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

  • Introducing Stephen Avenue Place

    Today, the Slate Canadian Real Estate Opportunity Fund I announced a new name for its 40 storey tower at 700 2nd Street in Calgary: Stephen Avenue Place

    It also announced that it has partnered with Oliver & Bonacini Hospitality and Concorde Entertainment Group to create three new dining destinations at the property: a top floor restaurant, a food hall, and a high-energy restaurant/bar/patio at street level.

    Here are a couple of excerpts from today’s press release:

    Stephen Avenue Place offers 620,000 square feet of rentable space at the nexus of the historic Stephen Avenue Walk and 2nd St. This classic of the Calgary skyline will undergo a significant renovation – from its public-access ground floor to exclusive tenant amenities and top-floor restaurant – that will reposition it as a modern hub for energy, innovation, business, dining and shopping.

    The acquisition and renovation of Stephen Avenue Place is part of Slate’s growing investment in Calgary. In the past 18 months, Slate has increased its footprint in Calgary to 2.3 million square feet with the purchase of 21 office properties, including 12 downtown.

    “We are thrilled to acquire and develop such a high-quality property in downtown Calgary that offers businesses, diners and shoppers the very best in location, amenities and access,” said Slate founding partner Blair Welch. “Stephen Avenue Place will undergo an extensive renovation to fully reflect the way we work and live now, while respecting and celebrating its history and future as a Calgary landmark.”

    For the full press release, click here. And to learn more about Stephen Avenue Place, including leasing opportunities, click here.

    Disclosure: As many of you already know, I work for Slate Asset Management L.P. I am responsible for the company’s ground-up development efforts.

  • Studio Gang’s first project in Canada

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    This evening Slate Asset Management hosted the community meeting that I’ve been writing about on the blog over the last little while. 

    And at this open house Jeanne Gang of Studio Gang introduced a new block plan and mixed-use building at the southwest corner of Yonge Street and Delisle Avenue in midtown Toronto.

    I think it went really well. We had over 200 people RSVP, but based on my imprecise head count, over 300 people actually showed up. 

    I would tell you more right now, but it’s very late. So I’m going to instead leave you with this article by Alex Bozikovic, titled, Studio Gang’s new Toronto tower follows the right recipe: tall, innovative and excellent.

  • Introducing the new Corktown Plaza

    This evening Slate hosted a pre-application community meeting in Corktown, Hamilton, where we presented our proposed design for the redevelopment of Corktown Plaza

    There was a short presentation by Slate, GSP Group, CORE Architects, and Janet Rosenberg and Studio, and then we shifted to an open house format where members of the community could speak directly with all members of the project team.

    Below are a few of the project renderings, all completed by our friends at ADHOC Studio

    imageimageimageimage

    The proposed design includes fine grain and large format retail spaces and a 9.5m pedestrian setback along John Street South (rendering #2 and #3); grade-related family-oriented townhouses on Young Street and Catharine Street South (rendering #4); and two 100% rental towers (31 and 34 storeys) to be built over two phases.

    The other notable feature is a mid-block pedestrian connection that will run from John to Catharine and become an important place for local public art. The plan is to work with the community and Councillor Jason Farr to run a separate engagement process for this component of the project. We want to work with local artists. If you have any suggestions, please send them over.

    Here, here, and here are what some people had to say about the proposal on Twitter. Thanks to everyone who attended this evening.

  • IBI launches Smart City Sandbox

    This morning I was at 55 St. Clair Avenue West for IBI Group’s annual general meeting. And at this meeting their CEO, Scott Stewart, officially launched a new accelerator called the Smart City Sandbox

    Here is a description of what that is taken from a press release that was also published this morning:

    The Sandbox is a smart city-themed accelerator, focused on bringing innovative new products and systems to urban environments that improve the quality of life for residents. A technology hub that supports small-and medium-sized enterprises (SMEs), as well as entrepreneurs and start-ups, the Smart City Sandbox will operate out of a designated space at IBI Group’s Toronto headquarters, be open to global applications, and officially open doors with its first smart city-themed cohort in September 2018.

    And here is a photo from this morning:

    Slate Asset Management is proud to be a founding partner of the Smart City Sandbox and we’re thrilled that it will live at Yonge + St. Clair in midtown Toronto. 

