- What Fitzrovia launched its first investment via a new $1.1bn fund, The Globe and Mail reported
- Why The pension-plan-backed fund is dedicated to rental housing
- What next Fitzrovia will need to obtain demolition and development approvals for the proposed development
Developer Fitzrovia Real Estate launched its first project backed by a new $1.1bn fund dedicated to rental housing, The Globe and Mail reported.
Fitzrovia’s debut investment from the fund, which is backed by pension plans, will see the development of a 49-storey apartment building in midtown Toronto.
The property, at 135 St. Clair Avenue West, is owned by a German family who has agreed to a 100-year lease with Fitzrovia. Adrian Rocca, founder and chief executive of Fitzrovia, told The Globe that “renting to build rentals” contracts like these are common in Europe but have not been used much in Canada.
The property is occupied by a 24-storey office building that is leased to the Ontario Ministry of Environment. The province does not plan to renew the lease when it expires next year. Fitzrovia has yet to obtain approvals to demolish the existing building and construct the new tower.
The property is near the affluent Forest Hill neighbourhood, and Fitzrovia is targeting young families and downsizers. The developer has proposed 600 units, many of which will be two- and three-bedroom suites. There will also be a rooftop pool, an in-house preschool, an indoor basketball court and a virtual healthcare facility.
