Tribute Communities and
Secure Capital have partnered to acquire the Brookdale Centre and highly prized multiresidential development lands along a major commercial corridor in the East GTA community of Pickering.
The partners paid $71 million for the property, which includes a necessity-based retail power centre comprising 226,747 square feet of GLA, as well as about 3.4 acres of land already zoned for residential and related uses. Development plans are preliminary, but the vision is for three towers and 1,000 or more condominium units on the property, which will also feature an extension of the existing Walnut Lane to link the property to the shopping centre and roadways.
The property was acquired from
Kingsett’s Canadian Real Estate Income Fund LP.
Development could begin this year
With zoning already in place for about 850,000 square feet of floorspace, Pickering keen for development in the area, and an overall concept of what it wants to build, Stavropoulos said the first phase of the project could proceed fairly quickly if all goes well.
“There’s been some drawings done already that would show a three-building opportunity,” he said. “It’s going to be a three-building opportunity when we’re done, but we’re going to look at tweaking and efficiencies and see if we can squeeze some more GFA out of it.”
He suggested sales for the first tower could go to market before the end of 2021.
Although three condominium buildings is the current plan, that could change based on market conditions.
“We’ll be there 10 years doing the three buildings, and if the third building rolls around and it makes more sense to do purpose-built rental on the third building, we’ll have the discussion,” Stavropoulos said.
“If David agrees and we are all in agreement, then maybe we do something like that.
“That is the beauty of this site. It’s approved, but it’s still a blank canvas. We can kind of do what we want.”
The transaction was brokered by CBRE and the team of Peter Senst, Hillel Abergel, Casey Gallagher and Kai Tai Li.
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