Toronto's Newtonbrook West neighbourhood may soon be in store for yet another transformative development as Canadian Apartment Properties REIT (CAPREIT) looks to build seven high-rise towers immediately west of Centerpoint Mall.
CAPREIT, one of Canada's largest residential REITs, submitted an application to the City of Toronto late last month outlining plans to develop the towers as infill housing on the site of two of its existing rental buildings at 5 and 15 Tangreen Court. If approved, the development would bring 3,325 new residential units to the area.
To deliver the project, CAPREIT is partnering with CentreCourt Developments. Julian Schonfeldt, Chief Investment Officer for CAPREIT, tells STOREYS that CentreCourt was selected "based on their deep expertise across the entire development cycle, and their track record of delivering successful projects which enhance communities across the GTA."
Construction of the towers, which range from 25 to 55 storeys in height, would require the rental building at 5 Tangreen to be demolished, with 214 replacement units going in the new development. The 18-storey rental at 15 Tangreen, on the other hand, would be retained and incorporated into the new development. Of the seven new towers, there would be two 55-storeys, one 45-storey, one 40-storey, one 35-storey, and two 25-storeys.
The towers were designed as "point towers" -- a compact, slender building form -- which planning documents say will "ensure adequate access to sky view, light, and privacy." All sit atop eight-storey podiums, except for the 25-storey towers, which will share a six-storey podium.
"We are proud and excited about the design," Schonfeldt said. "It tackles a number of important priorities that incorporates considerations for rental and condo development, while bringing much needed density and amenities to the larger community.”
Newtonbrook West is no stranger to transformative development proposals as of late. In fact, CAPREIT and CentreCourt's development is one of several proposed for the immediately surrounding Yonge and Steels area over the past year or two. Just last month, Osmington Gerofsky Development Corporation proposed a 50-storey mixed-use tower on the neighbouring 6355 Yonge Street. But the most notable project is undoubtedly the proposed 22-building redevelopment of Centerpoint Mall that would add 8,325 residential units and a large public park.
"These Tangreen properties, they're really at the heart of an area that we think is witnessing a pretty incredible transformation," Schonfeldt said. "We're an apartment business first, not a developer per se, but we own an incredible site that could be so much more for the community. As a proud Canadian business that is deeply invested in providing housing, it was somewhere between an opportunity and a responsibility to A. treat our residents with as much care as possible and then B. add to the housing stock that is so desperately needed across the city."
The towers, totalling 230,078 sq. m with 852 sq. m of that being used for retail space, would be arranged with the taller buildings located on the northern side of the site, and heights gradually decreasing to the south. A new east-west public street would divide the development site in two, with a new 1,910-sq.-m public park going on the southwest corner. The park, planning documents say, is still in a conceptual design stage, but current ideas include a mix of open and planted green areas with pathways and seating, as well as various recreational spaces.
A 238-sq.-m children's play area would go between towers F (45 storeys) and G (35 storeys), with the rest of the property featuring tree-lined public boulevards, landscaped "rooms," entrance plazas, and common amenity spaces.
Inside the towers, the majority of units will be condos, but the final mix, Schonfeldt says, will be based on future market demand. The rental replacement units will be located in tower D (25 storeys) and CAPREIT is currently considering additional market rental units in that building. Unit sizes, however, have been decided upon, with 2,371 one-bedrooms, 615 two-bedrooms, and 339 three-bedrooms planned.
Development is expected to take place in four phases. The first phase would see the construction of a large portion of the east-west public road, as well as towers A (55 storeys) and B (40 storeys). In phase 2, towers C and D would be built, after which tenants would be relocated to the rental replacement units in tower D -- a move that will keep tenants on the property and stop them from having to move into temporary accommodations during construction.
"That was by design, and a duty of care to our residents. We didn’t take the easy way, from a financial point of view, but just being a responsible provider of rental housing, it was one of the most important considerations," Schonfeldt said. "Our residents and their families get to stay in the same schools, they get to stay in the same neighbourhood. I think it's going to be well received and we hope we're setting a good precedent in Toronto about how to do it in a responsible way that considers residents first."
The third phase of construction would see the demolition of 5 Tangreen, the construction of towers E, F, and G, and the conveyance of the parkland. The final phase would wrap up the project with the completion of the east-west road, connecting it to the existing road between the development site and Centerpoint Mall.
Such an expansive development will take quite some time to complete, with Schonfeldt estimating anywhere from 10-15 years for the final phase to wrap up. The plans are currently being reviewed by the City and will need to make their way through Council to obtain approval.
