The 26-storey, $130-million apartment complex being built by PCL Construction is located at the intersection of St. Thomas and Charles streets in the Bloor-Yorkville area, near high-end shopping and restaurants as well as two subway lines.
“We view Two St. Thomas as a unique opportunity for a ‘build-to-core’ strategy for rental apartments in one of Toronto’s most desirable neighbourhoods, catering to the market’s strong demand for professional management and security of tenure,” said Bentall Kennedy president and chief investment officer Paul Zemla.
“We believe there is an underserved market for discerning people who choose to rent.”
“Longstanding relationship with KingSett Capital”
“Bentall Kennedy has a deep and longstanding relationship with KingSett Capital and is managing a number of assets for them across Canada,” said Zemla.
These assets include: Eglinton Square Shopping Centre and LuCliff Place Apartments in Toronto; The Lex in Vancouver; Alliston Mills Shopping Centre in Alliston, Ont.; and Driftwood Mall in Courtenay, B.C.
“At Two St Thomas, KingSett sought a partner with a track record of successful development and a best-in-class management platform,” said Zemla. “We are like-minded investors who are looking at this asset as a long-term investment.”
Two St. Thomas’ suites include custom cabinetry with quartz countertops, premium appliances, spacious closets and floor-to-ceiling windows.
“We have also incorporated simple, seamless technologies like destination dispatch for the elevators, keyless entry to suites, and smart thermostats one can control from their smart phone or tablet,” said Zemla. “It’s attention to these details that set us apart.”
Two St. Thomas includes: underground parking; a fitness studio; a 12th-floor outdoor lounge with fireplaces, barbecues and casual seating; a fireplace lounge in the lobby; a dining room with an adjacent gourmet kitchen; a pet spa; 24-hour concierge service; and on-site management by Bentall Kennedy Residential Services.
LEED Gold certification
Two St. Thomas is targeting a LEED Gold certification.
“Bentall Kennedy’s attention to the environmental performance and sustainability of our properties is a core value of the company,” said Zemla.
“Everything from the building’s structure systems to individual fixtures have been selected in this effort. Further, we have integrated parking stalls for electric vehicles, and every suite will have a central ‘master-off’ switch for in-suite lighting.”