched in the second half of 2025.
It’s too early to reveal details about the proposed development, according to Politis.
“There are a number of applications in this area that are in between 50 and 65 storeys in height and we’re going to look at appropriate density along those lines,” he said.
Seeking more acquisitions
While remaining cautious, Greybrook is actively seeking sites for developing both high-rise condos and single-family homes and townhouses.
Politis said Greybrook has a couple of properties currently under contract for which it is going through the due diligence process.
Most of the properties Greybrook is buying are from two to five years away from launching sales of new housing.
Politis said some property owners have unrealistic price expectations and seem willing to keep their sites until they receive what they consider a sufficiently high offer, while others are “serious and willing to work with you on reasonable pricing terms for both people and to work towards getting a deal done.”
There aren’t many distressed properties on the market at this point and Politis said most of those that are don’t match the size, location or product type Greybrook is seeking.
Other current and future Greybrook developments
Greybrook is involved with 75 active low-, mid- and high-rise housing projects at various stages of the development cycle, according to Politis. It has approximately 4,000 units under construction or closing, he added.
“We’ve got a lot of cranes in the sky and some holes in the ground,” Politis said. “It’s nice to be busy.”
Occupancy began a month ago for Linx Condos, a 27-storey, 371-unit condo at 286 Main St. in Toronto’s east end. That development, a partnership with Tribute Communities, should be registered early next year.
Greybrook and Stafford’s nine-storey, 185-unit 181 East condo at 181 Sheppard Ave. E. in Toronto’s Willowdale area was topped off in late September and occupancy will take place next year.
Construction is well underway for Greybrook and Tribute’s sold-out 29-storey, 344-unit Artistry at 292 Dundas St. W. in downtown Toronto.
Greybrook and Marlin Spring Developments launched sales for JOYA — a proposed 12-storey, 321-unit condo with 7,500 square feet of commercial space at 1049 The Queensway in Toronto — in October. Unit sizes range from 404 to 1,012 square feet and prices start in the $400,000s.
“We’ve seen a good response there so far and we’re on our way towards construction in the middle of next year,” Politis said.
Low-rise sales closings
On the low-rise side, Greybrook and Treasure Hill are going through sales closings of 75 single-family homes at the sold-out McMichael Estates in the village of Kleinburg north of Toronto.
Greybrook and Fieldgate Homes are closing sales of the more than 240 single-detached homes as part of the Emerald Crossing development in Shelburne, Ont.
“A lot of what we’re doing today is managing our closings and delivering the houses,” said Politis.