Includes Half a Million Sq. Feet – Office Condos, 4-Star Hotel, Retail and Land for Conservation
TORONTO–Toronto-based The Gupta Group / Easton’s Group of Hotels has acquired 4050 Yonge St. from Build Toronto. The prime 3.2-acre uptown site offers easy and direct access to public transit, some of the city’s most prestigious neighbourhoods, and transportation arteries such as Highway 401. The sale was facilitated by the Toronto office of CBRE Limited. Purchase price was not disclosed.
“This $300 million project will create about 300 permanent jobs with thousands of man hours from start to completion over the course of three years”
Located at the northwest corner of Yonge St. and York Mills Rd., the 266-space parking lot, managed by the Toronto Transit Commission, will be transformed into a half a million sq. feet. mixed-use development including a 4-Star hotel, luxury office condominiums and retail space. The site offers direct access to the Yonge-University subway line.
Since 1979, The Gupta Group/Easton’s Group of Hotels has extensive experience in designing, constructing and managing extensive mixed-use developments across the GTA. Construction on this site is slated to begin in 2016 and scheduled for completion in 2019.
“This $300 million project will create about 300 permanent jobs with thousands of man hours from start to completion over the course of three years,” said Steve Gupta, Chairman and CEO of The Gupta Group and Easton’s Group of Hotels.
“This acquisition is a major step forward for our company. The site is ideal for an ambitious mixed-use development which will breathe new life into the entire neighbourhood, especially because this property sits alongside some of Toronto’s most pristine urban parks, the Don Valley Golf Course, minutes away from the Don Valley,” Gupta added.
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,” he added.
Managing Director, Reetu Gupta said, “The lush beauty and urban sophistication will make this project a draw for professional office owners, hotel guests and condo home owners. 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.”
ABOUT THE GUPTA GROUP AND EASTON’S GROUP OF HOTELS The company, recently rebranded under The Gupta Group umbrella, is spearheaded by visionary leadership of entrepreneur Steve Gupta. The Easton’s Group of Hotels has grown into a major force in the hospitality and service industry across Ontario. The Easton’s Group of Hotels’ flagship hotel properties include the industry’s renowned brands such as the Hilton, Marriott and Holiday Inn in diverse locations — from downtown Toronto to Sudbury, Thunder Bay, Montréal and Peterborough. With a dynamic leadership team and an abiding passion for excellence, Easton’s Group of Hotels is aggressively expanding to new locations with diverse offerings for the demanding business and leisure traveler. In the highly-competitive hotel industry, the Easton’s Group of Hotels’ core advantages are prime locations, premium quality and superb service. Every Easton’s Group of Hotels’ hotel is located to cater to the needs of its clientele while being on the cutting edge of offering the best advantages to its guests.
The company first entered the condominium market in 2012 with its successful King Blue project. Currently, the company is developing Dundas Square Gardens and will soon launch its newest condo project, The Rosedale On Bloor at 387 Bloor St. in Toronto.
tcgpr David Eisenstadt, 416-696-9900 ext. 36
Gea Koleva, 416-696-9900 ext. 26
Hailey Chan, 416-696-9900 ext. 0