Alterra and Distrikt Capital Announce Joint Venture to Develop Prime Mid-Town Toronto Land Assembly
TORONTO, March 23, 2021 /CNW/ - Distrikt Capital and Alterra jointly announced today that they have acquired a rare 3-acre residential development site in mid-town Toronto, located at 1500-1536 St. Clair Avenue West. The site is immediately adjacent to 30 acres of urban greenspace at Earlscourt Park in the established Corso Neighbourhood District. Situated within 10 minutes walk of the planned Weston GO Station transit hub, and with the existing TTC St. Clair dedicated streetcar line at its doorstep, this significant in-fill property presents a tremendous opportunity to bring much needed residential supply to this high demand area.
Paul Simcox and Emil Toma, co-founders of Distrikt along with Marcus Boekelman, VP Development commented, "Distrikt Capital began its engagement with this seven-parcel assembly in early 2020. Sites of this location, size, potential for intensification and community building, access to transit and immediate amenities are certainly rare in central Toronto, and we are pleased to add this project to our portfolio. We are delighted to join forces with Alterra on this landmark project, bringing their construction, planning and design expertise to this highly regarded project of scale."
Rob Cooper and Richard Cooper, co-founders of Alterra advised, "We are very familiar with Toronto's mid-town and core areas having been involved in the new construction and development industry for nearly 50 years, and are pleased to partner with Distrikt on this exciting property. Our complimentary skill sets have already created new value during the acquisition and early development process. We are highly selective in our investments, and in addition to value and location, focus on sites that provide us the opportunity to integrate our experience in developing and building high-quality communities that define urban living."
The Greater Toronto Area residential market, despite the effects of the COVID-19 pandemic, continues to be one of the strongest in North America. The existing structural supply shortage is expected to continue for the foreseeable future, driven by the GTA's leading population and immigration growth, diversified economy, low unemployment, and various government policies.
About Distrikt Capital
Distrikt Capital is an integrated real estate investment manager, asset manager, and developer currently focused on residential and commercial real estate in the Greater Toronto Area. Its principals have founded, led, and managed publicly traded and private real estate investment platforms for multiple decades in Canada and the US. The Company and its execution team including its affiliate Distrikt Developments provide services for all primary aspects of the real estate investment and development business including capital management, acquisitions, site planning and zoning, marketing, sales and construction oversight. Distrikt's current portfolio exceeds 2.5 million square feet of property under development and construction. Further information is available at www.distriktcapital.com and www.distrikt.com.
About Alterra
Alterra is one of Toronto's leading mid and high-rise residential developers. For nearly half a century, they have developed, marketed, and built, inspiring and invigorating communities in vibrant locations across the GTA and throughout Ontario. Their team of industry leaders combine in-depth market knowledge with extensive development and construction expertise. Recent two-time Winner of BILD's 'Best Mid-Rise Building Design' award, Alterra's commitment to building thriving communities and to their homeowners is evident in all aspects of their projects from start to finish, ensuring uncompromising quality at every step. Its principals are well known for collaboration and relationship building with all stakeholders. Alterra currently has more than 3,000 units under construction or in advanced stages of development. Further information is available at www.alterra.com.
This press release contains forward looking information subject to risks and uncertainties that could affect final results and is not a solicitation for investment.
SOURCE Distrikt Capital
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