- What Sandmill Developments has offloaded Richmond Hill, Ont., development land
- Why Medallion Developments paid $44.5m to acquire it
- What next The site is primed for medium-density residential development
Medallion Developments has purchased development land in Richmond Hill, Ont., for $44.5m, Green Street News can reveal.
The deal closed on Feb. 10 with Medallion obtaining a $22.3m vendor take-back loan from the seller, Sandmill Developments. The valuation for the 47-acre property works out to nearly $947,000/acre.
Sandmill over the years submitted several iterations of development plans for the site, at 11190 Leslie Street, all calling for medium-density townhouse development.
The site is in eastern Richmond Hill, just over a kilometre from Highway 404 via Elgin Mills Road East. The area surrounding the site has seen significant residential development in recent years, including the new Richlands townhouse project from Arista Homes directly across the street.
The area is well amenitized for new residents, with RioCan’s Eglin Mills Crossing shopping mall less than a kilometre away at the intersection of Leslie Street and Elgin Mills Road East. Major tenants include Costco, Home Depot, Michaels and Staples. Across from the mall is the Richmond Green Sports Centre and Park.
Medallion Developments is a Toronto-based developer and property manager of residential subdivisions and multifamily apartment communities.
