Interesting.... “as big or bigger†than The Well
Toronto’s Diamond a proven city builder
Toronto-based real estate developer Diamond Corp., the driving force behind about nine million square feet of development in the GTA since 2008, can comfortably be described as one of the industry’s best-kept secrets.
The Well’s a good model
Diamond Corp.’s current marquee project, The Well, is a good example of what the company can do as the guiding force of a massive development
The 7 1/2-acre project of residential, office and retail at the northwest corner of Spadina and Front Sts. represents a three-way partnership that includes RioCan REIT (REI.UN-T) and Allied Properties REIT (AP.UN-T).
Diamond Corp. has been responsible for leading the design-development and land-use approval process at the city while the two REITs will be responsible for building out the office and retail components of the project once building permits for Phase 1 are granted, Diamond explained.
For Diamond Corp., The Well represents the biggest component of the company’s second investment vehicle, the Whitecastle New Urban Fund.
Together with the first Whitecastle fund, the company has raised a total of $200 million for development in the form of 52 acres of land acquired and now in various stages of development which will total 9.1 million square feet of real estate for residential and commercial use.
Diamond’s shiny future
The company’s developments are getting bigger and more ambitious: after raising $200 million for its first two funds, it announced this month it has raised $220 million for its third Whitecastle New Urban Fund.
Diamond Corp. financed eight projects with its first fund and six with its second. The company’s president is unsure how many developments the much larger third fund can create, but the betting is on bigger.
“We are working on a very big one now, but I really won’t know if it will close or not until the end of June,†said Diamond. “But if it does, it will make the news, I’m sure.â€
He added the proposal, which would be part of fund No. 3, is “as big or bigger†than The Well and would also be in the city’s downtown core
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http://renx.ca/diamond-corp-s-toronto-success-shows-can-beat-city-hall/