St. Lawrence by Ralph Sobanski on 500px
I have an announcement to make on Architect This City today.
Next week I’m joining the development team at CAPREIT (TSE: CAR.UN) here in Toronto. CAPREIT is one of Canada’s largest residential landlords. They are a growth-oriented real estate investment trust with over 41,839 residential units in major urban centers across both Canada and Ireland.
They also happen to be headquartered in the St. Lawrence Market area, which means I now live and work in the same neighborhood. As we discussed here, location matters a lot.
So here’s to a new chapter. I’m looking forward to diving into the multi-family business. Change is good.
Last week it was announced that Allied Properties and Westbank have acquired 19 Duncan Street in Toronto for $47 million.
The property sits at the southeast corner of Adelaide Street West and Duncan Street (shown above), and includes an existing 61,911 square foot (GLA) office building, 36 surface parking spots, and a laneway (it was specifically called out in the press release).
The plan is to restore the existing heritage building, as well as build additional retail space, office space, and rental apartments. Given the nature of this site and the team behind it, I have high hopes that it will end up a remarkable development project.
It’s interesting to see the continuing interest in rental apartments here in Toronto – which is something I’ve written about before. Up until recently, the development community had almost zero interest in purpose built rental apartment buildings. Now they’re coming back in fashion.
But the other piece that’s interesting to me is the laneway. Below is a photo from Google streetview, showing what I believe is the laneway that the press release is referring to.
As many of you know, I’m involved in a non-profit here in Toronto called The Laneway Project (advisory role only). We want to transform Toronto’s underutilized laneways. And this strikes me as a perfect opportunity to do something really exciting at the corner of Adelaide and Duncan in the Entertainment District.
So if the new owners have any interest in things that are exciting, I would encourage them to get in touch with me or one of the founders of The Laneway Project.
St. Lawrence by Ralph Sobanski on 500px
I have an announcement to make on Architect This City today.
Next week I’m joining the development team at CAPREIT (TSE: CAR.UN) here in Toronto. CAPREIT is one of Canada’s largest residential landlords. They are a growth-oriented real estate investment trust with over 41,839 residential units in major urban centers across both Canada and Ireland.
They also happen to be headquartered in the St. Lawrence Market area, which means I now live and work in the same neighborhood. As we discussed here, location matters a lot.
So here’s to a new chapter. I’m looking forward to diving into the multi-family business. Change is good.
Last week it was announced that Allied Properties and Westbank have acquired 19 Duncan Street in Toronto for $47 million.
The property sits at the southeast corner of Adelaide Street West and Duncan Street (shown above), and includes an existing 61,911 square foot (GLA) office building, 36 surface parking spots, and a laneway (it was specifically called out in the press release).
The plan is to restore the existing heritage building, as well as build additional retail space, office space, and rental apartments. Given the nature of this site and the team behind it, I have high hopes that it will end up a remarkable development project.
It’s interesting to see the continuing interest in rental apartments here in Toronto – which is something I’ve written about before. Up until recently, the development community had almost zero interest in purpose built rental apartment buildings. Now they’re coming back in fashion.
But the other piece that’s interesting to me is the laneway. Below is a photo from Google streetview, showing what I believe is the laneway that the press release is referring to.
As many of you know, I’m involved in a non-profit here in Toronto called The Laneway Project (advisory role only). We want to transform Toronto’s underutilized laneways. And this strikes me as a perfect opportunity to do something really exciting at the corner of Adelaide and Duncan in the Entertainment District.
So if the new owners have any interest in things that are exciting, I would encourage them to get in touch with me or one of the founders of The Laneway Project.
Toronto is the condo capital of North America. For a number of years now, there have been more condos under construction in this city compared to any other in North America, including New York.
But recently the real estate community has become incredibly interested in building multi-family apartments (also known as purpose-built rental buildings). Which is why about 7 months ago I wrote a post called, Rise of rental.
It has been decades since Toronto built rental apartment buildings at any sort of scale. That means that our existing stock is generally pretty old and that condominiums – rented out by individual investors – have been almost exclusively fulfilling the need for rental apartments in this city.
But given that purpose-built rental apartments are on the rise, I’ve been thinking a lot lately about them and about the consumer perspective.
And so here’s my question to you:
If you were looking for a place to rent, would it make a difference whether it was a condominium (rented out by an individual investor) or whether it was a professionally managed apartment building? You can assume that the suite itself is identical.
There are obviously many differences between both forms of tenure, but I’m curious to what extent that factors into the decision making process for consumers. It hasn’t really been an option in recent years, but that seems destined to change.
I hope we can have a discussion in the comment section below.
Toronto is the condo capital of North America. For a number of years now, there have been more condos under construction in this city compared to any other in North America, including New York.
But recently the real estate community has become incredibly interested in building multi-family apartments (also known as purpose-built rental buildings). Which is why about 7 months ago I wrote a post called, Rise of rental.
It has been decades since Toronto built rental apartment buildings at any sort of scale. That means that our existing stock is generally pretty old and that condominiums – rented out by individual investors – have been almost exclusively fulfilling the need for rental apartments in this city.
But given that purpose-built rental apartments are on the rise, I’ve been thinking a lot lately about them and about the consumer perspective.
And so here’s my question to you:
If you were looking for a place to rent, would it make a difference whether it was a condominium (rented out by an individual investor) or whether it was a professionally managed apartment building? You can assume that the suite itself is identical.
There are obviously many differences between both forms of tenure, but I’m curious to what extent that factors into the decision making process for consumers. It hasn’t really been an option in recent years, but that seems destined to change.
I hope we can have a discussion in the comment section below.
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