Daily insights for city builders, delivered every morning at 6 AM ET. I’m Brandon Donnelly — a Toronto-based real estate developer and founder of Globizen. I’ve been writing here since 2013.

Tag: slate

  • One Delisle is a BILD Awards finalist for Project of the Year

    BILD just announced its finalists for the 2021 BILD Awards.

    This is probably the most noteworthy awards program in the development industry here in the Greater Toronto Area. And so I am pretty excited to announce that One Delisle is a finalist for the following awards:

    • Project of the Year, Mid/High-Rise (Pinnacle Award)
    • People’s Choice Award (Voting Opens August 2021)
    • Best Suite Design, Large — West Penthouse Residence
    • Best Innovative Suite Design – Sky Collection Suite

    The full list can be found over here (PDF). All of the finalists’ work is also going to be posted on the BILD Awards website before the end of this week.

    The actual winners will be announced this fall at the Awards Gala on October 7, 2021. I’m not sure if it has been decided yet whether it will be in person or online, but we all know that in person would be much better. Let’s hope that will be the case.

    Given the good news, our office decided that it was probably a good idea to make a few margaritas this evening:

    Whatever the end result, we are thrilled to be a finalist.

    We are also a past recipient of the “Best Innovative Suite Design” award, which was given to our House Collection of suites at Junction House. So I guess we like working our floor plans.

    Congratulations to the full One Delisle team. This is well deserved.

  • Essential food logistics

    Blair Welch, co-founding partner of Slate Asset Management, was recently interviewed by Don Wilcox of RENX about the company’s recent acquisition of the Commercial Real Estate Business of New York-based Annaly Capital Management. As part of the deal, we also acquired $0.4 billion of grocery-anchored real estate assets across the US. These were purchased by Slate Grocery REIT (TSX: SGR.UN). What some of you maybe don’t know, though, is how we as a company view these kinds of assets as being essential food infrastructure, more so than as being retail assets. So here are a few excerpts from the article and quotes from Blair that explain why, in our view, this distinction matters.

    “We started buying grocery-anchored real estate in a big way in the financial crisis and I think we always looked at grocery-anchored real estate as food logistics, rather than a retail play,” Welch explained. “In the pandemic it’s really proven the local food store, or the spoke in the hub, is just as valuable as the hub itself.”

    Despite an increase in online grocery shopping (to about 10 per cent in the U.S.), people are still going to the stores. Or, at least, (are) getting their products from the local stores. Again, think “food logistics.”

    “That (10 per cent bought online) means 90 per cent is done in store,” Welch observed. “Now, here’s the interesting thing. Over 90 per cent – probably closer to 95 per cent – of the online sales are done at the local store.

    “So what we are saying is over 99 per cent of all the sales are done at the local stores, whether it is click and collect, or someone delivers. You are not changing the distribution pattern.”

    Here are a few more words and a comparison to what Amazon is and has been doing when it comes to food logistics:

    “If I’m Kroger or Walmart if I have to pay $10 (per square foot) for my warehouse what’s the difference if I’m paying $10 for my store? It’s the same cost, they just look at it as a distribution cost,” he said.

    However, those stores are in the middle of most neighbourhoods. Exactly where Amazon wants to be.

    “I think Amazon is an amazing company. I think their acquisition of Whole Foods and others is actually to get closer to the consumer. And the Whole Foods (acquisition) was just under 400 grocery stores in a market of 35,000 stores.

    “If I am Walmart with 5,000 stores or Kroger with about the same under different banners, that infrastructure is extremely valuable.”

    Slate will soon own more of it.

    For the full article, click here.

  • One Delisle approved at Community Council

    Back in March of this year, which seems like a very long time ago, I wrote about how One Delisle came to be and how City Planning at the City of Toronto were recommending approval of its development application. Well today I am thrilled to announce that, after two deferrals, these recommendations were adopted (with some amendments) by Toronto and East York Community Council. Though it will still need to go through City Council on July 28, 2020, this milestone is a big deal for the project. It’s now time for the next chapter in this story. So stay tuned. For those of you who are new to One Delisle and would like a bit of background, here is a good place to start.

  • Slate Asset Management raises €250 million in third European real estate fund

    The below press release went out this morning. It’s a good news story that shows the resiliency of grocery and food logistics.

