“What we really like about the site is that it is one of the last large development plots close to the city center”, Tricon Residential (TCN-T) Chief Investment Officer Andrew Joyner told RENX.
ONE Properties declined RENX’s maintenance request, but Joyner said CBRE has been marketing the property – which has addresses on Queen Street East, Richmond Street East, Ontario Street and Brigden Place – since 2019. ONE Properties has retained part of the site where it plans to build a 25-story condominium.
The eastern part of downtown is emerging as an area of growth, with investments from three levels of government, new office buildings, increased employment, gentrification and more public transit underway. road. All of these factors appealed to Tricon Residential, headquartered in Toronto.
“More and more creative tenants in tech, advertising, media and information are looking east and we’re really excited about the region’s long-term prospects,” Joyner said. .
Tricon Residential plans for the site
Tricon Residential intends to build two Hariri Pontarini Architects– purpose-built 24- and 33-storey rental apartment buildings with approximately 850 combined one, two and three bedroom units. Joyner said the plan calls for more two- and three-bedroom units than would normally be found in a condominium.
Facilities will include a large gym, yoga studio, outdoor pool with west-facing skyline views, and parcel rooms with oversized and refrigerated lockers.
Joyner said there will be approximately 80,000 square feet of office space as part of the redevelopment: “There are two heritage brick and beam office buildings that will have retained facades and will be rebuilt. We believe it will be an extremely attractive office space.
While retaining the heritage elements along Richmond and Ontario streets, Joyner stressed that the offices would incorporate the latest technology to alleviate concerns about COVID-19 – including new air filtration, ventilation and contactless systems. .
Ground level retail items will wrap around the site and be included in the lanes that run through it.
Joyner said an on-site park of about three-quarters of an acre will include landscaping, trees, benches, tables and gathering areas for the local community to congregate.
There will be two levels of underground parking to accommodate motor vehicles and bicycles for residents and office users. The Queen Street tram passes the site and a future stop on the Ontario Line metro is planned nearby.
Joyner predicts that construction will begin at the end of this year or early 2022 and with a first occupation in early 2025.
Faith in downtown Toronto
“We’re very optimistic about the city for the long haul,” Joyner said.
“Despite some of the current short-term imbalances with the shutdown of many demand-side factors like immigration and downtown universities, schools and employers, we take a long-term view and are very excited about the future. ‘idea of long-term support for this opportunity.
Joyner sees a gap in the market for specially designed rentals that meet the needs of many renters today. Today, people often have to choose between an apartment building that was built 50 years or more ago, or renting a unit in a condominium.
Tricon Residential has been successful and has been acclaimed by The Selby, a 50-story, 441-unit luxury apartment at 592 Sherbourne Street that was delivered in 2018. Since then, he has built on the momentum of this project.
“I think we’re the most active developer of specially designed rental housing downtown,” Joyner said. “We have 11 projects with approximately 5,200 units underway and we continue to plant a flag in every submarket in Toronto that can support a new purpose built rental property. “
The other activity of Tricon Residential in Toronto
The Taylor – a 36-story, 286-unit apartment with retail and commercial space at 57 Spadina Ave., just south of King Street West – is expected to be completed in early 2022.
Tricon Residential owns approximately 12 acres in the West Don Lands where it will develop approximately 2,500 rental units, of which approximately 30 percent are classified as affordable. The first buildings should be delivered in 2023.
The Ivy – a 34-story, 232-unit apartment located at 9 Gloucester Street near Yonge and Bloor Streets – is also slated for delivery in 2023.
The James is a 21-story, 141-unit apartment located at 10 Price Street in the upscale Rosedale neighborhood, scheduled for delivery in 2025.
Tricon Residential and TAS have partnered with 7 Labatt, a 38-story project near Queen and River Streets that will include specially designed rental housing and condos as well as a commercial component. Its delivery date is estimated at 2025.
Tricon Residential was founded in 1988 and started operations on the Toronto Stock Exchange in 2010.
It owns and operates a portfolio of over 31,000 single-family rental units and multi-family rental apartments in the United States and Canada, with a focus on the United States Sun Belt.
It has approximately $ 9 billion in assets under management and a market capitalization of approximately $ 2.83 billion.