A Toronto high-rise development property at the intersection of Adelaide Street West and Charlotte Street has been acquired by Fengate Asset Management following a receivership sale.
Fengate announced the acquisition of 46 Charlotte St., 16 Oxley St., and 355 Adelaide St. W. on Tuesday morning. The 13,725-square-foot property in the Entertainment District currently contains a heritage-listed six-storey building and the most recent development proposal for the site includes retaining portions of the structure.
Zoning and site plan applications are “in progress” according to Fengate.
The most recent proposal for the site is to redevelop it with a 48-storey tower which would include about 400 multiresidential units, as well as commercial and retail space.
In an email exchange with RENX, Fengate managing director and group head of real estate Jamie McKenna said the firm is reviewing the proposal.
“We are reviewing opportunities to enhance the existing proposal to maximize the positive impact of the development to the surrounding community,” she wrote.
The current project would include a podium incorporating some aspects of the existing 28,000-square-foot structure and comprise about 328,000 square feet of floor space. The existing building links back to the expansion of Toronto’s garment industry in the 1920s and 1930s, which drove the revitalization of the area, according to information from Fengate.
“On behalf of our investors, Fengate is pleased to acquire this centrally located, historic site in downtown Toronto. The project will offer future residents contemporary living spaces and modern amenities right in the heart of the Entertainment District,” McKenna said in the announcement.
“This acquisition is aligned with Fengate’s highly focused investment strategy to develop large urban residential sites that support the growth of communities in transit-oriented nodes.”
No financial details about the transaction were released.
The Adelaide/Charlotte/Oxley location
Fengate is managing the investment and development on behalf of its investors, including the LiUNA Pension Fund of Central and Eastern Canada.
“The site on Charlotte and Adelaide is a unique opportunity to simultaneously pay homage to Toronto’s entrepreneurial history and address the future housing needs of our growing city,” said Andrew Konev, Fengate’s senior vice-president, development, in the release.
“The proposed development will introduce new clients to businesses in the area and will provide housing options to a talent pool looking for convenient access to the world-class employment opportunities in the nearby Financial District and the expanding tech node of the area.”
He told RENX no timeline is available for the development.
The property has strong walk, transit and bike scores, which will be enhanced by the construction of the future Queen and Spadina station on the Ontario Line rapid transit line a short walk away from the proposed development.
Currently, the Osgoode and St. Andrew subway stations are both less than 800 metres from the site. There is also access to the dining, retail, entertainment, fitness and lifestyle amenities along nearby King and Queen Streets.
This acquisition expands Fengate’s downtown Toronto development portfolio, which also includes Natasha The Residences and a proposed development for the Rail Deck District.
The Charlotte/Adelaide site was one of eight potential development locations across the Greater Toronto Area and Southern Ontario, formerly owned by Go-To Developments Holdings, which had been listed for sale after being placed into receivership in December 2021.
This property was listed by Colliers, while the other seven sites scattered across the GTA, St. Catharines, Hamilton and Niagara Falls were listed through CBRE’s Land Services Group.
KSV Restructuring is the court-appointed receiver for the proceedings.
About Fengate Asset Management
Fengate Asset Management is an alternative investment manager focused on real estate, infrastructure and private equity strategies.
With offices in Canada and the U.S., Fengate is one of the most active real asset investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, has been developing and managing real estate assets since 1974.