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Hong Kong-based Aoyuan Property Group has announced plans to turn the 8.6-acre Yonge and Finch site of Newtonbrook Plaza into a master-planned community.
Aoyuan, which has specialized in mixed-use developments in China, hopes to transform the property into its largest master-planned community in Canada. The project will include five residential towers, 180K SF of office and retail, a day care and community centre. A portion of the lands — currently a parking lot — will be turned into a new park and playground.
“Aoyuan’s entry into Toronto is very exciting news for the development community. Aoyuan brings a unique approach to the way we think about the built environment and real estate. Building healthy lifestyle communities was part of their DNA from the beginning,” Aoyuan Property Holdings Senior Vice President, Development (Eastern Canada) Vince Santino said in a news release.
Founded in 1996, Aoyuan purchased the property, which includes the Newtonbrook Plaza and an adjacent 11-storey office building, last year from Silvercore Inc. for $201M. Aoyuan has over 100 major residential and commercial properties totaling 200M SF in over 30 cities across China, Australia and Canada. It recorded sales of $9B in 2017.
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