Graywood Joins KingSett to Develop Downtown Toronto Tower | RENX
Graywood Developments LP has added another high-rise development site to its pipeline with the acquisition of an interest in 29-39 Pleasant Blvd. The property southeast of the intersection of Yonge Street and St. Clair Avenue in Toronto is slated for a 35-story condo tower in partnership with a KingSett Capital fund.
The project was originally a partnership between Gairloch Developments, Harlo Capital and KingSett. Financial details were not disclosed.
The closing was completed by Graywood’s ninth private real estate development fund, Graywood Fund IX Limited Partnership, in partnership with KingSett’s recently launched development fund, KingSett Residential Development Fund LP No. 1.
“We are thrilled to add another premier location to our fund in the coveted node of Yonge and St. Clair, while entering into a new partnership with KingSett Capital,” said Graywood President and CEO, Stephen Price, in Wednesday’s announcement.
“Graywood has a long history of building and maintaining strong industry partnerships and looks forward to our latest partnership with KingSett, an established leader in real estate private equity.”
Approval process for the 35-story tower
The downtown Toronto site is a transit-oriented property that is proposed for a 281-unit tower containing approximately 220,000 square feet of space.
The partners worked on the building approval process designed by Giannone Petricone Associates.
“We are thrilled to partner with Graywood on this new residential project, which we believe will be an exciting addition to the central neighborhood of Yonge and St. Clair,” Rob Kumer, president and chief information officer of KingSett, said in the release. .
“On behalf of our KingSett Residential Development Fund LP No. 1, we look forward to working alongside our new partner, Graywood, to bring this development to life.”
The acquisition of 29-39 Pleasant follows three previous investments made by Fund IX, with approximately 2,500 residential units and over $1.8 billion in development value.
The IX fund had its final close in November 2021 with commitments of $148 million from Canadian financial institutions, pension plans, family offices and high net worth individuals, according to Graywood.
About Graywood and KingSett
Graywood has 15 active projects in the area which include 6,400 residential units and a development value of $4.8 billion. Over its 37-year history, the Toronto-based company has managed 54 projects, representing $8.8 billion in development value and 31,400 units (see editor’s note below).
The private property management company specializes in the development of mixed residential projects.
Graywood’s expertise includes identifying potential development sites, structuring transactions and managing development including land use approvals, project design, sales and marketing, construction and project financing.
KingSett Capital is a Canadian private equity real estate investment firm that originates and co-invests in real estate.
Founded in 2002, KingSett has raised $13.4 billion in equity funding for its growth, income, urban, mortgage and affordable housing strategies. KingSett has $17 billion in assets under management in a $19 billion portfolio.
EDITOR’S NOTE: Misinformation about ownership of several Toronto developments, which originally appeared in the article, has been removed. The only development site sold to Graywood in this transaction is 29-39 Pleasant Blvd. goods. RENX regrets and apologizes for the error.