The development at St. Clair & Bathurst (1467 Bathurst St. to be known going forward as 490 St. Clair Ave. West) has changed ownership to Canderel , a large condominium developer, and will be converted from rental units to condominium units. KingSett Capital who previously had an ownership interest will now fulfill a lending role. The project is about to move into the Planning Stage and the new owner is hoping to begin selling early in 2022.
The CLRA will continue to monitor the development to ensure none of the original concessions are lost and all environmental and traffic congestion issues will be addressed in the Planning Stage.
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Reported by Renx.ca – The Real Estate News Exchange
Canderel buys $102M stake in 3-tower St. Clair condo project
Canderel is in, BentallGreenOak is out, and KingSett Capital has transitioned to a lending partner for a three-building condominium project in midtown Toronto.
KingSett and BentallGreenOak had plans for a three-tower development on a 1.91-acre site at the northeast corner of St. Clair Avenue West and Bathurst Street, beside St. Michael’s College School, but Canderel recently paid $102.43 million for a 50 per cent stake in the property. The deal took BentallGreenOak out of the picture and left KingSett remaining involved as a lender for the project, Canderel vice-president and chief operating officer Ben Rogowski told RENX in an exclusive interview.
“Our experience with KingSett and our reputation of following through on the commitments we make gave them comfort in trusting us, that we would get to the finish line,” said Rogowski. “It certainly was a complicated process because of the nature of the property and the opportunity. It took some good teamwork on everyone’s behalf to get here.”
Montreal-headquartered Canderel acquires, develops and manages office, retail, industrial, residential and mixed-use real estate. It was attracted to the St. Clair and Bathurst site because of its close proximity to three modes of public transit, a large grocery store, parks, restaurants and other amenities.
Plans for the St. Clair and Bathurst site
Canderel also likes what the site itself has to offer, with its 361 feet of frontage on St. Clair and 212 feet of frontage on Bathurst.
Zoning is already in place and there were plans for a 35-storey tower, two more of approximately 30 storeys and approximately 10,000 square feet of retail at grade spread across the three buildings. There will be one-bedroom, two-bedroom and three-bedroom units in the BDP Quadrangle-designed buildings, with an opportunity for some much larger suites in one of them.
“There will be a range of units that will cater to the full spectrum of buyers out there,” said Rogowski. “The beauty of a project like this is that you’ve got the opportunity to cater to everyone.”
There will also be a daycare centre and a seniors centre on the site as part of a Section 37 agreement with the City of Toronto, bringing the buildings’ total square footage to around 900,000, Rogowski added.
A park will be located on the southwest corner of the property and a privately owned, publicly accessible space will extend north from the park to the driveway between the property and St. Michael’s, which was the original owner of the site and had leased a portion of it to a gas station before selling in the previous decade.
“There will be some modest changes that you typically see in moving from a zoning approval to a site plan approval,” said Rogowski. “But, we’re not proposing to change any of the material items.”
A site plan application will be submitted within a month and it’s anticipated sales will start in the first quarter of 2022. Canderel would prefer to start construction as soon as possible after that, but it will depend on the project’s sales success.
“Ideally it’s one build-out, but we’ve got the ability to build it out in two phases if that’s what the market tells us,” said Rogowski.
