RioCan Real Estate Investment Trust Announces Partnership in Masterplan Community at Queen & Coxwell in Toronto
TORONTO, April 29, 2021 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced a new mixed-use project (“QA Masterplan”), located at Queen and Coxwell in Toronto. This project is to be developed in a 50/50 partnership with Context (together with RioCan – the “Partners”) and in collaboration with the City of Toronto and Toronto Community Housing Corporation (“TCHC”). QA Masterplan will contribute to the revitalization of the neighbourhood and address different levels of housing affordability with housing types ranging from condominiums to market and affordable rental units. The condominium component (“QA Condos") has achieved 88% of pre-sales in line with projections.
Steps from the waterfront of Lake Ontario and Ashbridges Bay in Toronto East, the 3.5 acre site at Queen and Coxwell is located between the highly coveted Leslieville and the Beaches neighbourhoods. The thoughtfully designed QA Masterplan will include:
- Developing a new building to replace the TCHC’s existing 120 apartment units on the site, which will be retained and owned 100% by TCHC;
- Adding new residential space consisting of 367 new condominium units, 183 market rental units and 50 affordable rental units, as well as 32 affordable rental units that will ultimately be sold to the City upon completion at a pre-determined price; and
- Building ~16,000 square feet of new podium retail space.
“We are very pleased to be playing a part in creating a new community that will provide much-needed housing for all income levels and introduce vital retail amenities to serve this growing neighbourhood. The significant progress on condominium pre-sales at this up-and-coming mixed-used community is a clear indication of its desirability and the demand for this type of product,” said Jonathan Gitlin, President & CEO of RioCan. “This project perfectly aligns with our evolution into Canada’s leading major market, mixed-use focused REIT. It will provide us income and asset diversification through purpose-built rental and will add to our expanding condominium inventory which fuels our FFO and NAV per Unit growth.”
The site is currently owned by TCHC and land title transfer to the Partners is expected in the summer of 2021 upon part-lot severance, at which point the Partners will proceed with demolition activity. In the interim, the Partners have proceeded with the pre-construction phases of the project including condominium pre-sales.