Toronto Forêt | 139.26m | 41s | Canderel | BDP Quadrangle

www.reminetwork.com/articles/largest-mixed-use-forest-hill-project/


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Art Tsai said:
No new renderings are updated in the database. There are several major changes to the overall project information. The overall 3 building heights changed from 129.74m, 109.17m, and 108.13m to 127.14m, 110.25m, and 109.95m. The overall building storey count changed from 35, 32 & 31 storeys to 35, 33 & 32 storeys. Overall total unit count changed from 1160 units to 1132 units. Total parking spaces decreased from 737 to 723 parking spaces. The developer changed from KingSett Capital to Canderel Residential.
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The Owner of the 1467 Bathurst Street property is still Kingsett Capital. It sometimes administers money from pension funds it partners with to developers such as Canderel and most likely loaned the money to Canderel Resdential to buy its partnership with them on 490 St. Clair Avenue west adjacent to it. From Kingsett site --"KingSett focuses on development in a range of major asset classes. Whether working independently or as part of a joint venture, we engage in all steps of the development cycle, from site consolidation and design development to entitlement and construction....Jan 17, 2013 — KingSett Capital is Canada's leading private equity real estate investment business, co-investing with pension fund and high net worth individuals...." My understanding is that they do not choose to develop any more but act as the lender to real estate companies who do develop such as Canderel....The 1.91-acre property (490 St. Clair Avenue West) was previously owned by KingSett Capital Inc. and BentallGreenOak, who planned to build a three-tower residential community. With Canderel taking over the site, a three-tower development is still in the works and KingSett Capital will remain involved with the project as a lender.. Please note that they are not speaking of 1467 Bathurst Street which KIngsett still owns-- they are speaking of "490 St. Clair West mark[marking] Canderel’s second condominium project in the area, following the launch of St. Clair Village Condos, (also Kingsett Capital funded)which is now under construction one kilometre west of the proposed development site at 900 St. Clair Avenue West." Will they be building the condos which were previously an apartment project with affordable housing and community services with the same promise? No.
 
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renx.ca

Canderel remains busy in Toronto condo market

Canderel is enjoying solid sales and construction progress with its Toronto condominiums while also expanding its third-party services despite recent challenges in the market. “We’re big believers in the Toronto residential market, notwithstanding the headwinds that exist right now,” Canderel
renx.ca renx.ca

Forêt​

Forêt, another partnership with KingSett, will have BDP Quadrangle-designed 36-, 32- and 31-storey towers at the corner of St. Clair Avenue West and Bathurst Street.

There will be approximately 1,150 units across the three buildings ranging in size from 370 to about 1,000 square feet.

“We launched a small sampling of units a couple months ago and quickly sold most of those units,” said Rogowski.

“We really used it as kind of a market sounding just to make sure we were on the right track with the product and I think the market told us quickly that we are on the right track.”

Construction is finishing on a 4,000-square-foot on-site sales centre and a wider scale launch will take place later this year.

It’s hoped that construction of all three towers will begin about a year from now, as Canderel doesn’t want to build Forêt in phases. Occupancy is anticipated in 2027.
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New information is updated in the database. The overall unit count changed from 1130 units to 1128 units. Finally, the total parking space was reduced from 723 parking to 721 parking.
 
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