- What KingSett spent $80m over roughly five years for retrofits to five properties
- Why Demand is rising for sustainable, low-carbon real estate
- What next Valhalla Village is billed as first zero-carbon affordable housing in GTA
KingSett Capital has spent $80m over five years to retrofit five properties nationally to the point that they offset their carbon emissions, and the total cost for its first zero-carbon affordable-housing project is $300m, Green Street News can reveal.
The 3.6m sq ft portfolio that KingSett renovated encompasses four properties in Toronto:
- 40 King Street West. The 1.6m sq ft skyscraper totals 68 storeys. It was built in 1989 and converted to zero carbon in 2020.
- 100 Yonge Street. An 18-storey, 248,000 sq ft building completed in 1989 and brought to zero carbon in 2023.
- The Fairmont Royal York, at 100 Front Street. The landmarked hotel spans 1,3m sq ft and has 1,347 rooms. Built in 1929, it reached zero carbon status in 2023.
- 1235 Bay Street. The 98,000 sq ft building was developed in 1972 and converted last year. It has 10 storeys.
The final property is Arthur Erickson Place, at 1075 West Georgia Street in Vancouver. The 26-storey tower, built in 1968, totals 355,000 sq ft and was retrofitted in 2023.
In addition to the capital already spent, KingSett is progressing on construction of Valhalla Village, at 300-304 The East Mall in Toronto. The company bills it as the first affordable net-zero development in the GTA. Phase one will deliver 494 units across 442,000 sq ft, with 35% of rentals designated as affordable housing.
The total cost of the project, which has not been previously reported, is expected to be nearly $300m. No price is yet known for the second phase, set to add 641 more units over 521,000 sq ft. That phase also will target a zero-carbon certification when its design is finalized.
KingSett founder Jon Love said the Valhalla Village project took five years just to secure permitting approval, underlining the regulatory barriers facing sustainable housing in Canada — even when projects deliver both environmental and affordability benefits.
Love told Green Street News that KingSett remains committed to helping solve the housing crisis and to carbon-zero conversion as well as new builds.
Aliyah Mohamed, chief capital officer at KingSett Capital, said: “Our current goal is to complete at least one zero-carbon conversion or new build annually.”
Canada’s first LEED- and zero-carbon certified multifamily complex was completed in June 2024. The 28-storey tower in Terrebonne, Québec, is now on the market for $100m, or $456,000/unit.
