Fitzrovia and AIMCo Join Hazelview’s Bloor and Dufferin Project | RENX
Hazelview Investments and Fitzrovia Real Estate will be co-responsible for the development of a mixed project at the angle of Bloor and Dufferin Streets of Toronto after the departure of Capital developments and Metropia.
The vision for the site and subsequent rezoning was initially led by Capital and Metropia, who were selected to develop the site in December 2016 after a competitive process, with Hazelview as the lead investor.
Alberta Investment Management Corporation (AIMCo) is investing in the project on behalf of its clients and as co-owner of the eastern plot of the site alongside Fitzrovia. Hazelview and his institutional partner own the western parcel of the property.
“We had a pre-COVID contract where we were going to buy the west plot and Metropia was going to buy the east plot,” Fitzrovia chief executive Adrian Rocca told RENX on a call that also included the executive director from Hazelview Investments. real estate development Michael Williams and Properties of Hazelview Vice President of Brand Marketing and Corporate Social Responsibility Colleen Krempulec.
“COVID has hit and the deal has been broken. Hazelview decided to buy out all the partners because they were looking for cash. Hazelview contacted AIMCo, who contacted Fitzrovia to come back and buy the eastern plot.
The price of the transaction was not disclosed.
Capital and Metropia are on good terms
Williams said Hazelview’s relationship with Capital and Metropia remains strong, but their focus is on condominiums and Hazelview wanted to focus on rental apartments, so Fitzrovia and AIMCo were better suited.
“As we looked at this community, we started to realize that there is a growing demand for rental housing in the city of Toronto,” said Williams.
“We know Fitzrovia is a great rental manager, so we like to partner with them. It eased the conversation between the groups and really kicked off the deal.
“We all think Capital and Metropia have done a phenomenal job of overall planning for this community and we couldn’t be more excited to take it back and bring it to life,” said Rocca.
“Hazelview has been investing in, constructing and managing rental properties for over 20 years, and Fitzrovia has just as much experience,” said Krempulec.
“It just made strategic sense for our two companies to lead and be stewards of this project, given the significant amount of rental housing that will come out of this project. “
Components of the Bloor and Dufferin project
The planned community will consist of approximately 2,100 residential suites, with a mix of at least 75 percent purpose-built rental housing and 25 percent condominium units.
There will also be an eight-story building with 56 purpose-built units that will be routed to the City of Toronto exclusively for affordable public rental housing.
Other items include:
– a community hub and a 30,000 square foot daycare;
– a public park of 38,500 square feet, as well as new public and private roads to improve traffic;
– 50,000 square feet of offices;
– 174,000 square feet of retail space
– 70,000 square feet of amenity space;
– and a $ 17 million affordable housing trust.
Rocca said the eastern block will have larger suites, focused on two- and three-bedroom units aimed at young families and smaller individuals.
There could also be an “Artists Commons” where local artists will have the opportunity to contribute to enliven the alleys within the community.
“The common value we have is that community is important to any project, especially a project of this scope and size,” Krempulec said.
The development will benefit from direct access to Toronto Transit Commissionfrom Dufferin metro station via a newly constructed underground pedestrian tunnel.
Block F, the affordable housing component of the project, is expected to begin construction by August 2022 and will be among the first things built on the site.
It is hoped that work on infrastructure and roads to allow connectivity with the surrounding neighborhood, the park and underground construction on other sections will begin at around the same time.
The Bloor Collegiate Institute and Kent School currently occupy the property. The students have been relocated and a new school will be built near the southwest of the development site.
Some facades of Bloor Collegiate will be preserved for heritage preservation. The entire Kent school envelope will be preserved and improved, and the community hub and daycare will be located there.
The Bloor and Dufferin project team
Hazelview Investments is an active investor, owner and manager of global real estate investments. It had $ 9.9 billion in assets under management as of May 31, including more than 22,000 residential units in Canada.
Hazelview Properties’ track record in property management spans 20 years, six provinces and 25 cities.
Fitzrovia is a vertically integrated developer and asset manager of rental communities in the Greater Toronto Area, with approximately $ 4 billion in assets under management.
The Toronto-based company partners with public institutions, pension plans and high net worth investors interested in assets that generate long-term cash flow.