The Toronto Star is reporting that Casltepoint Realty Partners have purchased the lakefront parcel of land at the corner of Cherry St and Lake Shore Blvd E. from The Home Depot.

Castlepoint will be teaming up with Cityzen Development Group and Continental Ventures
to develop the waterfront site.

Although the team is still in the planning stages, it is expected that this 5.54 hectare site will feature a mixed use development of retail, hotel, office space and condominiums.

Castlepoint has teamed with Cityzen and developer Fernbrook in the past with developments in the Greater Toronto Area. Examples include The L Tower at the Sony Center, the Absolute Complex in Mississauga, and Pier 27 on the Toronto Waterfront.