“It’s exceedingly rare to find an assembly that can bring together this much land in an infill location in midtown Toronto that lets us put together something special,” Distrikt co-founder and chief executive officer Paul Simcox told RENX in an interview. “It’s not your standard square piece of land that you put a tower on.”
The site was assembled by acquiring seven parcels of land from three different private, long-term owners over more than a year of negotiations. Neither the individual parcel prices nor the total price have been disclosed.
Simcox said Distrikt and Alterra have ties that go back years, one of his employees used to work for Alterra, and the 50-50 partnership on the St. Clair project is the result of a good relationship.
“We’re dividing and conquering to move the site along as expeditiously as we can between the resources we have at each company.”
Development plans for the site
While Simcox said it’s too early to release specific details about plans for the site, it will be a mixed-use multiresidential development. Community consultations are taking place and Simcox said things are on track to submit development applications to the City of Toronto this summer.
“It’s too early to say what the final project will look like, but it’s certainly going to bring much-needed residential supply to this area,” said Simcox.
“This is a great move forward for the area to reclaim these old light industrial lands for a much more desirable and vibrant use.”
The site is immediately adjacent to 30 acres of urban green space at Earlscourt Park and on the western edge of the Corso Italia neighbourhood. It’s on the St. Clair streetcar line.
“We are very familiar with Toronto’s mid-town and core areas having been involved in the new construction and development industry for nearly 50 years and are pleased to partner with Distrikt on this exciting property,” Alterra co-founders Rob and Richard Cooper said in a written statement provided to RENX.
“Our complimentary skill sets have already created new value during the acquisition and early development process.
“We are highly selective in our investments, and in addition to value and location, focus on sites that provide us the opportunity to integrate our experience in developing and building high-quality communities that define urban living.”
Distrikt and Alterra
Distrikt is an integrated real estate investment manager, asset manager and developer focused on residential and commercial real estate in the Greater Toronto Area (GTA).
The company and its execution team, including its Distrikt Developments affiliate, provide services for all primary aspects of the real estate investment and development business, including capital management, acquisitions, site planning and zoning, marketing, sales and construction oversight.
Distrikt’s portfolio exceeds 2.5 million square feet of property under development and construction.
Alterra specializes in mid-rise and high-rise residential properties and has developed, marketed and built communities across the GTA and throughout Ontario. It has more than 3,000 units under construction or in advanced stages of development.