The Rose Corporation has purchased a 27.3-acre former General Electric manufacturing and office site in Oakville, Ont., for $45 million.

Rose appears likely to convert the suburban Toronto property into multi-family housing while also providing mixed-use components. But the company indicated that it has not formalized its plans.

“Our team is looking forward to engaging with key stakeholders to identify and implement the best uses for this site,” said Rose CEO Daniel Berholz in a news release.

The property sits in the heart of Oakville’s Midtown district in an earmarked for urban expansion and intensification under the area’s 254-acre secondary plan, said Rose.. The site is located within 400 metres of the Oakville GO terminal, two kilometres from downtown Oakville and within walking distance of Oakville Place mall.

“The property, and its central location within the Midtown Oakville neighbourhood, offers Rose an unparalleled opportunity to play an important role in the town’s vision to create a vibrant and diverse community where people will be able to ultimately live, work and play,” said Berholz.

Toronto-based Rose is a development and asset management organization focused on developing and constructing purpose-built rental-apartment projects and low-rise single-family subdivisions in Southern Ontario’s Golden Horseshoe area.

Rose has a history of acquiring and redeveloping large urban brownfield and greyfield sites across Ontario. (The difference between a brownfield and greyfield site is that, while both may be abandoned or underused, a greyfield site does not typically pose environmental concerns.)

Rose’s projects include the Revival/Toronto Film Studios, Pinewood Studios and the Planet in downtown Toronto and the Tannery District redevelopment in Kitchener, Ont.