Ontario's government has successfully completed the sale of a property in downtown Toronto. The sale to Choice Properties Real Estate Investment Trust and Greenwin Incorporated will help create more than 200 affordable housing units. The deal clears a path to help revitalize a swath of land with housing, retail space and a daycare.
The land includes 26 Grenville St. and 27 Grosvenor St. that sit between Bay Street and Yonge Street in a Toronto neighbourhood that is steps away from transit, vibrant restaurants and businesses, and medical facilities. The properties are currently a low-rise parking garage and a building that once housed the Ontario Chief Coroner's office. Sold for $36 million, the revenue will help fund critical government programs, while saving $260,000 each year in operating and maintenance costs.
Greenwin Incorporated and Choice Properties will re-develop the land that will include a minimum of 700 rental units, of which 30 per cent - over 200 units - will be for affordable housing.
- The land area is 0.90 acres.
- This property sale is part of the government’s plan to reduce red tape and accelerate the sale of surplus government properties, that was announced in December 2018.
- The plan to sell properties includes selling 243 properties — approximately 14,600 acres — to put them back into productive use over four years.
- Selling the properties will raise roughly $105 to $135 million in net revenue for government over four years and save almost $9.6 million in other costs.