Red Mars
Senior Member
Jun 17, 2023
- Thread starter ProjectEnd
- Start date
Northern Light
Superstar
AHK
Senior Member
An update from October 3, 2023 - International Capital has now partnered with Greenwin as well as with Windsor Capital (the latter of which may have already been in place) for the development of the Palace Arms building. According to the Greenwin press release which follows below, the building will be mixed use residential rental, but does not mention any condominium component for the project.
NEWS PROVIDED BY Greenwin Corp. 03 Oct, 2023, 08:05 ET
-- Redevelopment of historic Toronto hotel to bring 219 purpose-built rental units, including affordable suites, to City's housing market -
TORONTO, Oct. 3, 2023 /CNW/ - Greenwin, a leading Ontario full-service real estate development and management firm, and Intentional Capital ("Intentional"), a Toronto-based real estate firm specializing in purpose-built multi-residential buildings, announced that they have entered into a joint venture with Windsor Private Capital ("Windsor"). Windsor Private Capital is an asset management firm headquartered in Toronto, primarily focused on real estate lending and equity investments. The partnership will see the redevelopment of the historic Palace Arms Hotel at 950 King St. West as a mixed-use residential housing project in Toronto's vibrant King West community.
Built in 1890, the Palace Arms is one of King West's most iconic landmarks. Conserving and rehabilitating the building's existing principal facades – along with its heritage brick masonry, window openings, variegated roof lines and masonry chimneys – the new development is expected to consist of one 14-storey tower totalling 219 rental units on a 15,000 square foot lot and will feature a mix of 1, 2, and 3-bedroom units as well as live/work suites at grade. With a mandate to meet the housing needs of a dynamic mix of renters, the development will also incorporate a number of affordable studio suites.
Residents will enjoy an amenity package that includes a commercial quality fitness facility, co-work space, social room, automated parcel management system, bike lockers, pet wash, yoga studio, multi-purpose room, and rooftop patio with BBQs and children's play area. The location is directly on the King West TTC line and within walking distance to Liberty Village, Trinity Bellwoods Park and the Financial District.
"We're thrilled to see the City supporting new development and look forward to bringing this landmark project to market," said Kevin Green, President and CEO, Greenwin.
"By integrating the architecture of the existing structure with a reimagined contemporary rental experience, we hope to safeguard a treasured piece of Toronto's historic landscape while responding to a critical need for housing," continued Rod Bell, Managing Director & Co-founder, Intentional Capital.
"We are particularly excited to partner with developers who have a long-standing history of bringing much-needed rental housing stock to the market," added Jordan Kupinsky, Managing Partner, Windsor Private Capital. "This partnership is a natural extension of our companies' shared vision and commitment to building and supporting some of the GTA's most vibrant communities."
About Greenwin
Greenwin is one of Ontario's largest privately-owned, full-service property management and development firms. Founded in 1948, Greenwin manages more than $3.3 billion in real estate assets spanning across major urban centres in Central Canada. This portfolio includes more than 1 million square feet of commercial space and nearly 22,000 residential units. Greenwin is committed to investing in people and places to create exceptional, inclusive rental communities - one building at a time. For more information, visit www.greenwin.ca.
About Intentional Capital
Intentional Capital is a privately owned, Toronto-based real estate company that specializes in providing much needed purpose-built multi-residential buildings. With over $1 billion in gross development value, we aim to provide our tenants with environmentally friendly and state-of-the art homes. Our valued stakeholders include members of our communities, our employees, our trades, and consultants, and of course our private investors. For more information, visit www.intentionalcapital.com.
About Windsor Private Capital
Windsor Private Capital (Windsor) is an asset management firm headquartered in Toronto, Ontario primarily focused on real estate lending and equity investments. Together with its affiliates, the organization advises and manages over $3 billion on behalf of institutional and private investors, including the LiUNA Pension Fund of Central and Eastern Canada, one of the country's largest private sector union sponsored pension funds. Underpinned by its core values of loyalty, trust, integrity, creativity and teamwork, Windsor has demonstrated a robust track record of delivering reliable, consistent and strong risk-adjusted returns. For more information, visit www.windsorgp.com.
SOURCE Greenwin Corp.
