Devron has acquired its latest condominium development site in Toronto’s gentrifying Weston Village neighbourhood.
The newest addition to Devron’s property portfolio is a 0.95-acre site at the corner of John and South Station Streets in the former city of York. It is occupied by a few small single-storey commercial units and a parking lot.
It was acquired for $16.5 million in a
JLL Capital Markets-brokered deal with the family which had owned it for three generations.
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Devron’s plans for new site
Toronto-based and family-owned Devron specializes in developing mid-rise and high-rise multiresidential in the Greater Toronto Area. Its low-rise division,
Ron Custom Homes, designs and builds luxury single-family homes in the area.
Devron’s goal is to build condo units that are long-term housing solutions for people at a price that’s more accessible to a larger portion of the population than some of its other developments.
“We have a lot of projects that are in very central locations and some of them are in high-end locations,” said Safapour. “Building high-quality homes in those types of locations is a little bit easier, but the price points are accessible to fewer people.”
The deal for the property closed less than a month ago and Safapour said it’s too early to talk about specific plans for the development, but he would like to build a condo of “30-something” storeys. Zoning isn’t yet in place.
“We want to build something interesting and fun that represents what this neighbourhood is on the cusp of becoming,” said Safapour. “We’re going to explore what type of community-additive uses we can integrate into the building.”