Canada’s Pinemount Developments and Israel’s Elysium Investments have closed on a 1.78-acre development site in Toronto’s Emery Village district.

Pinemount and Elysium agreed to partner on the project in June, the companies said in a news release. Currently, the property at 3406-3434 Weston Road comprises a fully tenanted, single-storey commercial plaza. That structure is slated to be replaced by mixed-use, multi-tower high-rise apartment buildings.

The companies said they are looking forward to leveraging each other’s experience in acquiring multi-family assets across Ontario. The development is intended to accommodate housing and commercial-space demand arising from the nearby Finch West light-rapid-transit line, which is almost complete.

North York, Ont.-based Pinemount is a real estate development and management company that focuses on long-term opportunities in the rental-housing market.

Elysium is a developming, investment and holdings company. In Canada, its activities focus on identifying and unlocking land and development opportunities through alliances with industry leaders and experts.