    Our role is to provide our domain expertise as asset managers and developers, and to offer participants in the program access to real-world building systems and data from our holdings in the area.

    For more info, go here.

    And if you were at (or listening to) the meeting this morning, I’m sure you noticed something that we talk a lot about on this blog. To thrive today, virtually every company now has to think and act like a technology company. IBI Group is doing precisely that.

  • Slate closes on $1.14 billion asset portfolio

    Today, the Slate Canadian Real Estate Opportunity Fund I closed on a 6.2 million square foot portfolio that it previously announced it was acquiring from Cominar Real Estate Investment Trust for approximately $1.14 billion.  

    The portfolio includes office, retail, and industrial properties in the GTA, Atlantic Canada, and Western Canada. This brings Slate Asset Management’s total assets under management to over $5 billion.

    Great work team Slate.

  • Introducing Junction House

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    Earlier this week I posted this teaser photo on social (full photo above) and said to stay tuned for a big announcement. Well, that announcement is here and you can read all about it over on the Globizen blog. Please let me know what you think in the comment section below.

  • New Slate website

    Earlier this week, we (Slate Asset Management) launched our new website. You can check it out at slateam.com. It’s now much clearer who we are and what we do. (There’s also a neat drone video of the Toronto skyline.) 

    On the landing page and in the very first tab (What We Do) it shows our different business lines: Private Equity, Institutional Separate Accounts, and Public. This is all about matching the right capital to the right real estate.

    Lots of people in our office worked very hard on this website and so I’m excited to share it on the blog. Let me know what you think in the comment section below. You can also subscribe to the Slate newsletter here and follow on Twitter here.

  • Studio Gang joins effort to re-imagine Yonge + St. Clair

    Today I am excited to announce that we (Slate) have retained Studio Gang Architects to design a new mixed-use residential tower at Yonge + St. Clair in midtown Toronto. 

    Alex Bozikovic was first to break the news in the Globe and Mail, but you can now also read about it at UrbanToronto.ca, in ArchDaily, and likely some other places.

    Here is something I said to Alex that we feel strongly about:

    “We’re considering the whole community,” Donnelly says. “By thinking of city-building rather than individual tower buildings, it opens up new possibilities.”

    This is particularly true because of Slate’s broader position at Yonge + St Clair.

    And here is something that Stefan Novakovic wrote over at UrbanToronto.ca that we were happy to read – thank you:

    With no renderings, no precise indication of height, scale, or programming, and no hint at the building’s aesthetic—yet—it’s already a lock to be one of Toronto’s most anticipated upcoming developments. That’s because Studio Gang is no ordinary firm.

    I’ve also pasted the full press release at the bottom of this post. 

    One thing you may notice is that we’ll be hosting a public consultation later this spring. This will be before we submit anything to the city. It’s part of our research and information gathering phase, and it will be used to inform the ultimate design.

    I’ve been admiring Studio Gang’s work from afar for well over a decade. So it’s personally very exciting to be starting work with them on an actual project. We are thrilled about this announcement and I hope that many of you are as well.

    Image: Folsom Bay Tower, San Francisco

    —————————————————————

    Slate Asset Management commissions acclaimed architecture practice’s first building in Canada

    March 10, 2017 (Toronto)—Slate Asset Management announces it has selected internationally celebrated architecture practice Studio Gang to design a mixed-used tower at the south-west corner of Yonge and Delisle. The announcement is the latest in a series of high-profile commissions by Slate, including an eight-story mural by international street artist Phlegm. The project will be Studio Gang’s first building in Canada, and is part of Slate’s overall effort to reimagine Yonge + St. Clair through the use of public art, world-class design, vibrant streetscapes and open spaces.

    “Yonge + St. Clair is on its way back. Having occasion to bring Studio Gang’s first project in Toronto to the neighbourhood signals to the rest of the city that we would like to create something special here,” says Brandon Donnelly, Vice President of Development at Slate Asset Management.

    The announcement comes just as Studio Gang Founding Principal, Jeanne Gang, is set to receive a 2017 Honorary Fellowship from the Royal Architectural Institute of Canada (RAIC) in May. The Honorary Fellowship is the latest in a series of accolades for Gang including a 2011 MacArthur Fellowship and the Architectural Review’s 2016 Architect of the Year.

