Marketwired—Dream Unlimited Corp., Dream Hard Asset Alternatives Trust (Dream Alternatives) and Great Gulf Residential are proud to announce the formation of a joint venture to complete the acquisition of a historic waterfront property located at 351-369 Lake Shore Boulevard East in downtown Toronto.
Dream and Great Gulf Residential will act as co-developers for this project.
“This development will be an integral part of the much anticipated revitalization of the Toronto waterfront and we are excited to be leading such an exceptional development with Great Gulf Residential,” said Michael Cooper, president of Dream and portfolio manager of Dream Alternatives.
“Great Gulf Residential is delighted to partner with Dream to co-develop this signature development on the waterfront,” said Great Gulf president Christopher Wein. “We targeted this area because we believe that this unique and desirable location will become the hub of future development. The combined experience and extensive knowledge our two groups bring to this project will create an enviable addition to Toronto’s burgeoning East Bayfront precinct.”
The 230,245-square-foot property is set on 5.3 acres on a prime location bounded by Lake Shore Boulevard East to the north, Lake Ontario to the south, the 3C Lands to the east and 333 Lake Shore Boulevard East to the west. The transformation and revitalization of this section of the waterfront is currently under way and is targeted to be completed over the next decade totally changing the face of this formerly industrial precinct.
The partnership intends to redevelop this property as a mixed-use development with the potential for over 1 million square feet of density across three development blocks. The development will be bisected by the extension of Queens Quay East to Cherry Street and will be further enhanced by an LRT running through a dedicated centre lane of that roadway.
For more than 70 years the site has been home to The Victory Soya Mills Silos, which were constructed during World War II to store soybeans and other commodities prior to transportation across Canada. The silos were listed as one of Toronto’s Heritage Properties in 2004 adding to the uniqueness of any future development on the site.
The development proposal includes the preservation of the silos as a unique architectural feature to be incorporated into the development through either adaptive use or rehabilitation. Dream and Great Gulf will use their expertise and vision to transform this formerly industrial property with its unique historic attributes into a vibrant mixed-use community.