Greenwin and Intentional Capital Announce Joint Venture Partnership with Windsor Private Capital for Landmark Multifamily Development in Downtown Toronto
NEWS PROVIDED BY Greenwin Corp. 03 Oct, 2023, 08:05 ET
-- Redevelopment of historic Toronto hotel to bring 219 purpose-built rental units, including affordable suites, to City's housing market -
TORONTO, Oct. 3, 2023 /CNW/ - Greenwin, a leading Ontario full-service real estate development and management firm, and Intentional Capital ("Intentional"), a Toronto-based real estate firm specializing in purpose-built multi-residential buildings, announced that they have entered into a joint venture with Windsor Private Capital ("Windsor"). Windsor Private Capital is an asset management firm headquartered in Toronto, primarily focused on real estate lending and equity investments. The partnership will see the redevelopment of the historic Palace Arms Hotel at 950 King St. West as a mixed-use residential housing project in Toronto's vibrant King West community.
Built in 1890, the Palace Arms is one of King West's most iconic landmarks. Conserving and rehabilitating the building's existing principal facades – along with its heritage brick masonry, window openings, variegated roof lines and masonry chimneys – the new development is expected to consist of one 14-storey tower totalling 219 rental units on a 15,000 square foot lot and will feature a mix of 1, 2, and 3-bedroom units as well as live/work suites at grade. With a mandate to meet the housing needs of a dynamic mix of renters, the development will also incorporate a number of affordable studio suites.
Residents will enjoy an amenity package that includes a commercial quality fitness facility, co-work space, social room, automated parcel management system, bike lockers, pet wash, yoga studio, multi-purpose room, and rooftop patio with BBQs and children's play area. The location is directly on the King West TTC line and within walking distance to Liberty Village, Trinity Bellwoods Park and the Financial District.
"We're thrilled to see the City supporting new development and look forward to bringing this landmark project to market," said Kevin Green, President and CEO, Greenwin.
"By integrating the architecture of the existing structure with a reimagined contemporary rental experience, we hope to safeguard a treasured piece of Toronto's historic landscape while responding to a critical need for housing," continued Rod Bell, Managing Director & Co-founder, Intentional Capital.
"We are particularly excited to partner with developers who have a long-standing history of bringing much-needed rental housing stock to the market," added Jordan Kupinsky, Managing Partner, Windsor Private Capital. "This partnership is a natural extension of our companies' shared vision and commitment to building and supporting some of the GTA's most vibrant communities."
About Greenwin
Greenwin is one of Ontario's largest privately-owned, full-service property management and development firms. Founded in 1948, Greenwin manages more than $3.3 billion in real estate assets spanning across major urban centres in Central Canada. This portfolio includes more than 1 million square feet of commercial space and nearly 22,000 residential units. Greenwin is committed to investing in people and places to create exceptional, inclusive rental communities - one building at a time. For more information, visit www.greenwin.ca.
About Intentional Capital
Intentional Capital is a privately owned, Toronto-based real estate company that specializes in providing much needed purpose-built multi-residential buildings. With over $1 billion in gross development value, we aim to provide our tenants with environmentally friendly and state-of-the art homes. Our valued stakeholders include members of our communities, our employees, our trades, and consultants, and of course our private investors. For more information, visit www.intentionalcapital.com.
About Windsor Private Capital
Windsor Private Capital (Windsor) is an asset management firm headquartered in Toronto, Ontario primarily focused on real estate lending and equity investments. Together with its affiliates, the organization advises and manages over $3 billion on behalf of institutional and private investors, including the LiUNA Pension Fund of Central and Eastern Canada, one of the country's largest private sector union sponsored pension funds. Underpinned by its core values of loyalty, trust, integrity, creativity and teamwork, Windsor has demonstrated a robust track record of delivering reliable, consistent and strong risk-adjusted returns. For more information, visit www.windsorgp.com.
SOURCE Greenwin Corp.
AlbertC
Superstar
Windsor joins Greenwin, Intentional to redevelop T.O.’s Palace Arms
Windsor Private Capital has joined Greenwin and Intentional Capital in a partnership to redevelop downtown Toronto’s historic Palace Arms Hotel into a purpose-built rental multifamily building.
renx.ca
Heritage elements will remain
The existing building’s principal facades — along with its brick masonry, window openings, roof lines and masonry chimneys — will be conserved and rehabilitated as part of the redevelopment.
“We are still working through the Heritage Conservation Plan with the city and we don’t view this as ‘forced,’ ” Kupinsky wrote.
“All of the partners are supportive of maintaining great architecture in their developments wherever possible, preserving the city’s heritage and leveraging the existing design elements for the residents and community at large.”
There’s a King streetcar stop in front of the building, which is within walking distance of Liberty Village, Trinity Bellwoods Park, Lake Ontario and the financial district.
The proposed development is going through the site plan approval process. It’s expected all approvals will be in place and construction will start in 2024.