From Bailao's newsletter:
Castlepoint Greybrook Sterling Inc. recently announced that
Hines Canada and
Marlin Spring have acquired the remaining development blocks in the Lower Junction project at Sterling and Perth.
In 2015, the site was rezoned for 1.1 million square feet of mixed use development, of which approximately 55% is allocated to commercial uses and approximately 45% to residential uses. The Lower Junction project will include a number of community improvements, including a new park and open spaces, a new daycare facility, and affordable housing. With the addition of Hines and Marlin Spring to the community, these improvements will now be accelerated.
Over the past 10+ years there have been many milestones:
- The Tower Automotive building was restored and reimagined. This landmark historical building opened its doors almost two years ago and welcomed the Museum of Contemporary Art (MOCA) to its new home
- Construction of 32 townhomes along Perth Avenue,
- Finalized the Plan of Subdivision approval, which ensures orderly development of the site and secures both hard and soft infrastructure delivery i.e. new park, daycare, affordable housing and street improvements, and
- with Rio Tinto Alcan addressed and remediated the environmental legacy of the site.
As highlighted in the enclosed key map, Hines will build out three commercial office buildings and Marlin Spring three residential buildings. A joint development agreement amongst Castlepoint, Hines and Marlin Spring has also been entered into to ensure the smooth delivery of key infrastructure to support the approved master plan including the realignment of Perth Avenue, the delivery of a future park and permanent access to the West Toronto Railpath immediately south of the completed townhomes.
I will continue to work in the interests of the community to ensure development takes place here in a coordinated, orderly way and work with the City and all development partners to minimize disruption and maximise community benefits. I have heard residents concerns about the ongoing challenges of parking in the area and we will be working together in the coming months with the community and developers to address this issue.