Toronto The Yards | 133.5m | 40s | TAS | Giannone Petricone

TAS partners with Woodbourne on 1,000,000 square foot mixed-use campus in downtown Toronto​

Together, the partners will transform one of the last major redevelopment opportunities in Toronto’s downtown core.

TORONTO, November 25, 2021 – Today, TAS Tecumseth Niagara LP (“TAS”) announced that it has sold a 75% interest in its 2 Tecumseth Street project to Woodbourne Capital (“Woodbourne”). TAS and Woodbourne will co-manage the redevelopment of this zoned five-acre site into a globally leading mixed-use campus that will leverage the power of real estate to drive positive impact. The project is development-ready and a Site Plan Approval application was submitted earlier this month.

2 Tecumseth is centrally located in the South Niagara Neighbourhood, in the heart of Toronto’s arts and entertainment corridor. The site is well serviced by higher-order transit, including a future Metrolinx Ontario Line station under a five-minute walk away at King Street and Bathurst Street. Ample new pedestrian and cycling infrastructure will connect the campus to King and Queen Streets West to the North, the Financial District to the East, Fort York and The Bentway to the South, and Liberty Village to the West.

“We are thrilled to partner with Woodbourne, an established leader in the Canadian multi-family residential space, to transform of one of the last major revitalization opportunities in the downtown core,” said Mazyar Mortazavi, President & Chief Executive Officer, TAS. “2 Tecumseth will be an incredible new community that seeks to embrace the complexities that make neighbourhoods great.”

Highlights from the redevelopment plan include:

  • A four-building mixed-use master planned campus-style community totaling 825,000 square feet of gross floor area
  • The introduction of 920 new homes, including both purpose-built rental and for-sale condominiums
  • The integration of a variety of commercial businesses, employment opportunities and community-serving uses
  • Over an acre of public realm improvements and new parks, including a four-metre-wide bike path along the site’s southern boundary
  • The preservation of key elements of the site’s industrial past
  • A planned geothermal district energy system
  • Construction is expected to start in 2023
As part of a second development phase, TAS will also deliver a mid-rise commercial office building on the same site.

“This project is a once-in-a-lifetime city-building opportunity” said Neil Vohrah, Chief Operating Officer, TAS. “The site housed a municipal turned commercial abattoir since the early 1910s and has historically been closed-off from the vibrant neighbourhood that’s grown around it. We are excited to open it up to the public, deliver on TAS’s impact strategy and create a new iconic destination where people from many walks of life can live, work, learn and connect.”
 
Sales launch for the condos are expected for Q3 or 4 of 2022, and construction to start starts the end of 2022 or early 2023:


TAS sells 75% stake in 2 Tecumseth to Woodbourne​


Nov 29, 2021

2 Tecumseth site plan filed

The development received zoning approval in 2020. TAS recently submitted the site plan for approval and the partners are working to receive the necessary permits to demolish some of the existing buildings on the site of the former Toronto Abattoirs. Some of the buildings will be renovated as part of the project and the smokestack will be retained.

“The current site is occupied by the abattoir. The abattoir will come down, I would say, over the next year. We have to go through the process to get the relevant permits to get that down,” Vohrah said.

“We are undertaking the design development phase right now. We hope to start construction toward the end of next year or early 2023. We intend to launch the sale of the condominiums in Q3 or Q4 2022.”

It will be developed in conjunction with the neighbouring Wellington Destructor project, for which TAS won the right to be the long-term head lessee following a competitive process. TAS is also working on its plans for the former waste incinerator site, with an eye to providing more information in 2022.

“Together with the five-acre Tecumseth site, we’ll have a much larger precinct where we intend to create a destination . . . what we are trying to do here is have a campus feel to it,” Vohrah explained.

“We are going to retain the smokestack. We are designing Building 1, which is a residential building, as an ode to the abattoir. So the abattoir will be taken down, but there will be a lot of elements of that building which will be a salute to the abattoir.

