Toronto 149 College | ?m | ?s | Alignvest Student Housing

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A new student housing development coming on College Street (with a faint hope for some better architecture than some of the others).​

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Alignvest Student Housing REIT invests in partnership to acquire property in Toronto, Ontario for re-development​

NEWS PROVIDED BY
Alignvest Student Housing REIT
06 Nov, 2023, 07:30 ET

TORONTO, Nov. 6, 2023 /CNW/ - Alignvest Student Housing Inc. ("Alignvest") is pleased to announce that Alignvest Student Housing REIT ("ASH REIT"), through Canadian Student Living Group Limited Partnership, has entered into a partnership with Northwest Value Partners Inc. to acquire 149 College Street in Toronto, Ontario ("149 College Street"), with plans to rezone and develop the property into a mixed-used, high-rise property that will include student housing. Currently, 149 College Street, also known as The Stewart Building, is a six-storey, 43,118 square foot building situated on 0.62 acres, fully leased to the University of Toronto. 149 College Street is centrally located in downtown Toronto, on the south border of the University of Toronto campus, and in close proximity to the Mars Discovery District and numerous hospitals along University Avenue, as well as public transit.

Sanjil Shah, Managing Partner of Alignvest, said, "We are excited to be participating in the redevelopment of 149 College Street. This is an exceptional opportunity to build much-needed facilities in the heart of the Mars Discovery District for institutional, commercial and residential uses, including housing for students attending the University of Toronto, Canada's largest post-secondary institution, with the property ideally located across from the university's main entrance."

About Alignvest Student Housing Real Estate Investment Trust
Alignvest Student Housing Real Estate Investment Trust is an unincorporated open-ended real estate investment trust formed under the laws of Ontario pursuant to a Declaration of Trust to own income-producing purpose-built student accommodations located in Canada. ASH REIT offers trust units on a continuous basis pursuant to an offering memorandum on a private placement basis by qualified dealers to investors resident in any province or territory of Canada who qualify as "accredited investors". ASH REIT has made arrangements to offer the units through the investment fund order system, Fundserv.
 
149 College is this building:

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Which they'd better not touch, except to restore!

Aerial View:

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There is arguably some room to integrate an addition, but not much,

It's to the north of the school yard for the most part, but that south-eastern flank could have shadow issues if built on.

The Stewart building is historically designated.

I'm looking at those very tight confines to the east and west as well in respect of separation distances if you did flank the heritage building at all.

This seems like a very peculiar purchase if taken on its own.

The footprint of the former TDSB building to the east is better suited to conversion or intensification, but that building and the warehouse on McCaul (both owned by U of T) heritage-listed.

While Orde St. School to the south is historically designated.

.
 
Interesting! Any guesses on height? The fact that they are just west of a 50+ approval and a subway station I will wager at least 40..
 
rdaner said:
Interesting! Any guesses on height? The fact that they are just west of a 50+ approval and a subway station I will wager at least 40..
Click to expand...

I rather hope they've made a terrible mistake and they have to take a write-down on this and build nothing.

****

Seriously though, the separation distances to the adjacent buildings are not appropriate for a tall building.

From the heritage building to the TDSB is ~14M; maybe ~17M to the office complex.

I'm baffled by this one.

The existing foot print isn't large, is only about 20x34 (the building).

I assume they have something very creative in mind, either that or very stupid.
 
Ok,

This is what I think:

1699282508664.png


I think they're going for the entire long/narrow parking lot area, and zero separation w/the office, because is windowless at these levels.

There are some issues here like that HVAC plant; and the fact the University facing building has labs that are sensitive to vibration.

But if construction were to occur here simultaneous to the project on the building next door, I could see that being worked out.

If I'm correct that will be one super-odd footprint.......something like 11M wide x 70M long.
 
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Good points! I bet that this might be part of a larger assembly and that a variety of uses in addition to student housing are contemplated.
 
rdaner said:
Good points! I bet that this might be part of a larger assembly and that a variety of uses in addition to student housing are contemplated.
Click to expand...

The only property that might be available, in theory, is the adjacent site on University.

The rest of the block is owned by U of T or the TDSB.

I could see U of T trying to do a redevelopment of the old TDSB HQ. But I haven't heard anything about that at this point, and the heritage listing does complicate that.
 
www.alignveststudenthousing.com

Properties - Alignvest Student Housing

Our Properties We acquire high quality assets in tier-1 Canadian university markets Visit Canadian Student Living for leasing inquiries or further property information myRez on Lester: Waterloo, ON Waterloo, Laurier 455 8 min 3 min 18-storey, 91 units 5 bedroom private suites Fully furnished...
www.alignveststudenthousing.com

Looks like they made this their first property based out of Toronto. Their portfolio were mainly secondary markets.
 
New Renx article on this one:

renx.ca

NWVP, Alignvest buy T.O.’s Stewart Building, plan redevelopment

Northwest Value Partners Inc. and Alignvest Student Housing REIT have acquired The Stewart Building in downtown Toronto, with plans to rezone and develop it into a mixed-used, high-rise property that will include student housing.
renx.ca renx.ca
 
I painted on the fifth floor of this building back when my old alma mater was still called OCA and this was a 'new' satellite campus for the school. Great building. I worked security there too for some extra scratch. The interior had been changed many times over by then but that exterior was always charming. I too am dreading what fate awaits this address.
 
This is a phenomenal building by architect EJ Lennox (Casa Loma, Old City Hall) that has quite the storied history. It was originally built for the Toronto Athletic Club and had lots of interesting features like a subterranean swimming pool and a double-height space on the top floors with a suspended circular running track. After a period of financial mismanagement from the Athletic Club, the building was acquired by Toronto Police Services and converted to a police precinct and ultimately purchased by the Ontario College of Art, and then Rotmans School of Management. Aside from its stunning exterior, not much remains inside, except for the spacious volume of the upper-floor level.

Several potential buyers have kicked the tires on this property over the years but none have found a way to squeeze a viable tower without mutilating the Stewart Building. IMO, it's a property that could be appropriate for some modest infill, but should otherwise not be touched.
 
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I wonder if the Edwardian pool in the basement and the two storey space at the top are still there or salvageable?!
 
Hi: So went to the Toronto Archives for my morning walk to see what they had. Not much on the original building but a log from 1931 renovation to convert from school to police uses. Shown are the pool in the basement as well as the top floor double height classrooms.

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So
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