While inflation may have temporarily skimmed some froth from Toronto’s pre-construction condo market, strong competition for the city’s remaining prime redevelopment lands persists.
This explains the industry’s keen interest in this week’s announced sale of a 4.26-acre site, located on Fieldway Road in Etobicoke’s Six Points neighbourhood.
While the land’s purchase price remains undisclosed, STOREYS has confirmed the property was acquired by EllisDon Developments which, in partnership with Windsor Private Capital, plans to develop a multi-tower residential community.
The project plans to include onsite childcare, plus 0.6 acres of dedicated public park, all just steps away from the Kipling transit hub – a project recently completed by EllisDon. This proximity to the transit station will serve future residents with immediate connections between the TTC, Mississauga’s MiWay, the GO Bus, or the GO Train, all from the same place.
One of North America’s leading construction companies, Canadian-based EllisDon sees the acquisition and future re-development of Fieldway Road’s site as part of its natural evolution to providing the real estate industry with a wide range of best-in-class construction and development services.
“For us,” says EllisDon Corporation CEO Geoff Smith who, alongside Chris Smith, VP EllisDon Developments, discussed the purchase with STOREYS, “Fieldway Road is another example of EllisDon continuing to grow our service offering with our client partners throughout the development process.”
Known not just for general contracting, but also for providing “cradle-to-grave” services that include areas like IT, facilities management, and maintenance (just to name a few), EllisDon brings a well-rounded and holistic approach to the new project.
“Development expertise is a natural extension of — and complement to — our core competencies, and the industry-leading services we’ve been providing our clients for over 70 years,” Geoff Smith says.
While the company is Canada’s leading public infrastructure developer, and EllisDon Developments has already successfully co-developed large-scale residential projects in partnership with other residential development companies, it says Fieldway is distinctive.
“This site provides us with a unique opportunity to develop a residential community,” Geoff Smith explains. “With a long history founded in strong partnerships, our development efforts at Fieldway Road will be supported by a team of exceptional consultants, including the architects at BDP Quadrangle, the design team at Figure3, and sales and marketing professionals with RARE Real Estate.”
This team – paired with EllisDon’s decades of experience and belief in the site location – underscores their confidence in Fieldway’s future.
Whether acting as the developer, in a development partnership, or as a construction manager providing expertise throughout the process, EllisDon’s track record proves reliability and success in a sector full of unpredictability.
“Development and construction are inherently risky businesses, and projects are becoming more challenging as they grow in scope and complexity – all while being impacted by an inflationary economy,” Chris Smith tells STOREYS. “EllisDon’s decades of experience allow us to bring value at every point in the development cycle, and to leverage EllisDon’s full swath of expertise to manage risk.”
The official launch for Fieldway Road is slated for late 2023.
Cover Image: Yancy Min (Unsplash)
This article was produced in partnership with STOREYS Custom Studio.