Toronto 1233 Queen East | 35.7m | 9s | Core Development | Studio JCI

Core Development are looking for investors to JV on this project:



The 1233 Queen Street East project is a 9-storey co-living rental development located in Leslieville (~4km East of Toronto's downtown core) with 145 units consisting of both private/micro units and shared/co-living suites. The co-living model enhances the relative affordability of purpose-built rental market offerings by providing fully furnished, turnkey units with an all-in monthly rent rate that is materially below the cost of an equivalent traditional rental offering.

The Project will demonstrate robust ESG credentials by offering a low carbon operating footprint through the incorporation of a geothermal heating and cooling system. This value differentiation delivers a competitive financial advantage when compared to traditional multifamily living.

Core Development Group is a Toronto-based real estate development company with over $2.3 billion of project value in development. Through its joint venture partnerships and strategic associations with leading affiliate firms, Core creates unique urban developments that combine innovative architectural design with high quality construction.
 
Looks like the red entrance is gone. That was a great feature.

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Core Development are looking for investors to JV on this project:



The 1233 Queen Street East project is a 9-storey co-living rental development located in Leslieville (~4km East of Toronto's downtown core) with 145 units consisting of both private/micro units and shared/co-living suites. The co-living model enhances the relative affordability of purpose-built rental market offerings by providing fully furnished, turnkey units with an all-in monthly rent rate that is materially below the cost of an equivalent traditional rental offering.

The Project will demonstrate robust ESG credentials by offering a low carbon operating footprint through the incorporation of a geothermal heating and cooling system. This value differentiation delivers a competitive financial advantage when compared to traditional multifamily living.

Core Development Group is a Toronto-based real estate development company with over $2.3 billion of project value in development. Through its joint venture partnerships and strategic associations with leading affiliate firms, Core creates unique urban developments that combine innovative architectural design with high quality construction.
A 25% IRR for rentals in todays market?

Where do I sign up?
 
Core Development are looking for investors to JV on this project:



The 1233 Queen Street East project is a 9-storey co-living rental development located in Leslieville (~4km East of Toronto's downtown core) with 145 units consisting of both private/micro units and shared/co-living suites. The co-living model enhances the relative affordability of purpose-built rental market offerings by providing fully furnished, turnkey units with an all-in monthly rent rate that is materially below the cost of an equivalent traditional rental offering.

The Project will demonstrate robust ESG credentials by offering a low carbon operating footprint through the incorporation of a geothermal heating and cooling system. This value differentiation delivers a competitive financial advantage when compared to traditional multifamily living.

Core Development Group is a Toronto-based real estate development company with over $2.3 billion of project value in development. Through its joint venture partnerships and strategic associations with leading affiliate firms, Core creates unique urban developments that combine innovative architectural design with high quality construction.
Appreciate you sharing this. I understand Core is also looking for investors to support 929 Queen, which has not yet started construction or demo I believe.
 
What does 'JV' mean? IMHO I like the change from the red entry to this 'black' entry. The nearby project by TAS on the corner of Knox and Eastern is also looking for investors. What does this all mean? Are the developers running out of cash? Considering the rental shortage everyone is talking about one would think that 'all rental' buildings would be popping up all over the place.
 
What does 'JV' mean? IMHO I like the change from the red entry to this 'black' entry. The nearby project by TAS on the corner of Knox and Eastern is also looking for investors. What does this all mean? Are the developers running out of cash? Considering the rental shortage everyone is talking about one would think that 'all rental' buildings would be popping up all over the place.
JV = Joint Venture

TAS is definitively feeling the pinch as well. They laid off 25% of their staff a few weeks back as per their latest impact report. They spent a lot on 880 Eastern - I think over $20m. They were/are looking to do condo there though. The market has turned with high interest rates. Lots of development sites in receiverships as you may have seen (Van Dyk, Mizrahi, etc.)

Rental product is also having a bit of difficulty now. The Maple House rentals are about 40-50% occupied as of this month I've heard.
 
Core's ability to deliver a finished product in a timely manner leaves a lot to be desired. Construction on both their Clonmore Towns and Birchcliff Towns projects have dragged on for years and have way exceeded original expected timelines.
 

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