Toronto’s Concorde Corporate Centre office complex could be transformed into a large mixed-use community if its owners get approval for a 3.3-million-square-foot redevelopment.
Fengate Asset Management, on behalf of the Labourers’ International Union of North America’s LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), acquired the 7.7-acre property from Artis REIT for $114 million last November. The property currently consists of three office towers at 1 and 3 Concorde Gate and 12 Concorde Place on a site north of Wynford Drive just east of the Don Valley Parkway in North York.
“We acquired Concorde Corporate Centre with the intention to assess the development objectives that make the best sense for the neighbourhood, the planning framework and pension holders,” Joseph Mancinelli, LPFCEC chair, LiUNA International vice-president and regional manager for Central and Eastern Canada, said in an email interview with RENX.
Fengate is managing the investment and redevelopment proposal on behalf of LPFCEC. They require a zoning bylaw amendment and a draft plan of subdivision to accommodate the proposed development, which would see the demolition of the existing structures and construction of five residential and mixed-use buildings comprised of nine towers ranging from 40 to 52 storeys.
Size and scope of proposed development
The rezoning application proposes 4,086 dwelling units and 3.3 million square feet of residential space, 9,052 square feet of retail and 4,704 square feet of community space at grade. The proposed development also includes two new public parks located at the north and south ends of the site, comprising 39,719 square feet, and a new public street.
“We believe this proposal goes a long way to help balance the much-needed equilibrium between supply and demand in the Canadian housing market, particularly that of Toronto, by bringing more than 4,000 new residential units to the market in an area with major transit infrastructure currently under construction, the Eglinton Crosstown LRT, proudly built by members of LiUNA and workers across the skilled trades,” Mancinelli wrote.
Upon completion of the Eglinton Crosstown LRT, the property will provide pedestrian access to the downtown core via its connections to GO Transit and Toronto Transit Commission routes. The final stop of the proposed 15.6-kilometre, 15-station Ontario Line subway track, at the Ontario Science Centre, is located within a kilometre of the site.
The location also offers convenient pedestrian access to residential neighbourhoods, amenities and green space, as well as vehicular access to Highway 401, the Don Valley Parkway and the Gardiner Expressway.
When asked if the multiresidential buildings would be purpose-built rental apartments, condominiums or a mix of both, Fengate senior vice-president of real estate development Andrew Konev wrote that he envisions “a mixed-use, mixed-tenure and mixed-income community to provide much-needed housing options.”
Regarding current corporate leaseholders, Konev said Fengate “will respect all lease term obligations and is working closely with our valued Concorde Corporate Centre tenants to respond to all inquiries following our development application.”
Konev said his team will work closely with City of Toronto staff, community members, business improvement areas and the local city councillor regarding its proposal through the approvals process.
Construction of the new complex would be executed in phases over several years.
LiUNA and Fengate
LiUNA has half-a-million members across North America, including more than 140,000 in Canada, who predominantly work in construction.
The LPFCEC was established in 1972 and is one of the fastest growing multi-employer pension funds across Canada. Its diverse investment portfolio has more than $10 billion in assets.
Fengate Asset Management is an alternative investment manager focused on infrastructure, private equity and real estate strategies. It has a total asset value of more than $20 billion and offices in Toronto, Oakville and Houston.
Fengate Real Estate is involved with more than 75 properties and investments. The completed value of its portfolio is more than $9 billion and it has more than $4 billion in value under development.