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Landa acquires Toronto redev. site from KingSett for $81M

First GTA property for Vancouver-based firm; plans 3 condo towers in initial phase

Landa Global Properties has acquired 2075 Kennedy Rd., in Toronto from KingSett Capital. It plans to continue with an existing plan for a multi-phase, mixed-use redevelopment. (Courtesy Landa Global)
Landa Global Properties has acquired 2075 Kennedy Rd., in Toronto from KingSett Capital. It plans to continue with an existing plan for a multi-phase, mixed-use redevelopment. (Courtesy Landa Global)

Landa Global Properties has closed on its first Toronto property, the $81-million acquisition of 2075 Kennedy Rd. from KingSett Capital, which is slated for a major redevelopment.

Vancouver-based Landa plans to transform the 6.46-acre Scarborough site, currently occupied by a 200,000-square-foot office building and a parking lot, into a multi-phase, multi-tower project.

“I think Toronto is an amazing market that we have actually been observing for a very long time,” Landa chief executive officer Kevin Cheung told RENX. 

The 2075 Kennedy Rd. site is Landa’s first outside of British Columbia and was driven by the opportunity to develop a complete, large-scale, mixed-use, master-planned community in an area in need of additional housing, he said. 

Half the site is currently rezoned and approved for three residential towers, with more to come in a second phase. Landa is working with City of Toronto officials on a site plan application for the first phase and a rezoning application for the second. 

Three condo towers planned for first phase

The current plan includes three condominium towers of 31, 34 and 36 storeys, with an affordable housing component, in Phase 1. A total of 920 units are planned. 

The proposed development will also feature 20,688 square feet of public park space, indoor and outdoor amenity spaces, street-front retail and second-floor office space.

Phase 2 will include additional residences and amenities. 

KingSett had been using BDP Quadrangle as its architect as it was going through the rezoning process, but Landa has hired IBI Group as its architect for the project.

The existing office building will remain in place for now, at least until the rest of the site goes through the rezoning process. Cheung said the site isn’t in a strong office node and there are significant vacancies in the building.

Area is growing in popularity

Cheung wants to move forward with the project as soon as possible after receiving site plan approval for the first phase, with the goal of launching sales next year and construction to follow shortly thereafter.

It’s too early to talk about timelines for the second phase at this point, he said.

The area around 2075 Kennedy Rd., which is just north of Highway 401, offers retail, green space and public transit accessibility. It has previously attracted the attention of other developers.

Tridel’s Metrogate project, with seven sold-out towers with 2,580 units, and Kingdom’s nearly completed KSquare, with two towers and 644 units, are nearby.

“The whole area is up-and-coming, and we see this as a great opportunity in terms of demand,” said Cheung.

Other Landa developments

Landa’s completed Vancouver-area projects include Boldon Fraser, Chateau Laurier, Main & Twentieth and Cascade City

Sales are underway for 1818 Alberni, a Rafii Architects Inc.-designed 21-storey mixed-use condo with 54 luxury suites located near Vancouver’s Stanley Park.

Landa plans to launch sales in Q1 2023 for Lucent, a 26-storey condo with more than 400 studio, one-, two- and three-bedroom units and more than 16,000 square feet of indoor and outdoor amenity spaces in downtown Surrey.

Landa will also build two residential towers and its first hotel across the street from the Richmond Olympic Oval, near Cascade City, on a 3.5-acre site in Richmond.

Landa and Asia Standard Americas partnership

Landa and Asia Standard Americas are partnering on the Robert A.M. Stern Architects-designed 1400 Alberni, which will be comprised of 43- and 48-storey condos set to be the tallest Passive House residences in the world.

Passive House is a standard for buildings that are energy-efficient, comfortable, affordable and ecological through innovative sustainable design.

The 646,000-square-foot development in downtown Vancouver will have 451 suites.

Landa and Asia Standard Americas are also partnering on the SOM-designed 1650 Alberni, a 208,336-square-foot mixed-use condo with more than 170 suites near Stanley Park.

Both 1400 Alberni and 1650 Alberni have longer time horizons than Landa’s other projects.

“We're still very bullish on the Vancouver market and the Greater Toronto market for the long term,” said Cheung.

“We are still actively looking for more projects in Vancouver as well as Toronto.” 

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