MARKHAM, Ont. ― The Markham, Ont.-based Gupta Group/Easton’s Group has acquired 4050 Yonge St. from Build Toronto for an undisclosed amount. The 3.2-acre uptown site offers direct access to public transit and transportation arteries. The sale was facilitated by CBRE Limited in Toronto.
Located at the corner of Yonge Street and York Mills Road, the 266-space parking lot, managed by the Toronto Transit Commission, will be transformed into a $300-million, 500,000 sq.-ft. mixed-use development, including a four-star hotel, luxury office condominiums and retail space.
“This acquisition is a major step forward for our company,” said Steve Gupta, chairman and CEO of The Gupta Group and Easton’s Group. “The site is ideal for an ambitious mixed-use development, which will breathe new life into the neighbourhood.”
As part of its commitment to environmental and urban sustainability, The Gupta Group is giving 1.16 acres of land at the site to local authorities for conservation purposes. “This will help preserve the area’s natural allure for future generations to enjoy,” Gupta added.
“The lush beauty and urban sophistication will make this project a draw for professional office owners, hotel guests and condo homeowners,” said Reetu Gupta, managing director. “The Yonge-York Mills location is the perfect setting for urbanites looking to embrace the live-work-play lifestyle. We’re looking forward to building a mixed-use gateway that introduces locals and visitors to a truly unique part of Toronto.”