Located in the Dupont and Dufferin neighbourhood, the 31-storey high-rise will be a part of an eight-tower community when it is fully built-out.
Galleria III will include 426 residences, ranging from studios to three-bedrooms.
“Galleria on the Park is one of the most ambitious master-planned communities in the city," said Almadev CEO Rafael Lazer in a statement. "We’re making significant strides on turning our vision into a reality with Galleria I and II’s construction well underway, as well as the brand-new park and community centre.
"We look forward to continuing this tremendous momentum."
Galleria III will also feature two storeys of retail space, totalling 21,000 square feet.
When complete, the 20-acre Galleria on the Park will feature 2,900 new residences, 150 affordable housing units, 300,000 square feet of retail, 20,000 square feet of office space, the new eight-acre Wallace Emerson Park and the 95,000-square-foot Wallace Emerson Community Centre.
Previously, the property had been occupied by a 1970s-era shopping centre.
Construction on Galleria I and II began in August 2020, while ground was broken on the community centre and park this past summer.
Established in 1997 and originally known as Elad Canada, Toronto-based Almadev — along with Agellan Commercial REIT — owns over seven million square feet of industrial, commercial and retail properties in Canada and the U.S.
Galleria III is situated to serve as the entrance to the Galleria community. Located at the corner of Dufferin and Dupont, the property will have a new diagonal pedestrian mews which will intersect with two new public roads, and feature canopied pathways leading to a privately owned public space.
The building will feature a deep-red brick podium and vertical metal panels forming a curved spine for its structure.
Indoor amenities include a fully equipped fitness centre that includes a spa circuit, yoga room, spin studio and meditation room. Also planned is an elevated pool with cabanas, a barbecue area and a game space.
Lazer had discussed Almadev’s development pipeline with RENX in an interview in June. Despite economic headwinds – which have continued through the past few months – he said more housing is required.
“In the last little while, we have seen some softening in sales but I would still say that condominiums are still coming," he noted, stating that as long as the country continues its current immigration policy and the population grows, there will be demand for new housing.
"There are launches. There are sales. It may take a bit more time to sell, but the demand is still there."
The company has 4.4 million square feet of construction in its pipeline, more than 6,000 residential units under development and 7.4 million square feet of income-producing properties.
The company is preparing another Toronto development at Lansing Square in North York. The building will have 706 condo units and 80 affordable rental units.
It is scheduled to start construction as early as next year.
Almadev is also in the midst of construction on two rental buildings comprised of about 340 units in Montreal.
In the design stage is an 11.6-acre site in Vaughan, adjacent to the Vaughan Metropolitan Centre.