Photo Credit: Pixabay
The Canadian commercial real estate (CRE) market’s growth doesn’t seem to be slowing down. According to several sources, Canadian CRE executives are optimistic about 2021. A survey by PwC/ULI shows that 83% of the Canadian respondents believe that 2021 will be an excellent year for real estate investments, as oppose to 55% of the US respondents.
This is why one of the latest of the numerous CRE investments comes from Oxford Properties, a Canadian multinational corporation investing in real estate, development, and property management.
Oxford’s plan is to redevelop the Canada Square in midtown Toronto by enriching it with a massive mixed-use complex. The $2.0 billion Canada Square project started in 2017, but just recently got the green light and could begin construction in 2023 if everything goes to plan.
The New and Improved Canada Square
The Canada Square features 9.2 acres, most of which are parking spaces. Oxford plans to turn half of the square into a landscaped outdoor space and parkland for the community while adding five mixed-use towers to the other half.
The tower, sitting on 3 million square feet of space, will house offices, condos, and street-based retail. The two commercial buildings will be spread over more than 650,000 square feet, while the three residential buildings will bring 2,700 new residential units.
Meeting the Growing Demand for Multi-Family Housing
The corner of Yonge Street and Eglinton Avenue has become known as the “Young and Eligible,” thanks to a surge of young people flocking to the neighbourhood in recent years. It’s one of the liveliest parts of midtown Toronto, where new residential and commercial units keep popping up.
The ongoing pandemic has lowered the demand for urban living a bit, but it’s bound to spike again once the pandemic is over. Oxford and its partners are confident it will, given their $2 billion bet on urban living.
Still, the demand for multi-family housing remains high, as most people are now working from home. The new mixed-use complex with four residential towers will successfully meet the demand for dense downtown living.
The community space will accommodate many useful amenities, such as a public plaza, a central courtyard, parking garages, and a bus depot. It will also accommodate many community services, including a recreation centre and a daycare centre.
Oxford’s Other Redevelopments in the Works
Oxford Properties has been one of the key players for increasing urban density in Ontario for years. The company is planning more redevelopments, one of which is in downtown Toronto.
The $2.7 billion Union Park project aims to redevelop a space of 4.3 million square feet in the heart of the city’s Entertainment District. Instead of a convention centre, the space will feature offices, condos, and retail, just like Canada Square.
Summary
Thanks to numerous profitable opportunities, Ontario keeps attracting avid CRE investors. The new Canada Square by Oxford Properties is only one example of the CRE investments that are in process.
It’s one of the most highly anticipated investments in the Canadian CRE market, as it promises to create an entire community with jobs, essential amenities, a highly-needed open space, and transit improvements. A win-win investment if all continues to go as planned.