Marlin Spring Acquires Development Site in South Etobicoke
TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Marlin Spring has acquired 2189 Lakeshore Boulevard West, located in the Humber Bay Shores neighbourhood in Toronto’s South Etobicoke area. The .67 acre site currently includes an Esso gas bar, car wash facility, and Circle K retail store that contains a Tim Hortons outlet. Marlin Spring has plans to improve the site by developing and constructing a 50 storey condominium tower providing approximately 600 much needed homes to this sought after neighbourhood.
Future residents of this project will benefit from an exceptionally unique waterfront location in south Etobicoke. In addition to unobstructed lake views to the south and park views to the north, it has superior access to major commuter routes, public transit, parks and greenspaces and is in close proximity to all the amenities of downtown Toronto.
“We’re thrilled to add yet another fantastic development project to our growing portfolio,” said Pedro Lopes, Senior Vice President, Development. “Developing land and building new homes is one step to alleviating Toronto’s need for more housing. Marlin Spring has a number of other projects nearby, in various stages of development and construction and we’re thrilled to be providing more housing opportunity for so many who want to live in this great community.”
“Humber Bay Shores is an ideal location and one that has flourished over the years. With this future development and plans to introduce a GO station within minutes from the site, the area will only continue to grow in appeal and demand,” said Erin Millar, Vice President of Sales and Marketing. “With a multitude of amenities on site and incredible access to the waterfront, biking and walking trails, the location perfectly bridges the gap between downtown living and the demand for greenspace.”
This development is the first project to be part of Marlin Spring’s recently announced Development Fund. The Fund closed in April 2021 with commitments of over $115 million from a group of prominent investors including its cornerstone investor, Osmington Inc.
“This acquisition is another reflection of Marlin Spring’s focused investment philosophy of acquiring properties which will provide exceptional value to all of our stakeholders. We are proud of Marlin Spring’s deep relationships and stellar reputation which provides it the opportunity to secure some of the most prime redevelopment locations across the city,” said Benjamin Bakst, CEO Marlin Spring. “We are pleased to be playing our part of providing thousands of new homes of all build forms across the Greater Toronto Area.”
ABOUT MARLIN SPRING
Marlin Spring is a Toronto-based real estate investment firm, which strategically acquires, develops, constructs and repositions assets throughout North America. Since its inception Marlin Spring has experienced substantial growth having acquired over 40 projects, consisting of 12,000 units which are currently in various stages of development, construction, repositioning and completion across Canada and the United States. With projects representing more than 11 million square feet of GFA and a value of over $5.7 billion upon completion, Marlin Spring has been one of the more active investors in the development, multifamily residential and retirement community sectors. Today, the team at Marlin Spring and its platforms consist of over 500 professionals involved in all aspects of acquisition, development, construction and asset management of its portfolio.
For more information: www.marlinspring.com
For further information regarding Marlin Spring:
Rivki Mandelbaum, Director, Corporate Strategy & Communication
T: 416.619.3550 x346
Follow Marlin Spring on LinkedIn @marlinspring