“There is also going to be a mixed-use pedestrian park at the southern boundary of the site, connecting it to the Bentway and the rest of the green space. We’ll also have a lot of publicly accessible private landscaping.”

Phase one at 2 Tecumseth​

The first phase will focus on two residential towers which will contain about 920 residential units – a mix of condos and rental apartments – as well as retail and commercial space. Plans also call for about 400 parking spaces in underground garages.

“Project 1 . . . consists of two buildings, both are new construction. One is a 24-storey residential tower which is primarily going to be a rental tower. Another one is a 31-storey building which will be primarily condominium, but also have some rental components,” Vohrah said.

Both will feature podiums: “The podiums will be a mixed-use development with commercial and retail.”

Accommodation for cultural programming is also being incorporated “so we can deliver our impact objectives and activate the space. We are not trying to create a dead campus, we are trying to bring some life to it so it is more of a destination rather than a place where people just pass by.”

A future phase is to include a mid-rise office building and two more smaller buildings on the site.

Another sustainable aspect to the project will be a geothermal district heating system.

Vohrah said along with the final design details, the partners are completing the budgeting process, so he could not provide an estimated value for the development.

“Both TAS and Woodbourne are committed to created a great community-focused precinct for the community. We both have very strong objectives, not just on creating housing, but on the focus for impact both on the sustainability front and the social front.”
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renx.ca

TAS sells 75% stake in 2 Tecumseth to Woodbourne

TAS has sold a 75 per cent interest in its five-building, 825,000-square-foot 2 Tecumseth development in Toronto to Woodbourne Capital Mgmt. TAS and Woodbourne will co-develop the high-profile site near King and Bathurst Streets in the arts and entertainment corridor.
renx.ca renx.ca
 
AlbertC said:
Sales launch for the condos are expected for Q3 or 4 of 2022, and construction to start starts the end of 2022 or early 2023:


TAS sells 75% stake in 2 Tecumseth to Woodbourne​


Nov 29, 2021



renx.ca

TAS sells 75% stake in 2 Tecumseth to Woodbourne

TAS has sold a 75 per cent interest in its five-building, 825,000-square-foot 2 Tecumseth development in Toronto to Woodbourne Capital Mgmt. TAS and Woodbourne will co-develop the high-profile site near King and Bathurst Streets in the arts and entertainment corridor.
renx.ca renx.ca
Click to expand...

Not to be a downer: Woodbourne is not a very confidence inspiring partner for this project, especially at 75% stake. Based on the *sad* grey window wall happening on their midrises at The Well down the street, the quality here may see some cheapening overall.

I hope they step it up here, but past expirience is all I can base that speculation on.
 
SPA filed - no docs yet

Link: http://app.toronto.ca/AIC/index.do?folderRsn=HxGo4q5EvU0Uo3680+VnOA==

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Wait, what?
 
🎶 Memories… (from the database file)

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42
 
Still mucking around; there are six Arch. files.

So far, very disappointing..........

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Ok.....I take back the word 'disappointing'............its too understated................

What a steaming pile of @#$#

This is up there with some of the biggest Bait and Switches we've ever seen..................

Holy hell this is bad.
 
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smably said:
So who do we blame for this? TAS or Woodbourne?
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Well 75% of the blame would be owned by Woodbourne, while 25% of it would be owned by TAS… who get an extra %75 bonus for selling 75% of the blame to them, for a total of 175%. The math checks out, right?

42
 
@emphur did give us a warning couple weeks ago that we could very well be getting Woodbourned here.

emphur said:
Not to be a downer: Woodbourne is not a very confidence inspiring partner for this project, especially at 75% stake. Based on the *sad* grey window wall happening on their midrises at The Well down the street, the quality here may see some cheapening overall.

I hope they step it up here, but past expirience is all I can base that speculation on.
Click to expand...
 
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