    “As our practice’s relationship with Canada grows, we’re excited to explore Toronto and to understand the unique DNA of the Yonge + St. Clair neighbourhood,” says Jeanne Gang. “We hope to design a building that will strengthen relationships within the neighbourhood and the city.”

    Based in Chicago and New York, Studio Gang is widely recognized for elevating the urban environment while building connections between people and their environments. This ethos is visible throughout Studio Gang’s diverse portfolio, which includes Aqua Tower in Chicago, Folsom Tower in San Francisco, and 40 Tenth Avenue along the Highline in New York—each of which emphasizes connections between people, the city, and nature.

    With a practice rooted in research, engagement, sustainability and the innovative use of materials, Studio Gang will work with Slate to host a public consultation later this spring to gather community input prior to a design submission to the city. The final building will be primarily rental, with retail space at grade, in keeping with Slate’s long-term vision for the area. And while the design for the building is not finalized, Donnelly says a couple of decisions have already been made.

    “It’s not going to be a typical all-glass tower,” says Donnelly, citing a need to introduce material variety into Toronto’s ever-booming skyline. “We want to push boundaries in terms of sustainability and building efficiency, which means we are thinking carefully about the building envelope and its materials.”

    The decision to commission Studio Gang was made after an exhaustive selection process emphasizing design methodology, site context, and Slate’s aspirations for world-class architecture and a fresh vision. Yonge + St. Clair is a transit-rich node with a subway and dedicated streetcar tracks. At the same time, the dense urban realm is a short walk from some of the city’s most beloved neighbourhoods and a ravine system, offering direct access to quiet green space. This juxtaposition of natural and built environments will serve as an inspiration for the project.

    “There is a hill that crests at Yonge + St. Clair, which means the build site acts as both a pedestal and a view terminus from way uptown,” says Donnelly, detailing another unique advantage of both the site and the neighbourhood. “The challenge will be to develop a building worthy of being showcased, but we feel confident that we have the right team in place to do just that.”

    Over the last four years, Slate has purchased ten properties in the area, including all four corners of the intersection at Yonge and St. Clair. The Studio Gang commission will be the first ground-up tower in the area by Slate, marking a unique collaboration that combines global experience and high design with a serious investment in the neighbourhood. The area’s transformation kicked-off last summer with the introduction of the eight-story mural by Phlegm.

    Gang is being honoured at the RAIC/OAA Festival of Architecture in Ottawa, May 24–27. She will be named an Honorary Fellow of the College of Fellows of the Royal Architectural Institute of Canada and will deliver the keynote address at the festival.

    -30-

    For more information and images please contact kg&a
    Vakis Boutsalis
    Vakis@kga-inc.com
    416-537-0954

    About Slate Asset Management L.P.

    Slate Asset Management L.P. is a leading real estate investment platform with approximately $4.0 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.

    About Studio Gang

    Founded by MacArthur Fellow Jeanne Gang, Studio Gang is an architecture and urbanism practice based in Chicago and New York. Known for creating innovative buildings that enhance the public space around them, Studio Gang has completed award-winning projects such as the Aqua Tower and Nature Boardwalk at Lincoln Park Zoo in Chicago, Illinois, USA, and the Arcus Center for Social Justice Leadership in Kalamazoo, Michigan, USA. The Studio is currently designing towers in Chicago, San Francisco, New York, and Amsterdam. In addition, Studio Gang is currently engaged in cultural and educational projects across the Americas, from the new United States Embassy in Brazil to the expansion of the American Museum of Natural History in New York and a consolidated campus for the California College of the Arts in San Francisco. In 2016, Studio Gang was recognized as Firm of the Year at the Architizer A+ Awards and Jeanne Gang was named Architect of the Year by the Architectural Review. Visit www.studiogang.com to learn more.

  • PHLEGM video

    This past summer I wrote about the 8 storey mural (by street artist PHLEGM) that was about to go up on the side of a Slate building at the corner of Yonge + St. Clair in midtown Toronto.

    Well, that mural is now complete. It’s been in the news a bunch over the past couple of months, both locally and internationally. designboom (they’re allergic to capital letters) wrote about it last month.

    In case you missed all that press and/or you’d like to learn more about the process, here is a video that the STEPS Initiative published last week. It’s 5 minutes. If you can’t see the video below, click here.

