- What Hazelview Investments has sold its interest in a Toronto rental project for $160.8m
- Why Development partner AIMco acquired the stake
- What next AIMco and Fitzrovia will finish the project, slated to open later this year
Hazelview Investments has sold its stake in a three-tower Toronto rental project to development partner Alberta Investment Management Corp. for $160.8m, Green Street News can reveal.
Hazelview and AIMco have been building the nearly complete project, dubbed The Sloane, at 3450 Dufferin Street, alongside developer Fitzrovia. The sale closed on July 29. It is unclear what percentage of the project AIMco now holds.
In September 2022, the three partners obtained a $425m loan from TD Bank.
The development, opposite Yorkdale Mall, initially was pursued by Gupta Group in 2016. Fitzrovia, AIMco and Hazelview acquired the site in 2020 for $86.5m. In 2021, they demolished the Holiday Inn there.
At completion, the property will comprise three towers reaching 24, 28 and 30 storeys with a total of 762 residential rental units. A public park will be built on the grounds.
Amenities are slated to include an infinity pool, a pet spa, a kids’ adventure zone, a wellness centre and a karaoke room. A childcare and preschool facility will also occupy space inside one of the towers.
Cladding on all three towers is nearly complete, with construction expected to wrap up in Q4.
