Toronto 7 Labatt | 126.18m | 38s | TAS | HOK

Interesting, thanks for the update. Likely means it's going to come on line as a rental project now.
 
ChesterCopperpot said:
Per Realnet - this has flipped to Tricon
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Tricon Expands Toronto Multi-Family Development Pipeline to Over 3,000 Units
https://www.newswire.ca/news-releas...t-pipeline-to-over-3-000-units-857050114.html
TORONTO, Feb. 5, 2019 /CNW/ - Tricon Capital Group Inc. ("Tricon" or the "Company") (TSX:TCN), an investment manager focused on residential real estate, today announced an expansion of its Toronto multi-family development (Tricon Lifestyle Rentals or "TLR") program to over 3,000 units with the addition of its seventh project in downtown Toronto. The new mixed-use development built in partnership with TAS is located at the corner of Labatt and River streets ("7 Labatt") in Toronto's downtown east submarket on a 1.3 acre site that is fully zoned for a ~560,000 square foot building.

The addition of the project at 7 Labatt brings Tricon's multi-family development pipeline to over 3,000 units with an estimated total cost of approximately $1.2 billion and targeted development yields of 5-6%; Tricon's average ownership stake in this portfolio is approximately 30%. The seven projects are expected to be completed over the next three to four years.

"Tricon has committed to building a market leading purpose-built rental platform in Toronto and continues to execute on this plan with the addition of its latest project in the thriving Corktown neighbourhood. Even in the context of a competitive land market, we have been able to secure compelling sites at an attractive land basis by partnering with strategic developers and institutional investors seeking long-term cash flow," said Tricon's President and CEO Gary Berman.

"Toronto continues to support extremely compelling rental economics with immigration in excess of 100,000 each year, a diverse economy, high quality of life, and growing status as a global city. During 2018, year-over-year rental growth topped 10% and vacancy remained very constrained at less than 1%, according to UrbanRental. Tricon is at the forefront of providing class-A multi-family rental apartments within the most sought-after locations across the city, and is leveraging 30 years of development experience to pursue strong investment returns for our investment partners and shareholders."

Profile of the 7 Labatt Acquisition

The project at 7 Labatt is immediately south of the Regent Park re-vitalization, a 69 acre master plan that has been transformed to a vibrant, family-oriented urban community. The site is in close proximity to cultural, community and state of the art athletic amenities, and offers convenient access to three downtown streetcar lines as well as the Don Valley Parkway. The project will include approximately 600 residential units, expected to be split evenly between rental and for-sale condominium units. Tricon's interest in the project site was acquired from TAS, a community-centric mixed-used developer, and the project will be developed in partnership with TAS with construction expected to commence in mid-2020 and completion anticipated in late 2023. The total equity commitment for the project is approximately $60 million (~C$80million), with 30% from Tricon, 50% from an institutional investor, and 20% from TAS.
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Looks like based on that 300 units total will be rental under Tricon's deal, out of the 584 approved for the site.
 
From RENX:

TAS provides updates on its Toronto developments

“The current plan for 7 Labatt to have both rental and for-sale units is based on the needs of the neighbourhood, supporting revitalization efforts in downtown Toronto’s east side, as well as the project’s business objectives,” said TAS president and chief executive officer Mazyar Mortazavi. “TAS believes a mix of purpose-built rental and for-sale condominiums is a critical ingredient in the creation of resilient urban villages.”

The project is expected to cost approximately $80 million, with 20 per cent coming from TAS, 30 per cent from Tricon Capital Group Inc. and 50 per cent from an unnamed institutional partner. Construction is expected to start in mid-2020, with completion anticipated in late 2023.

“We’ve initiated the design process with our new design team led by HOK,” said Mortazavi. “Whatever we implement will complement TAS’ efforts in other projects to support the  local economy and incorporate elements that honour the neighbourhood’s vibrancy, diversity and history.”

The building will be located immediately south of Regent Park and close to the Corktown neighbourhood, in close proximity to cultural, community and athletic amenities, restaurants, retail and historic landmarks. It offers access to three downtown streetcar lines and the Don Valley Parkway.
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Teaser render from the link above:
175131


I like the orange framing around the windows.
 
50 artists are working out of this soon-to-be-demolished building, where eviction is part of the deal

By Jacob Lorinc Staff Reporter
Thu., Sept. 12, 2019

The artists started moving into the building late in 2017 after the space was purchased by local real estate developer TAS Build and Design, along with Tricon Capital Group Inc. The buyers plan to redevelop the property into a mixed-use space with 600 residential units and two levels of commercial space.

The developers say construction should begin in mid-2020, but a specific time has yet to be determined and can be subject to change, leaving the tenants’ eviction date up in the air.

....

The building at 7 Labatt Ave. is one of three in Toronto offered by TAS as temporary space before development begins.

“Wherever possible, TAS incorporates affordable workspaces that support creativity and culture,” said Mazyar Mortazavi, the company’s CEO, in an email to The Star. “We do this because finding space to live and work has become a critical issue. Cities are facing massive growth; we’re not prepared to address the influx of people and infrastructure demands.”

Mortazavi said the leases all include clauses that allow for termination once the redevelopment process is underway. He says the company will work with artists to support their transition to new spaces.
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www.thestar.com

50 artists are working out of this soon-to-be-demolished building, where eviction is part of the deal

At 7 Labatt Ave., artists sign a lease for studio space knowing they’ll be evicted with little notice. It’s the tradeoff for having affordable studio ...
www.thestar.com www.thestar.com
 
Site Plan application submitted:

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Application Information Centre

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It sort of gives off a Sixty Colborne meets Monde kind of vibe, although composed in different materials, with the reddish-orange grid frontage on River St and the staggered balconies flowing up the tower. The closer up rendering shows that brick should be used for the front of the podium and tower components.
 
Overall, like the design, like the look of the warm podium and the associated warm brick component above.

The tower design is interesting too; and the contrasting colour to the warm brick works.

I do however have a concern with the non-brick cladding material. This is a case where choosing well in material really makes all the difference. I think a warm grey; pseudo-limestone would look great. But cheap metallic/plastic panels would look bad the day they went on and age terribly.

Hopefully the material palate is well chosen.
 
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