Graywood Acquires, Reworks 27-Storey Proposal Near Yonge and Eglinton
AI Article Summary
Graywood Developments has acquired a site at 34 Montgomery Avenue in Midtown Toronto, previously approved for a 24-storey tower, from First Capital REIT. They plan to build a 27-storey residential building designed by Turner Fleischer Architects, featuring 335 rental units with 10 designated as affordable housing. This project involves transitioning the area from low-rise to high-rise developments, aligning with urban development trends and the city's emphasis on increasing rental supply near transit hubs.
What This Means for Canadian Contractors
This project shows how Canadian developers are adapting to urban intensification, especially in areas with strong transit access. For Canadian builders, this means attention to potential shifts in zoning laws and regulations that accommodate taller residential buildings. Such developments highlight the importance of securing skilled labor and reliable supply chains to manage increased demand and complex construction timelines.
