Dream Unlimited and Great Gulf Announce Joint Venture for Lakeshore Development

📅 2 days ago 🏷️ Great Gulf

Dream Unlimited Corp. and Great Gulf Residential have formed a joint venture to develop a historic waterfront property in downtown Toronto, aiming to transform the area into a vibrant mixed-use community.

On November 14, 2016, Dream Unlimited Corp. and Great Gulf Residential unveiled their collaboration to acquire a significant waterfront property at 351-369 Lakeshore Boulevard East, known as The Lakeshore Development, located in downtown Toronto. Both companies will serve as co-developers for this transformative project.
Michael Cooper, President of Dream and Portfolio Manager of Dream Alternatives, expressed enthusiasm about the project, stating, "This development will be an integral part of the much anticipated revitalization of the Toronto waterfront and we are excited to be leading such an exceptional development with Great Gulf Residential."
Christopher Wein, President of Great Gulf, echoed this sentiment, highlighting their strategic choice of location: "We targeted this area because we believe that this unique and desirable location will become the hub of future development. The combined experience and extensive knowledge our two groups bring to this project will create an enviable addition to Toronto’s burgeoning East Bayfront Precinct."
The property spans 230,245 square feet and is set on 5.3 acres, bordered by Lakeshore Boulevard East to the north, Lake Ontario to the south, the 3C Lands to the east, and 333 Lakeshore Boulevard East to the west. The revitalization efforts in this area are already underway, projected to reshape the landscape of this previously industrial zone over the next decade.
The joint venture plans to redevelop the site into a mixed-use development, potentially offering over 1 million square feet of density distributed across three development blocks. A significant aspect of this plan includes the extension of Queens Quay East to Cherry Street, complemented by a Light Rail Transit (LRT) line that will run through a dedicated center lane of the roadway.
Historically, the site has been home to The Victory Soya Mills Silos, built during World War II to store soybeans and other commodities for transportation across Canada. The silos were designated as one of Toronto’s Heritage Properties in 2004, which adds a unique element to any future development. The proposal includes preserving these silos, either through adaptive reuse or rehabilitation, as a distinctive architectural feature of the new development.
Dream Unlimited and Great Gulf Residential plan to leverage their expertise and vision to revitalize this historically significant industrial property into a lively mixed-use community that reflects the character of the waterfront.
About Dream Unlimited Corp., it stands as one of Canada’s foremost real estate companies, managing approximately $14.5 billion in assets across North America and Europe. The firm is involved in various sectors including residential land development, housing and condominium projects, and renewable energy infrastructure.
Dream Alternatives Trust, part of this venture, offers investors the chance to engage in diversified hard asset alternative investments, focusing on real estate and infrastructure, with a commitment to providing sustainable cash distributions.
Established in 1975, Great Gulf Residential is recognized as a leading real estate organization in North America, with a portfolio that spans the entire real estate spectrum, including prominent projects across Canada and the United States.

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