TORONTO--(BUSINESS WIRE)--Toronto-based real estate development company, Core Development Group (Core), announces the acquisition of 403 Keele Street, a .57-acre property in the heart of Toronto’s Junction neighbourhood with plans to develop a 10-storey mixed-use residential building.
Previously occupied by retail chain Canadian Tire, the 403 Keele Street acquisition will see the property converted into a mid-rise, purpose-built rental (PBR) development featuring approximately 209 units and 7,500 sq. ft. of ground-oriented commercial space. Core has appointed the award-winning architectural firm Studio JCI for this project.
“The Junction is a popular residential area that will significantly benefit from increased residential supply. This development will provide high-quality, more secure and longer-term rental units to match Toronto’s growing need for more housing supply,” said Bryan Nykoliation, President of Core Development Group.
A 2020 RE/MAX report dubbed The Junction as one of the most up-and-coming and coolest neighbourhoods in Toronto. It boasts an exceptional livability score and national reputation for its artistic character and close-knit community culture. Home to an array of cafés, restaurants and bars, the site is also within close proximity to High Park, one of the largest green spaces in the city, and the popular Stockyards Village shopping centre.
403 Keele is Core’s second acquisition to be developed under its Avanew banner, which is a wholly-owned subsidiary of the company. “Avanew’s urban focus is to acquire and develop multi-residential, purpose-built rental communities in Toronto’s most coveted neighbourhoods where there is high demand for more affordable living alternatives,” added Nykoliation.
According to the Centre for Urban Research and Land Development at Ryerson University, Toronto is the fastest-growing city in North America. In 2018, the population of Toronto grew by 80,000 people but only 4,000 new rental units were added to the market. Over the next five years there will be a 55,000 unit shortfall in rental housing in Toronto, a disparity that will continue to place upwards pressure on rents.
Core’s 403 Keele Street project is ideally located in the heart of the Junction with access to many restaurants, shops and amenities within walking distance. The building will offer a host of amenities including professional property management on-site to cater to all the tenants’ needs, dedicated work from home spaces, a fitness studio and work lounge.
For more information on Core Development Group visit coredevelopment.ca.
About Core Development Group
Core Development Group is a Toronto-based real estate development company that actively sources, develops and manages a wide range of residential real estate projects. The company takes a holistic approach to development and offers a comprehensive range of development and project management services to their clients and partners. Core’s wholly-owned subsidiary, Avanew, focuses on acquiring and developing both urban and suburban rental assets to address the growing demand for more affordable residential living alternatives throughout Ontario. For more information, visit: coredevelopment.ca.