The Toronto mixed-use condominium project, along Bloor Street West, directly across from the TTC’s Royal York subway station, is in Toronto’s affluent Kingsway neighbourhood. The transaction involves the sale of a 50 percent interest in RioCan’s 2939 – 2943 Bloor Street West property to Fieldgate and the acquisition of a 50 percent interest in Fieldgate’s 2915 – 2917 Bloor Street West property, resulting in both partners having a 50 percent interest in the combined site. The transaction is valued at $180 per square foot buildable density. The net transaction price was approximately $8 million paid by RioCan to Fieldgate, including reimbursement of its share of development costs incurred to date.
RioCan said the combination of the two adjacent sites will allow for a development project of increased scale with greater density allowance and development efficiencies. The project is expected to receive final approvals and initiate pre-sales by year end 2021 followed by condominium sales activity to be launched in the second half of 2022. RioCan will act as retail property manager and Fieldgate as construction and development manager for the project. The company is hoping to start construction in the second quarter of 2023 with completion in 2025.
RioCan said the project expands the company’s growing presence in this highly-coveted area. It is ideally located, situated in the heart of the Kingsway neighbourhood which is recognized as a prime Toronto destination with an abundance of urban amenities. The project will include about 240 units in a seven-storey condo building with about 18,000 square feet of retail at grade.
“This development, along with RioCan’s strategic assembly of three other nearby properties along this Bloor Street West corridor, provides RioCan a unique opportunity to capitalize on residential intensification within this highly attractive node,” said the Trust.
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Two buildings currently on the site will be demolished to build the mixed-use development.