Trinity, Timbercreek partner on two Toronto developments
January 28th, 2020
The partnership has unveiled plans for two Toronto properties from the Main + Main portfolio, which they joined forces to acquire in early 2018. One is located at the southwest corner of Queen and Bathurst Streets and the other is at the northwest corner of Bloor and Dundas Streets.
The two companies bought 16 Ottawa and Toronto properties during that transaction.
“We found a capital partner with expertise that complements ours,” said Trinity president and chief executive officer Fred Waks, who joined the company in early 2015 after serving as president and chief operating officer of RioCan REIT. “This partnership makes so much sense in today’s world, and it’s why we’ve both been able to utilize our resources to get things done and move swiftly.”
Waks believes retailers want to be in Toronto neighbourhoods with population density and live, work and play opportunities.
“We realized that this is the next evolution of retail,” he told RENX. “I’m doing as many food stores right now as when I was doing neighbourhood shopping centres, because everybody recognizes that they want to be close to transportation and close to density in terms of residential.”
Trinity was launched by John Ruddy in 1992 and has created more than 25 million square feet of retail space across Canada in large-format and community shopping centres and mixed-use projects.
Timbercreek was founded in 1999 and has $10 billion in assets under management.
Bloor and Dundas
The proposal for the Bloor and Dundas site is to build a 25-storey, Core Architects-designed condo with 206 one-bedroom, 87 two-bedroom and 34 three-bedroom units and 8,000 square feet of retail where an empty, two-storey commercial building stands.
It would include a two-level underground garage with parking for 100 cars and 337 bikes.
An application from the previous owner to build a 27-storey condo on the site was turned down due to height concerns.
However, the neighbourhood is intensifying with additional public transit and Choice Properties REIT’s proposal for a large master-planned development to the southeast.
Waks expects to receive feedback from the city in March or April and a 2023 opening has been targeted.
“We looked at it as an iconic corner that probably provides the best access to transit next to Union Station,” said Waks. “We believe it will become the gateway to the Bloor-Dundas area.”
Queen and Bathurst
The Queen and Bathurst site is occupied by Hone Fitness, Tim Hortons, Loft Urban Salon, The Paddock Tavern, Pizza Pizza and A-Six Foods. Timbertrin plans to build an eight-storey, Teeple Architects-designed building with 30 studios, 13 one-bedroom, 18 two-bedroom and seven three-bedroom condominium units on top of 13,700 square feet of street-level and basement retail.
The Queen and Bathurst streetcars both stop at the corner, so the developers are proposing a building with no parking for cars, but 80 bicycle parking spaces.
Waks expects City of Toronto representatives to look at comments on the proposal in mid-February. It’s hoped the condo will open in 2024.
Future developments for Trinity
While it’s too early to reveal details, Waks said Trinity has numerous other proposed developments in the final stages of entitlement for which it hopes to begin construction during the next one to two years.
Waks said Trinity also expects to do more deals in partnership with Timbercreek and will continue to take off-market acquisition opportunities to its partner for consideration.
“We’re certainly making sure that we’re satisfying their needs and they are responding accordingly.”
Source: Renx; by Steve McLean January 28, 2020