TORONTO, April 04, 2023 (GLOBE NEWSWIRE) -- Marlin Spring is proud to announce the acquisition of 8 Dawes Road, a high-rise, transit-oriented mixed-use development site in Toronto. Marlin Spring Development Fund II acquired the property from Metrolinx as part of the agency’s commitment to facilitating housing opportunities around GO station locations.
The property, which is located in the Danforth Village neighbourhood, just east of downtown Toronto and north of the Beaches, will be developed with the construction of a 38 storey condominium, providing close to 400 homes to a most sought-after neighborhood.
“The property at 8 Dawes Road is currently a vacant parcel of land,” said John Josephson, V.P., Land Development & Acquisitions, Marlin Spring Developments. “Developing this land provides an exceptional opportunity to create new housing within steps of the subway, GO train and streetcar. Marlin Spring has had a long and successful history of land development in the Danforth area and our team is excited for the opportunity to continue building in the community.”
“This is a great example of how Metrolinx is enabling housing opportunities across the GO network,” said Michael Norton, Chief Development Officer at Metrolinx. “The disposition of this underutilized parcel of land will generate revenue for the province to reinvest back into building and expanding transit across the region and will enable hundreds of new homes to be built right next door to GO Transit.”
The property is conveniently located just a few minutes’ walk of the Main Street subway station, Danforth GO station and Main Street streetcar. Also within walking distance are many amenities including schools and parks, the Ted Reaves Community Centre, restaurants, major grocery stores and other local and national retailers.
“Working together with Metrolinx has been a wonderful experience,” said Pedro Lopes, CEO, Marlin Spring Developments. “The Danforth neighbourhood has been evolving over the past few years. This node in particular has attracted investment largely due to its immediate proximity to a number of public transit options, a new park and community centre and a number of other great existing community amenities. Marlin Spring Developments’ “The Dawes” mixed-use condominium consisting of 636 homes is located immediately north of this site and will include a 12,000 ft Daycare Facility. With these two projects, we are very pleased to be providing more than 1000 homes within this flourishing community.”
“With this new acquisition, Marlin Spring Developments continues to follow its focused investment philosophy of acquiring properties which will provide exceptional value to all stakeholders,” said Benjamin Bakst, Executive Chairman, Marlin Spring Developments. “Through the company’s growing portfolio of high and low-rise developments, we are proud to be providing many thousands of new homes in Toronto and its surrounding areas.”
ABOUT MARLIN SPRING
Marlin Spring is one of Canada’s largest privately-owned Real Estate firms with a portfolio of over 18,000 units in various stages of development, construction, repositioning, and completion. Its portfolio represents more than 16.5 million square feet of GFA across Canada and the United States with a completion value of over $9.5 billion.
Through its portfolio companies supported by a team of over 800 professionals, Marlin Spring has investments spanning the Development, Multi-Family Apartments and Retirement Community sectors and operates in seven North American markets.
Marlin Spring is deeply committed to its mission of delivering exceptional Real Estate value to all its stakeholders with an uncompromising adherence to its core values.
For more information: www.marlinspring.com
Follow Marlin Spring on LinkedIn @marlinspring
ABOUT METROLINX
Metrolinx is undertaking the largest transportation investment in Ontario’s history to get you where you need to go better, faster, easier, while also operating GO Transit, UP Express and PRESTO. Metrolinx has a unique opportunity to plan, build, operate and connect transportation in the Greater Golden Horseshoe. For more information, please visit: www.metrolinx.com
Contact:
Rivki Mandelbaum
rmandelbaum@marlinspring.com
