Fengate Asset Management has closed on the acquisition of a “landmark purpose-built rental development site” in Toronto’s Etobicoke neighbourhood, 4-10 Beamish Dr. The Toronto-based firm intends to start construction of a 44-storey tower at the site in 2026.

The transit-oriented site is located near the Kipling transit hub.

Fengate will manage the investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (‘LiUNA’) and another Canadian pension fund which it has not identified.

Financial details of the transaction have not been released. Another Toronto-based developer, Amdev Property Group, had been developing the project which was designed by Graziani & Corazza Architects. Brook McIlroy was the planning and landscape architect. 

“We are proud to partner on another development that will introduce more high-quality, purpose-built rental homes to the city and create jobs for skilled trades workers,” said Joseph Mancinelli, international vice-president and regional manager for Central and Eastern Canada, and board chairman at LiUNA, in the announcement Monday morning.

“Through each new project, we are advancing LiUNA’s mission of building up stronger communities and enhancing the quality of life for Canadians while generating positive financial returns for the members of LiUNA.”

RENX has been in contact with Fengate requesting additional details about the transaction and development. We will update this article with any new information we receive.

Site zoned for 509 residential units

The site is zoned for a 509-unit residential tower, which will offer a range of apartments from studios to three-bedrooms. Fengate describes the project as a “community-focused living experience in one of Toronto’s most rapidly transforming neighbourhoods.”

4-10 Beamish is a land assembly of several former residential properties, and the tower had originally been proposed as a condominium development.

Located at the intersections of Dundas Street West, Bloor Street West, and Kipling Avenue, the site offers direct access to TTC subway lines, GO Transit and MiWay bus services, providing access to the entire Greater Toronto Hamilton Area.

4–10 Beamish Dr. is one aspect of the region’s Six Points Redevelopment Plan, a City of Toronto initiative which aims to improve roadways, pedestrian and cycling infrastructure, and create mixed-use destinations such as the new Etobicoke Civic Centre, which includes a library, art gallery, childcare centre, and recreation facilities. 

The plan also adds over 12,000 square metres of new parkland, including Dunkip Park, and features a district energy system for near-zero emissions.

Fengate's development activity and pipeline

“This development represents a significant step forward in our commitment to delivering dynamic, transit-connected rental housing in vibrant urban communities,” said Jaime McKenna, the president of Fengate Real Estate, in the announcement. “With its proximity to major transit, retail, and civic amenities, 4–10 Beamish Drive is poised to become a cornerstone of the Six Points neighbourhood revitalization, creating more jobs and bringing more homes to Toronto’s housing market.”

4–10 Beamish Dr. will target the Toronto Green Standard for sustainable building design and LEED Silver certification.

Fengate has three residential developments in construction through the first half of 2025 and another three planned to begin construction before the end of the year. The firm has a pipeline of over 25,000 residential units to be delivered over the next 10 years.