An arrow construction company has bought a majority stake in a property near the corner of King Street and Queen Street that’s been under development for years.
The company, Arrow Construction, bought the 51-acre property from the owner of the old King Street location of the Dominion Construction building.
It’s the second purchase of Dominion property in less than two years.
Arrow Construction is owned by an investor who has been a long-time supporter of the project.
The site was purchased last year by the owner, a Toronto-based company called Redstone.
The new owner, the owner’s brother, said he wanted to develop a large, open-air community with a mix of commercial, residential and industrial uses.
“This property is one of the largest undeveloped parcels of land in the City of Toronto and one of our main objectives is to build an outdoor community with commercial and industrial use and a great park,” Redstone said in a news release.
“We have been looking at opportunities to expand our footprint in the city and this property in particular has been the perfect location for us to do so.”
It’s not known whether the property will be developed.
It is located at the corner at King and Queen.