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WislaHD

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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.”
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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;
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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.

1598448637003.png
 
WislaHD said:

SmartCentres Enters Joint Venture to Build Apartments in Mid-Town Toronto Toronto, Ontario (February 6, 2020)


And select quotes from the SmartCentres Investors Report:



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.

View attachment 265696
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The info says the acquired site is 1.1 acres.

Unless that includes the existing building, 200 Balliol is out.

The entire block of land adjacent to Pailton is not large enough, even before separation distances.

I would advise that Greenwin/Greenrock are related companies and the Greenwin family effectively control most of the Balliol to Davisville space btw Yonge and Mt. Pleasant.

I'm not sure if Greenrock is an ownership arm or just a management one.

Looking specifically at the Pailton site, the only way I can come up with 1.1 acres without an existing hirise on it is if you look the homes/townhomes btw 200 Balliol and the property to the east.

I think there's a good chance this could be in the portfolio, because you can see open grass attached to the Greenwin property between the backyards of those homes fronting Balliol and those fronting Davisville.

A front view of he homes on Balliol suggests common ownership is highly plausible.

This is merely speculation on my part.

Image of property, Blue outline is already Greenwin owned visibly.

Orange is what may be owned/acquired and would fit together to form roughly 1.1 acres of land.

1598455308279.png


1598455497804.png


This is what the lots look like now:

1598455598885.png


The other plausible site would be fronting Davisville, to me.

This block is roughly the right size.

Currently features driveways and landscaping, but nothing that can't be worked around.

1598455683432.png


One final option in the portfolio is closer to Yonge.

Seems unlikely given the partnership name......

Its also a de facto parkette currently.

But when I look for evidence, it appears to still be private property.

1598455879409.png
 
Interesting what happens when @WislaHD sends you down a rabbit hole.

Other notes........that little 1-storey Urban Fresh.............at 22 Balliol...........owned by Greenwin.
 
Great snooping @Northern Light !

One thing that prevents me from being certain that it is the Toronto Tennis Club site is that the press release says: " the acquisition of the site, which had been part of Greenwin’s holdings for over 60 years...." suggesting that Greenwin previously owned the site.

This could have been avoided if SmartCentres just included the property address in their report 🙃.
 
Is the Toronto Tennis City House considered heritage or not?

Even if not, it could be integrated.
 
There are already plans for 141:

141 Davisville | 117.09m | 33s | Osmington Gerofsky | Wallman Architects

Zoning By-law Amendment to facilitate construction of a new 16-storey rental apartment building containing 143 dwelling units and one (1) guest suite to be constructed adjacent to an existing 20-storey rental apartment building containing 313 dwelling units located on the same lot. One (1) new...
urbantoronto.ca urbantoronto.ca


Northern Light said:
The other plausible site would be fronting Davisville, to me.

This block is roughly the right size.

Currently features driveways and landscaping, but nothing that can't be worked around.

View attachment 265741
Click to expand...
 
Might be a match for this thread. The addresses involved here would include the tennis court afterall, along with a retail building currently housing a convenience store on Pailton.

app.toronto.ca

Application Information Centre

Search for details about current planning applications and Minor variance and Consent applications. Application Information Centre For best results, please use the latest version of Microsoft IE/Edge, Google Chrome or Mozilla Firefox. As of July 30th, the Application Information Centre has...
app.toronto.ca app.toronto.ca

185 BALLIOL ST
Ward 12 - Tor & E.York District


185 BALLIOL ST​
8 PAILTON CRES​

Proposal for a 35-storey mixed rental residential building, with retail at-grade along Pailton Cres, with approximately 449 units and 33,395m2 of GFA.
 
Smartcentres' Q2 report merely provides additional information of there being a townhouse component on site.

1601199436046.png


No additional information in the dev app yet, though I sense that it won't be long until we learn more. Seems like a straightforward project for SmartCentres' new SmartLiving division, and the capital is likely in place with it being a joint-venture with Greenwin.
 
Love the creativaty of the vertical precast beams on this facade ! Another nice looking structure that belongs along the waterfront as seen in the photos up above .
 
The tower itself is quite nice. Although, considering the other white clad Greenwin (& Shiplake) apartment towers along the Davisville cluster, it might get blended in among the sea of vanilla.
 
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