The Gupta Group/Easton Group has purchased a 3.2-acre parking lot located in Toronto at York Mills Road and Yonge Street, with plans to transform the spot into a seven-story mixed use development.

The 4050 Yonge Street project will include luxury office condominiums, retail space and a four-star hotel and is expected to benefit from its close proximity to Highway 401 and the Yonge-University subway line, situated directly across the street.

Steve Gupta, chairman and chief executive officer of The Gupta Group/Easton’s Group, said the $300 development will create about 300 jobs.

“The site is ideal for an ambitious mixed-use development which will breathe new life into the entire neighbourhood,” he said, “especially because this property sits alongside some of Toronto’s most pristine urban parks, the Don Valley Golf Course, minutes away from the Don Valley.”

To help preserve the area’s natural beauty, 1.16 acres of site land will be given to the city for conservation purposes.

CBRE facilitated the $25-million deal between Build Toronto and the Gupta Group/Eaton Group of what will become mostly office condos for selling, rather than leasing.

Construction is expected to commence in 2016, with a scheduled completion for 2019.