Midtown Urbanist
Superstar
SmartCentres Enters Joint Venture to Build Apartments in Mid-Town Toronto Toronto, Ontario (February 6, 2020)
SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX:SRU.UN), one of Canada’s largest real estate investment trusts, and Greenwin Corp. (“Greenwin”), are proud to announce today that they have entered into a joint venture and acquired 1.15 acres in Toronto’s Yonge and Davisville neighbourhood. This urban infill development site represents a strategic opportunity to jointly develop, construct, own, and manage a newly-built rental apartment building in an established neighbourhood. The acquisition of the site, which had been part of Greenwin’s holdings for over 60 years, follows on the recent success of the previously announced joint acquisition of 7.8 acres on Barrie’s waterfront. Together these two acquisitions represent a development pipeline of over 2,000 purpose built rental units and aggregate development value of in excess of $1 billion, continuing to grow SmartCentres’ apartment platform. “We are very pleased to once again partner with Greenwin on this important property located strategically in the heart of Toronto,” said Mitchell Goldhar, Executive Chairman of SmartCentres. “Steps away from the Davisville TTC subway along with an abundance of restaurants and a myriad of amenities along Yonge Street, I am confident that this will become one of the jewels in the SmartCentres REIT portfolio. This acquisition reaffirms our commitment to focus on recurring revenue growth in purpose-built apartments, seniors, office and self-storage,” added Mr. Goldhar. “We are looking forward to again partnering with SmartCentres,” said Kevin Green, President of Greenwin. “For Greenwin, this project represents a return to our roots, which stretch back to the 1960s in the Davisville Village. Six decades later, we’re excited to continue that legacy of shaping mid-town Toronto’s skyline. We are confident that this collaboration will lead to the creation of an exceptional rental community.”
And select quotes from the SmartCentres Investors Report:
In addition, during the first quarter of 2020, together with our partner, Greenwin, we announced the purchase of a development site on Balliol Street in the Davisville/Yonge area of midtown Toronto on which we plan to develop a high-rise purpose-built rental tower.
In January 2020, the Trust together with its partner Greenwin acquired a 75% interest in a parcel of land through a joint venture, Balliol/Pailton LP, totalling 1.1 acres in Toronto, Ontario, with the intention of developing a high-rise apartment community, for a purchase price of $48.0 million.
...the development of a high-rise purpose-built residential rental tower, on Balliol Street in midtown Toronto, Ontario, with applications being prepared for submission in the next 45 days;
I am speculating here that they are referring to 200 Balliol Street, as that is the only Greenwin holding at Balliol and Pailton.
However, I'm not sure where on-site they intend to intensify. The 25m tower separation is limiting. Possibly on this corner, but that would make for a narrow floorplate.