Gupta breaks ground on Yonge City Square
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Occupancy for two-tower, 700 unit projected to be Spring 2028
With reduced sales and project delays, it hasn’t exactly been a banner year for Toronto’s struggling condo market.
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So call it “a landmark moment” when the Gupta Group broke ground earlier this week on Yonge City Square, which is claimed to be the largest new residential project to begin construction in 2024 in the GTA.
The event, held at the project’s site of 4050 Yonge St. and with Ontario Premier Doug Ford in attendance, is being heralded as a significant step in addressing Ontario’s housing needs.
“The decision to move forward with construction ahead of schedule demonstrates (our) commitment to delivering 700 new homes to the city, and it’s the first new development in the Hoggs Hollow neighbourhood in over 20 years,” says Steve Gupta, founder and chairman of The Gupta Group,
“Today’s groundbreaking represents not only the beginning of Yonge City Square but also a testament to Toronto’s growth and resilience.”
In an interview, Gupta confirmed that construction will begin immediately, starting with the demolition of a TTC entrance now on the site and replacing it with a tunnel that will connect the site to the subway.
Gupta says the site’s location — it backs onto the scenic Don Valley Golf Course and is directly connected to the York Mills subway station — has been a major reason for its success.
It is also helping that it is again becoming “a very good time to buy” — as expected, interest rates were cut this week — and that in 2025, buyers will come off the sidelines in anticipation of higher real estate prices down the road.
Yonge City Square will feature two high-rises at 32 and 14 storeys, boasting over 700 suites, ground-level retail, commercial space and 36,000 sq. ft. of resort-inspired amenities.
Amenities include an expansive ninth-floor terrace, a fitness center, stylish entertainment lounges equipped with golf simulators, a mini-putt golf course and an outdoor pool.
Also during the ceremony, a philanthropic initiative was unveiled. For every unit sold, The Gupta Group will donate $1,000 to the Princess Margaret Cancer Foundation, with a commitment to top off the donation at $1 million upon the final closing of all units.
Occupancy for Yonge City Square is expected in spring 2028. For more information visit YongeCitySquare.com.
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