    [vimeo 185861345 w=640 h=360]

    The STEPS philosophy of creating public art in unlikely urban spaces is a hugely interesting one. It’s really the antithesis of the white-walled art gallery.

  • What I’m doing next

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    A number of you have asked if I’m moving to New York. I can see why that was inferred from some of my posts, but that was actually not my intention. I am not moving to New York. (Sorry New York friends. I’ll visit soon.)

    Toronto is home base. I hope it’s clear how much I love this city. Sure, I’m a big fan of New York and Miami and Vancouver and Berlin and Tokyo and Jackson (to name some of the places I have on my phone’s weather app), but I made a deliberate choice to station myself here.

    Because unlike some of the other industries I write about on this blog, city building is hyper local. What I do involves the built environment. And that doesn’t generally happen via a laptop on a beach in Bali (at least not for extended periods of time).

    It happens by being on the ground, interfacing with local communities, meeting face-to-face with the city, and poring over drawings with smart people who know far more about their respective disciplines than I ever will. It is a collaborative and local effort. It’s about getting into the details.

    And so to be successful in this business, I think it helps to find a home and take long bets. I’m not saying that I will never work on projects in other cities (I have and I would), but I am saying that I’m not moving to New York right now and that home remains Toronto.

    On that note, here’s what I have to tell you. Later this year I’ll be joining Slate Asset Management as VP of Development.

    A bit about Slate:

    Slate is one of the most active acquirers, owners, and managers of real estate in Canada right now. Founded in 2005 by two brothers (Blair and Brady), Slate has over $3 billion of assets under management across over 16 million square feet and over 130 properties.

    All of this is done through four main investment vehicles: 

    1) The first is Slate Advisors. It acts on behalf of and alongside private institutional investors — such as Greystone.

    2) The second is Slate Office REIT (TSE:SOT.UN). It is a pure play Canadian office REIT focused on downtown and suburban properties all across the country.

    3) The third is Slate Retail REIT (TSX:SRT.U). It is a pure play REIT entirely focused on grocery-anchored U.S. retail properties. (Remember how many times I’ve written on this blog about how grocery has one of the lowest online shopping penetrations?)

    4) And the fourth: Slate is also starting a grocery-anchored retail platform in Germany. It is similar to #3, except that it’s in Germany.

    Most recently, Slate has been in the news because of the position it has taken at Yonge + St Clair in midtown Toronto — a perfect example of “finding a home and taking long bets.” Slate, in partnership with Greystone, owns all 4 corners of the intersection and about 60% of the properties along the St. Clair corridor.

    Here’s a diagram of those Slate buildings:

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    In case you didn’t put two and two together, the 8-storey mural I wrote about two weeks ago is going up (right now) on the side of a Slate building (1 St Clair Avenue West — shown above). The British street artist known as Phlegm is doing it.

    Up until today, the focus of Slate has largely been on acquiring undervalued / overlooked real estate and creating value through re-leasing and overall repositioning. That will certainly continue. But given what I do, I am sure you can posit what’s also next.

    I’m genuinely excited to be joining such a talented group of real estate professionals. As I mentioned last week, I wasn’t in the market for anything new. I was heads down working on cool projects. But life happens. And Slate quickly demonstrated to me that the incredible success they have seen to date is precisely because of how progressive, nimble, and entrepreneurial they are.

    On that note, I have “one more thing” to share today.

    In parallel to all of this, and with the support of Slate, I am also starting a boutique city building company called Globizen. The name is derived from Global + Citizen.

    The objective is to build a company that embodies everything I write about on this blog. I want it to be lifestyle and design-driven. I want it to leverage technology to improve the way that cities and the building industry operate. And I want it to function as a vertically integrated real state + design firm, focused on sustainable urban infill development. Think of it as city building by and for the responsible global citizen.

    It’s still early days, but the thinking is that this new platform could compliment the larger Slate platform in some way. It’s too early to say how exactly, but everyone is open to having those discussions. And that’s what matters at this stage.

    I am going to end with a quote. It’s by Partner and Co-Founder, Blair Welch:

    “On all of our deals we have had people say ‘can’t’ to us. They say ‘Can’t be done, can’t do that, can’t raise money, etcetera.’ At Slate, we don’t do ‘can’t’ well.”

    I like that a lot. So here’s to finding a home, taking long bets, and not saying can’t. Onward my friends.