Chinese Firm Gets Into Toronto Condos
A high-profile mixed-use downtown condo project has changed hands. Easton’s Group of Hotels and The Remington Group sold their interest in King Blue, a two-tower development, to Shanghai-based Greenland Holding Group Co, a Chinese multinational that recently opened a Toronto office. (Purchase price was not disclosed.) King Blue, at the southeast corner of King Street and Blue Jays Way, is in pre-construction. Plans call for two towers, 44 and 48 storeys, incorporating the historic Westinghouse factory building at the base. The project will also include 13k SF of retail, possibly a hotel, and the Theatre Museum of Canada. The site was previously owned by David Mirvish.
Easton's Group president Steve Gupta says selling King Blue allows his firm to focus on other investment and development, including its second TO condo project, Dundas Square Gardens, at Dundas and Jarvis streets (978 units in conjoined 47- and 17-storey towers). He also assured King Blue purchasers and investors that they're "completely protected;" Greenland—a Fortune 500 global company that has made six other international acquisitions in 2014—has "assumed all commitments and have agreed to fulfill their responsibilities.”