    On a related note, Slate Retail REIT also recently announced that, as of April 14th, it had already collected 80% of April rents and was outperforming the industry. At that time and based on industry feedback, the REIT estimated that a number of retail strip center landlords were seeing April rent collections in the range of 40-50%.


    TORONTO and LONDON, April 23, 2020 /CNW/ — Slate Asset Management (“Slate”), a leading alternative asset management platform with a focus on real estate, announced today the final close of its Slate European Real Estate Fund III (“Slate Europe III”). Consistent with its predecessor funds, Slate Europe III will target grocery real estate assets in Europe. The oversubscribed closed-end fund exceeded its target size of €200 million and closed at its hard-cap of €250 million.

    “During this unprecedented time of market disruption, we are pleased to close Slate Europe III at its hard-cap and are thankful for the confidence investors from diverse geographies continue to place in us as Slate expands its presence across Europe,” said Brady Welch, Slate’s London-based Founding Partner. “We have been investing in last-mile logistics for some time and are proud to launch our third fund in the European grocery real estate space since 2016, a feat that underscores our commitment to the sector and validates the importance of last-mile solutions in the grocery real estate market.”

    Since December 2016, Slate has completed a total of 250 grocery property acquisitions in Europe comprising over 450,000 square meters of gross leasable space. Slate has European offices in London, Frankfurt, Dublin and Luxembourg.

    About Slate Asset Management

    Slate Asset Management is a leading real estate-focused alternative investment platform with over $6.5 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

    For Further Information
    Investor Relations
    +1 416 644 4264
    ir@slateam.com

    SOURCE Slate Asset Management L.P.

  • birdO, StreetARToronto, and Slate unveil new 10-storey mural at Yonge and St. Clair

    This blog has been a little too serious as of late. So here’s something fun. Last week, Toronto street artist birdO, StreetARToronto, and Slate Asset Management unveiled the new 10-storey mural that I wrote about last month. The large-format art piece is part of the City of Toronto’s StreetARToronto Monumental Program and our (Slate’s) ongoing effort to do things that are great and remarkable at Yonge and St. Clair. Below are some photos of the mural by Riley Snelling. I love how these turned out (birdO in his bird mask, of course, helps make them).

    For the full press release, click here.

    Photos: Riley Snelling

  • We are hiring

    We are looking to hire a Project Coordinator to join the Development team here at Slate Asset Management in our Toronto office.

    This is an ideal position for someone who is passionate about development and cities; who wants to be part of an entrepreneurial and growing team; and who is able to be hands on and take ownership over what they do.

    The Project Coordinator would work closely with the full Development team and support all aspects of project delivery from acquisition to exit/stabilization. Eventually, we want this person to lead a portfolio of their own development projects.

    We’re looking for someone with the following skills and characteristics:

    • Demonstrated passion for city building, design, and urban affairs
    • Experience in real estate and/or development
    • Understanding of planning & land use policies, development finance, and design & construction (though, the right attitude and work ethic goes a long way)
    • High energy, with the ability to thrive in a fast-paced entrepreneurial environment while at the same time being extremely detail oriented
    • Strong communication skills, both written and verbal (well-reasoned opinions are crucial)
    • Proficiency in Excel, SketchUp, CAD/Revit and other relevant software considered an asset
    • Degree(s) in related field(s)

    If you’re interested after reading all of this, please send your resume and cover letter to brandon@slateam.com. Your short cover letter should include why you want to work at Slate, as well as your favorite recent development project (it can be anywhere in the world but make sure to include why).

    Alongside this, we would like to see a link/URL that helps us get to know you better. This could be your Twitter or Instagram, a personal blog, a portfolio, or something else that represents who you are. If you don’t have any of these, well then you’ll have to get creative.

    Thanks for your interest.

  • Slate announces minority investment from Goldman Sachs

    On Monday, Slate Asset Management announced a minority investment from Goldman Sachs Asset Management’s Petershill Program. This is great news, so here’s a copy of the full press release that went out.


    Toronto, August 19, 2019 – Slate Asset Management L.P. (Slate), a leading alternative asset management platform with a focus on real estate and real assets, today announced a passive, non-voting minority equity investment from Goldman Sachs Asset Management’s Petershill program, creating a strategic relationship with one of the world’s leading investment managers and positioning Slate for future success. The transaction will have no impact on the control or decision making of Slate. The day-to-day operations and management of Slate will remain unchanged.

