Hazelview Investments and Fitzrovia Announce Co-Development on Bloor & Dufferin
Redevelopment at Bloor & Dufferin to include diverse housing, new public park, community daycare, and best-in-class office and retail space
TORONTO, Sept. 14, 2021 /CNW/ - Today, Hazelview Investments and Fitzrovia Real Estate announce they will be the co-development managers of the community-oriented, pedestrian-first, mixed-use development at 1141 Bloor St. West and 980 Dufferin St. in Toronto. The development is envisioned as a world-class example of urban design that prioritizes vibrant community spaces and the preservation of the neighbourhood's rich heritage components.
"We are honoured to be the stewards of this development especially in a neighbourhood with such a unique heritage," says Michael Williams, Executive Director, Real Estate Development, Hazelview. "This is a truly collaborative effort and the vision for this development will add a significant number of homes to the area, in addition to progressive and diverse housing options with Habitat for Humanity, a community hub and daycare, and opportunities for local artists and entrepreneurs. Capital Developments and Metropia have worked hard to set the stage through rezoning, and we remain steadfast in our commitment to working with the community as we turn this vision into reality."
The masterplan community will include:
- Approximately 2,100 residential suites with a mix of rental and owner-occupied units;
- An 8-storey building with 56 purpose-built units to be conveyed to the City of Toronto, exclusively for public affordable rental housing;
- A 30,000 sq. ft. community hub and daycare located in the historic Kent School;
- A new 38,500 sq. ft. public park;
- 50,000 sq. ft. of office space, 174,000 sq.ft. of retail, and 70,000 sq. ft of amenity space;
- New public and private roads built to improve traffic circulation;
- Potential of an Artists Commons where local artists will have an opportunity to make contributions to the laneways within the community;
- A $17 million affordable housing trust
The development will benefit from direct access to the TTC through a newly constructed below-grade pedestrian tunnel that will connect to the Dufferin Subway Station.
"We remain committed to the guiding principles set forth for this development, including creating a vibrant addition to the existing community that captures the incredible culture and spirit of Brockton Village." says Adrian Rocca, CEO of Fitzrovia. "This starts with preserving the unique heritage elements of the Kent School and Bloor Collegiate." Alberta Investment Management Corporation, which is investing on behalf of its clients and as co-owner alongside Fitzrovia, is also delighted to participate in delivering an exceptional masterplan community.
The site's visioning, and subsequent rezoning were led by Capital Developments and Metropia, with Hazelview as lead investor.
"As we started to think about a higher mix of rental versus condo, it became obvious that the project could benefit from Hazelview, as prime investor and a major rental developer and operator, playing a more substantial role in delivery," notes Jordan Dermer, Managing Partner, Capital Developments.
"Hazelview and Fitzrovia also remain committed to delivering all public benefits as promised including affordable housing, parkland, and a community centre in addition to more rental," adds Todd Cowan, Managing Partner, Capital Developments.
"Hazelview has been a great partner over the last five years, and we look forward to their continued success with the project," says Howard Sokolowski, Chairman and CEO, Metropia.
To learn more about the redevelopment please visit www.bloordufferin.com.
About Hazelview Investments
Hazelview Investments is an active investor, owner, and manager of global real estate investments committed to creating value for people and places. We have an active, hands-on team that helps us find opportunities to invest in sustainable developments and we are committed to fostering the long-term growth of our employees, residents and the investments we make for our clients. Hazelview has a proven track record of property management that spans 20 years, 6 provinces and 25 cities. To learn more visit hazelview.com.
About Fitzrovia
Fitzrovia is a vertically integrated developer and asset manager of rental communities across the Greater Toronto Area with approximately $4 billion of assets under management. Fitzrovia partners with public institutions, pension plans and high net worth investors who have an investment bias towards long term cash flow generating assets. The firm's "build-to-core" strategy is focused on institutional quality development of well-located rental properties near major employment nodes and/or public transit. Fitzrovia places an intense focus on active lifestyle management and offering exceptional customer service to our valued residents. Fitzrovia's customer-first approach means all design and construction decisions are deeply rooted in consumer insights to ensure our resident needs are not only met but exceeded. At Fitzrovia we think differently and build differently.
For more information, please visit www.fitzrovia.ca or follow @FitzroviaRealEstate on Instagram.
SOURCE Hazelview Investments Inc.
Colleen Krempulec, VP Brand Marketing and CSR, Hazelview Properties, [email protected]; Ryan Funt, Director of Marketing, Fitzrovia, [email protected]; Media Inquiries: Melody Gaukel, Proof Strategies Inc., [email protected]
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