Hong Kong-based Aoyuan Property Group, a major developer in China, is coming to Toronto, with the redevelopment of the 8.6 acre Newtonbrook Plaza site at Yonge and Finch recently announced.
The 8.6 acre Newtonbrook Plaza site at Yonge and Finch in Toronto will be Aoyuan’s largest master-planned community in Canada. Plans include five residential towers, 180,000 sf. of office and retail, a daycare and community centre. The new community will be 100 m from the Yonge and Finch subway and Finch Go Station. A portion of the lands which is currently a parking lot will be transformed into a new park and playground. Aoyuan has also embraced the City’s desire to encourage larger suites for families of all shapes and sizes. Toronto-based U31 Design has been tapped to do the suite planning and all interior amenities.
Development plans for Newtonbrook Plaza have been in the works since at least 2011, when an application to redevelop the lands was first filed with the City of Toronto by Silvercore. A rezoning plan for the site was approved by the OMB in 2015, featuring a Wallman Architects-designed program. Following the Aoyuan takeover of the site, however, it is unclear whether the original architectural plan will be retained.
The previous Wallman-designed plan for the site. Image via Silvercore.
“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,” says Vince Santino, Sr. Vice President – Development (Eastern Canada), Aoyuan Property Holdings (Canada) Ltd. Santino joins Aoyuan with 25-years of experience in Toronto’s real estate development industry. “Aoyuan knows real estate is not only about giving people a two or three-bedroom unit. They have a corporate intelligence about the way people live which gets baked into their master-plans.”
“The magnitude of what Aoyuan has accomplished is incredibly diverse and this gives them a very broad perspective,” says Josie Arcella, Sr. Sales & Marketing Manager (Eastern Canada), Aoyuan Property Holdings (Canada) Ltd. “Aoyuan takes into consideration exactly how purchasers will be affected by every decision they make. Can they move around freely in their bedroom, can they fit a Queen bed? Is a walk-in closet most functional? Aoyuan’s designs are not based solely on global trends, but on the functionality of the entire community and what buyers really need.”