    The investment provides capital that Slate will use to enhance its platform and increase its GP investments in current and future businesses and investment vehicles, further strengthening the firm’s alignment with its clients and investing partners.

    The investment accelerates Slate’s goal to build the leading independent alternative investment platform in real estate and real assets. As part of the transaction, Slate Founders Blair and Brady Welch have made a long-term commitment to the business.

    To date Slate has completed over $11 billion of transactions across Canada, the U.S. and Europe, through multiple vehicles spanning co-investments with global institutional partners, private equity funds and publicly-traded Real Estate Investment Trusts.

    “This investment in our platform is an endorsement of our people, our strategy and our future,” said Brady Welch, co-founder of Slate. “For our investors and our team, this is excellent news; our strategy and model remain the same, and we can now benefit from our new relationship with Goldman.”

    Blair Welch, co-founder of Slate, added that: “Since we started Slate nearly 15 years ago, we have showed that we can build tremendous value by providing our investors with a unique perspective, focusing on the fundamentals of the assets we acquire and delivering hands-on management that is innovative and creative. With our new relationship with Goldman Sachs, Brady and I are enthusiastic about what all of us at Slate can accomplish together over the next decade and beyond.”

    “Slate Asset Management is an incredibly innovative, dynamic real-estate focused alternative asset management platform,” said Robert Hamilton Kelly, Managing Director, Goldman Sachs Asset Management Petershill program. “We are big believers in the strategy, the team and the model. We are excited to partner with Slate as they work to capture the opportunities before them.”

    About Slate Asset Management

    Slate Asset Management L.P. is a leading real-estate focused alternative investment platform with over $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

    About Goldman Sachs Asset Management’s (GSAM) Petershill Program

    The Petershill program is managed by GSAM’s Alternative Investments & Manager Selection (AIMS) Group, which provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. With investments in over 20 asset management firms, the Petershill program provides strategic capital to mid-sized asset management firms and has raised over $5 billion of commitments since inception. GSAM is one of the world’s leading investment managers with more than $1 trillion in assets under supervision globally as of June 30, 2019.

    For more information:

    Slate Asset Management
    Katie Fasken
    416-583-1785

    Goldman Sachs
    Patrick Scanlan
    212-902-5400

  • Junction House Sales Gallery — Now Open

    We just received a bunch of photos back of our Junction House Sales Gallery. So today is photo day on the blog. (Thank you Dialogue 38 for coordinating these.)

    Here’s the front “gallery” area. The artwork hanging on the wall is by local artist, Leeay Aikawa. Her work is terrific. You can see this space as you walk along Dundas Street West.

    Here is the model suite pavilion and main reception area (evening shot). The bar area is absurdly long. It was designed to accommodate beers from Indie Ale House down the street.

    Dialogue 38, the designers of the space, really wanted the model suite to be a “pavilion” — something akin to Mies van der Rohe’s Barcelona Pavilion. So here’s the ramp that takes you up and inside.

    Finally, here’s the model suite. The kitchen is by Scavolini. And the backsplash is a penny tile.

    The sales gallery is located at 2720 Dundas Street West and is now open every day of the week except Tuesdays. The hours are 1PM to 7PM during the week and 12PM to 5PM on the weekends.

  • Canadian minimalism

    I have one more note to share this week about Junction House and then I promise we’ll be back to regular scheduled programming. Below is a copy of the press release that went out yesterday afternoon. It includes a few more renderings for the project.

    ————————————

    October 11, 2018 (TORONTO) – After unveiling plans for a Studio Gang-designed tower at Yonge and St. Clair earlier in the summer, Slate Asset Management enters the fall market with a new mid-rise condo offering in the Junction. Designed by acclaimed Canadian architects, superkül, and emerging local interior design firm, Dialogue 38, Junction House further solidifies Slate’s approach of leading with design and city building when it comes to residential development.

    “We invest in designers because we believe in design innovation,” says Brandon Donnelly, VP of Development for Slate Asset Management. “For us, good design moves beyond aesthetics and actually solves problems and creates value for people. We want to empower each of our collaborators to come up with bold ideas, as well as think beyond our individual projects and consider the broader community.“

    Sited at 2720 Dundas St W, just as the road begins to bend, Junction House is conceived as a new gateway into one of Toronto’s most vibrant neighbourhoods. The ambitious design brief challenged superkül and Dialogue 38 to define a Canadian brand of minimalism that at the same time reflects the historic material palette and creative energy of the Junction community.

