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Distrikt, Alterra partner on 2-tower Oakville development

Distrikt Capital and Alterra are partnering on the development of two 31-storey condominium tower...

3064 Trafalgar

A rendering of 3064 Trafalgar Rd. in Oakville. (Courtesy Distrikt Capital)

Distrikt Capital and Alterra are partnering on the development of two 31-storey condominium towers at 3064 Trafalgar Rd. in Oakville.

Distrikt acquired the greenfield site in 2017 for an undisclosed price from an unnamed private individual and took it through the entitlement process.

The two buildings will combine for more than 700 units, with about half of them being one-bedroom and one-bedroom-plus-den and the remainder divided among two-bedroom, three-bedroom and penthouse suites. Sizes will range from about 575 to 1,200 square feet.

The condos are expected to go on sale early in Q2 2023 and prices won’t be revealed until closer to that time. Sales are expected to be completed in three to six months, according to Alterra president and chief executive officer Rob Cooper, who anticipates a construction period of from 40 to 42 months after that.

Amenities for the project will include a gym, a studio athletic centre with sauna and hot tub, co-working space and a pet washing area.

The two condos back onto a ravine with trails to provide outdoor recreation, but they’re still within walking distance of grocery and department stores while offering easy access to Highways 403 and 407 and public transit.

“Trafalgar is a natural transit and growth artery that has been designated to meet a part of Oakville’s population and economic growth targets for intensification,” Distrikt vice-president of real estate development Marcus Boekelman told RENX.

Second joint venture for Distrikt and Alterra

Toronto-based Distrikt is an integrated real estate investment manager, asset manager and developer focused on residential real estate in the Greater Toronto Area (GTA). Its portfolio exceeds five million square feet of property under development and construction.

Alterra has been developing and marketing a range of residential buildings for nearly half a century. The Toronto-based company has more than 4,000 units under construction or in advanced stages of development.

The joint venture is the second for Distrikt and Alterra after they first joined forces in March 2021 to develop an assembled three-acre site at 1500 to 1536 St. Clair Ave. W. near Caledonia Road in midtown Toronto.

That proposed 752-unit development received final zoning approval this week and Cooper expects sales to launch sometime next year.

Boekelman previously worked at Alterra for five years and has maintained a strong relationship with his former employer.

“Having previously worked with Alterra, we know that it will bring tremendous value to this project and others that we partner on,” said Boekelman. “We share the same core values and passion for building and creating communities.”

The partnership agreement for 3064 Trafalgar Rd. between the two companies was concluded recently after being worked on for several months once Alterra expressed interest in coming on board.

“Alterra will be shepherding the construction management initiatives on-site as we get closer to construction while Distrikt will continue to push things along on the development entitlement side of things,” Distrikt director of investments Cory Capland told RENX.

Oakville is a desired development market

Distrikt has been active in Oakville with Trailside, a master-planned community featuring two condo towers and townhomes, where sales are underway.

More projects in the town of more than 200,000 on the shore of Lake Ontario, 40 kilometres west of Toronto, are in the planning stages.

“There’s strong demand to live in Oakville, which is consistently recognized as one of the best communities to live in nationally,” said Boekelman.

“This is a community that’s an ideal place to raise a family if you’re starting out or retiring. There’s been notable migration from Toronto’s urban core to Oakville and the town has committed to meeting economic and population growth targets.”

“We did a lot of low-rise home-building in Oakville back in the ’80s and ’90s and we’re happy to be back in that area,” said Cooper, who hopes this development will be the first step towards a growing multiresidential presence in Halton Region.

“The location, the design and everything about it fit our interest in starting to look outside of 416 for multires opportunities. It’s getting harder and harder to find quality sites in downtown Toronto and we felt this was an opportunity.

“We’ve always liked the West End of the GTA and Oakville is a great community. We’re very familiar with it from our years working in that area and it made sense for us to go back. We still have a lot of contacts there in the building industry.”

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