One of Toronto's Oldest Landmarks to Be Converted to Residential Rental Units
One of Toronto’s Oldest Landmarks to Be Converted to Residential Rental Units
Redevelopment Plans of the Palace Arms Hotel Aimed at Conserving Heritage
The Palace Arms, one of Toronto’s oldest hotels, is being redeveloped into a rental building on the city’s downtown west side.
Greenwin, one of Ontario’s largest privately owned, full-service property management and development firms with 22,000 residential units, and Intentional Capital have formed a joint venture for the site at 950 King St. West that dates to 1890 with Toronto-based asset management firm Windsor Private Capital.
The redevelopment will see a mixed-use residential housing project, conserving and rehabilitating the building’s existing principal facades, heritage brick masonry, window openings, variegated roof lines and masonry chimneys.
Plans include a 14-storey tower with 219 rental units on a 15,000-square-foot lot, featuring a mix of one, two and three-bedroom units.
Under the approved plan with the city, the development will also incorporate a number of affordable studio suites. Kevin Green, president and chief of Greenwin, credited the city for supporting new developments.
Rod Bell, managing director and co-founder of Intentional Capital, a Toronto-based real estate company in the multifamily sector, called the need for housing in the city critical.
“By integrating the architecture of the existing structure with a reimagined contemporary rental experience, we hope to safeguard a treasured piece of Toronto’s historic landscape,” said Bell in a statement.
Details of the partnership were not disclosed. The property changed hands in 2017 for $13.4 million, according to CoStar data.
“This partnership is a natural extension of our companies’ shared vision and commitment to building and supporting some of the GTA’s most vibrant communities,” said Jordan Kupinsky, managing partner of Windsor Private Capital, in a statement.
Windsor Private Capital is a Toronto-based asset management firm focused on real estate lending and equity investments. It advises and manages assets worth over $3 billion on behalf of institutional and private investors, including the LiUNA Pension Fund of Central and Eastern Canada.
Source CoStar. Click here to read a full story
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