    “One of our inspirations was picking up on Scandinavian and Japanese approaches to minimalism, but through the lens of the Junction. What would that look like? How could we make sure our homegrown brand of minimalism is seen as approachable and in keeping with the neighbourhood?” says Donnelly. “We also really wanted to look at multi-storey suites – which eventually became The House Collection – and explore how we could replicate the single-family experience in a boutique mid-rise format,” he adds, citing the influx of families into the Junction and the need for new residential options in the city more broadly.

    “The building was designed from the inside out,” says Andre D’Elia, Principal at superkül. “We focused on the suites because, ultimately, that is where people are going to live and spend most of their time. We didn’t just design a nine-storey building, we designed 144 homes that occupy the same built form.”

    When it came to the exterior cladding, D’Elia says the focus was on reflecting the immediate context, while elaborating on the details. “We immediately thought of red brick, which is prevalent in the neighbourhood, and ended up cladding the first five storeys of the building with it. In order to add a sense of movement we staggered and angled the brick columns to play with light and shadow. We’re also introducing some old-world brick-coursing to add visual interest and mirror the local context.”

    Dialogue 38 was tapped for the interiors after Donnelly visited a café designed by the firm in the east end of downtown. “Their work is what motivated us to reach out, because it seemed to get the Canadian minimalist sensibility we were after,” explains Donnelly.

    Bennett Lo, Founder of Dialogue 38, says his approach was to focus on delivering design that would last. “We’re all influenced by trends and lifestyle, but our designs need to stand up against time. How do you produce something that is going to have immediate appeal and provide its own kind of interest, without feeling dated in a few years? The idea was to strip the design back and focus on the essentials, while at the same time incorporating aspects of the area. The suites and common areas will have smooth concrete ceilings and warm touches of wood throughout – and the lines are clean and open.”

    The nine-storey building will also feature an expansive lobby that doubles as a co-working space, as well as a gym that draws on the warm materials of the suites and common areas. Lo says the design of the amenity space is optimized to encourage active use. “We focused on the amenities that we know people use, and spent our energy crafting spaces that embody the spirit of the building. The benefit of a boutique mid-rise is the opportunity to extend your living space in to the amenity spaces, and provide moments of social engagement in the building.”

    “We’re a short walk to the UP Express station at Bloor, which can take you downtown in less than 10 minutes. That proximity gives us an opportunity to have a dialogue between the Junction and the rest of the city. The proposed sign marks the Junction’s location and lets you know where you’re going, but also, where you should be,” says Donnelly.

    Junction House offers 1, 2, and 3-bedroom suites, as well as its signature House Collection, ranging from 500 sq. ft. to over 1,500 sq. ft. and starting from the $400s. To register visit: JunctionHouse.ca

    Press Contact:

    Vakis Boutsalis, kg&a

    Vakis@kga-inc.com / 416 537 0954 / 416 578 1741

    About Slate Asset Management L.P.

    Slate Asset Management L.P. is a leading real estate investment platform with over $6.0 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

  • Reintroducing Junction House

    Today we released the above rendering for Junction House and announced that sales will begin this fall.

    144 condominium homes. A mix of 1, 2 and 3 bedroom suites, including our Two-Storey House Collection and our Laneway House Collection. Prices starting in the $400s.

    One of our partners also happened to serendipitously send me this Globe & Mail article today talking about the increasing demand for and shortage of mid-rise housing:

    “The market is substantially undersupplied in mid-rise,” said Mr. Hildebrand, who notes that mid-rise projects in the GTA [Greater Toronto Area] were just 31 of 2017’s new launches, accounting for 3,833 units (12 per cent of the total).

    Stephen Price, CEO of Graywood Developments, went on to say this in the article:

    “There’s a huge appetite for medium density in Toronto. Many don’t want to live in the downtown core, this buyer is more interested in being in a community and there is a greater propensity to buy larger more livable units.”

    Given the huge influx of inquiries we received today after the above announcement was made, I would say that feels right. And our focus at Junction House is very much on “larger and more livable.”

    If you’re at all interested in a new home at Junction House, I would encourage you to get on our priority list, here.