Alliance REIT Completes Renovation of Pre-war Heritage Building at 404 Spadina Rd
Forest Hill Manor is transformed into modern loft style apartments with condo like amenities while maintaining heritage and architectural elements designed by architect Herbert George Duerr in 1931
TORONTO, Sept. 1, 2022 /CNW/ - Today marks the official completion of work at Forest Hill Manor, a fully renovated pre-war heritage building located at 404 Spadina Rd., offering Torontonians access to 31 modern loft style rental apartments and 4 retail stores in the heart of Forest Hill Village.
Originally designed in 1931, Forest Hill Manor is the only apartment building architect Herbert George Duerr ever designed and so maintaining the special features, including brickwork, ornate design and turn of century gated elevators were central to the project.
"We firmly believe renting shouldn't mean compromising on quality and so we build homes that we would live in," said Hooman Tabesh, CEO of Alliance REIT. "Our focus on quality extends to our neighbourhoods as well. We take underutilized turn of century properties, often heritage buildings, and turn them into boutique, modern, hard loft apartments that add value to the neighbourhood. Forest Hill Manor is a good example of our work."
Forest Hill Manor renovations began in May 2021 and included the modernization of 31 units, including restoring the original turn of century hardwood flooring and heritage features, updating all mechanical elements and building new modern kitchens with stone counters, ensuite washer and dryer and all other amenities expected from a newly built modern condo. Rentals start at $2100 for one bedrooms and go up to $2600 for two bedrooms in one of the most prestigious neighbourhoods in Toronto.
"We have completed the entire project without displacing any of the existing residents or raising rents above guidelines. Our residents appreciate our efforts and we are grateful for their cooperation while the building was under renovation," added Tabesh.
Alliance REIT maintains a portfolio of low-rise boutique buildings located mostly south of St. Clair in Toronto. The Company has provided investors with a 13% YOY return since inception. The building in Forest Hill reflects Alliance REIT's commitment to deliver high quality, elevated boutique living spaces for its residents in desirable and gentrifying neighbourhoods close to the Toronto core.
Established in 2016, Alliance REIT is a Toronto based Real Estate Investment Trust which builds and manages unique multifamily boutique properties in dynamic urban neighbourhoods that attract discerning residents. The company is comprised of a local group of accredited investors, discerning residents, attentive property managers, professional real estate developers and committed community members. Alliance has provided superior returns compared to all major indices including all public REITs since inception. For more information: www.alliancereit.com
Photos available upon request
SOURCE Alliance REIT
Sherry Boisvert (SBC for Alliance REIT), 647-830-8136, [email protected]
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