From the Gupta Group press release this afternoon (December 9).
The Gupta Group Celebrates Groundbreaking of Yonge City Square with Ontario Premier Doug Ford
TORONTO, Dec. 9, 2024 /CNW/ - In a landmark moment for Toronto's real estate market, The Gupta Group broke ground today on Yonge City Square, the largest new residential project to begin construction in 2024 in the greater Toronto area and the first new development in the Hoggs Hollow neighbourhood in over 20 years. The event, held at the project's site of 4050 Yonge St., marked a significant step in addressing Ontario's housing needs, with Premier Doug Ford and The Gupta Group leadership celebrating this ambitious development.
Reema Balaram, Rashmi Gupta, Dr. Steve Gupta, Ontario Premier Doug Ford, Reetu Gupta, and Suraj Gupta (left to right) Credit: George Pimentel (CNW Group/The Gupta Group)
The Gupta Group's decision to move forward with construction ahead of schedule demonstrates its commitment to delivering 700 new homes to the city. Dr. Steve Gupta, Founder and Chairman of The Gupta Group, reflected on the broader impact of the project, saying, "Today's groundbreaking represents not only the beginning of Yonge City Square but also a testament to Toronto's growth and resilience. This development will transform the Hoggs Hollow neighborhood and inject vitality into the local economy."
Yonge City Square will feature two stunning high-rises at 32 and 14 storeys, boasting over 700 suites, ground-level retail, commercial space, and 36,000 sq. ft. of resort-inspired amenities. Backing onto the scenic Don Valley Golf Course, the development is directly connected to the York Mills subway station, offering residents unparalleled convenience and connectivity. Amenities include an expansive ninth-floor terrace, a fitness center with state-of-the-art facilities, stylish entertainment lounges with golf simulators, an outdoor mini-put golf course, and a luxurious outdoor pool.
During the ceremony, Reetu Gupta, CEO of The Gupta Family Foundation and Ambassadress of The Gupta Group, emphasized a philanthropic initiative that ties Yonge City Square's success to a meaningful cause. For every unit sold, The Gupta Group will donate $1,000 to the Princess Margaret Cancer Foundation, with a commitment to top off the donation at $1 million upon the final closing of all units. "This is more than just a project for us—it's a way to give back to the community while building for the future," said Reetu Gupta.
Dr. Steve Gupta concluded the ceremony with a vision for the project's legacy. "Yonge City Square is a reflection of our belief in Toronto's potential as a world-class city. It's about creating homes, opportunities, and communities that elevate the way people live and connect. We are proud to play a role in shaping the future of our City and the province of Ontario."
Occupancy for Yonge City Square is expected in Spring 2028, marking the beginning of a vibrant new chapter for Toronto's Hoggs Hollow neighborhood.
For more information about Yonge City Square, visit YongeCitySquare.com.
We were invited to the "ground breaking" today, but refused to go. 1) They invited that guy, which was a complete turn-off (and it's extremely odd in retrospect that there's no quote from him in their press release... so maybe they did realize that inviting him was tone deaf?), but more than that, 2) the Gupta Group only claims 25% sales on this building to Urbanation, (and developers often juice those percentages a bit when reporting, but no idea if Gupta also pumped that number a bit) ...but whether they did or not, that's nowhere near enough sold to get financing, so there was no reason to believe that shovels will actually go into the ground here anytime soon. This, therefore, was probably just an event hoping to persuade potential customers that Gupta is serious and ready to go and you better buy soon!!! In terms of reporting on this, we will be happy to take a look at this again once actual excavation is underway. We'll check the sales claims at that point, and then make a determination.
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