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The construction boom in Canada is still going strong and show no signs of slowing down. A growing number of projects are ramping up, and aim to meet the rising demand for more mixed-use commercial real esate and more multifamily in the midst of a supply shortage.
The latest CRE redevelopment projects include a multifamily residential in Greater Victoria’s Esquimalt and a 3.3-million-square-feet redevelopment at the Concorde Corporate Centre in Toronto.
A Mid-Rise Multifamily Development in Esquimalt
Denciti Development Corp. has acquired three properties in Greater Victoria’s thriving community of Esquimalt, with a plan to provide it with much-needed rental housing.
A single-storey commercial building at 820 Esquimalt Road and two residential properties behind it at 833 and 837 Old Esquimalt Road will be converted into a mid-rise multifamily residential building.
The details are yet to be finalized after the rezoning application, but the building should stretch over 95,000-97,000 square feet. It will provide various amenities in and outside of the building.
The project is perfect for the growing community, as more people are looking for affordable rental housing. The housing prices in Greater Victoria keep increasing, and Esquimalt’s apartment vacancy rate has dropped to 1.4%.
Once the project is completed, new tenants will have access to retail shops, convenience stores, parks, schools, and an expansive trail network with connections all across the Greater Victoria region.
Mixed-Use Redevelopment in Toronto will include 9,000+ SF of Retail Space
The Concorde Corporate Centre redevelopment in Toronto is Fengate Asset Management latest project. The company acquired the office complex for $114 million and proposed a rezoning application to convert it into five residential and mixed-use buildings.
The complex currently has three office towers and spans 7.7 acres. The proposed mixed-use redevelopment includes a 3.3-million-square-feet residential space with 4,086 units, a 9,052-square-feet retail space, and 4,704-square-feet community space. A new public street and two new parks spanning 39,719 square feet are part of the proposal.
Once completed, the project will create a mixed-use, mixed-tenure, and mixed-income community that will provide the tenants with numerous opportunities. It will offer access to a wide range of lifestyle amenities, neighbourhoods, and Toronto’s downtown via public transit systems.
Summary
The multifamily development in Esquimalt and the mixed-use redevelopment of Concorde Corporate Centre in Toronto are two out of several CRE redevelopment projects that are happening. These projects will provide Canadians with more housing and employment options. As the country continues to open up, more CRE investment opportunities will be available.