CEO Stephen Diamond says new fund will expand and enhance its portfolio of mixed-use developments
TORONTO, May 4, 2015 /CNW/ - Diamond Corp, a Toronto real estate development company, announced today it has raised $220 million for its third Whitecastle New Urban Fund, a real estate investment fund that raised $200 million in two earlier offerings.
Since 2008, the first and second funds have acquired 52 acres of land which are in various stages of development, unlocking 9.1 million square feet of real estate for residential and commercial use.
The first New Urban Fund produced eight marquee projects in GTA urban neighbourhoods, collectively bringing to the market approximately 3,700 housing units, and 164,000 square feet of retail/office space. Examples include 5 St. Joseph Street, built amidst 19th century heritage properties in the Yonge and Bloor neighbourhood, 129 St. Clair West which is to be built around the historic Deer Park Church, 210 Simcoe Street in Toronto's Discovery District and Garrison Point in the King West neighbourhood.
The second New Urban Fund, which has six projects in the pipeline, is raising the development bar, greatly expanding the mixed use offerings in its portfolio. Toronto can look forward to 4,800 new residential units, which will include 1.8 million square feet of office and commercial space. Headlining these developments is The Well which is already creating buzz with its inspiring mixed use design. Spread over seven and three quarters acres at Spadina, Front and Wellington, it is a community designed specifically for people who want to live, work, shop and play in one defined urban space. Close by is 57 Spadina, which will have two floors of retail at the base of the 36 story residential building. Further east is 592 Sherbourne, an iconic tower that will be integrated into the existing historical Gooderham Mansion.
"City building is our business, it is in our DNA," said Diamond Corp President Stephen Diamond. "This was recognized recently by Toronto's Design Review Panel when we presented our revised plans for The Well. Several Panel members told us The Well was 'one of the most exciting projects that has come to the Panel'," Diamond said. "They described it as 'a watershed project that will be studied by architects and urban designers for years in the future'."
The third New Urban Fund will demonstrate more examples of city building. Diamond and his team intend to greatly expand the benefits that mixed-use development offers. "The excitement generated by our announcement of The Well tells us that Torontonians like the idea of living in a community where they can have it all – home, work, shopping and entertainment, all close to public transportation," Diamond said. "Our new fund will bring more properties to market that capture this spirit."
The New Urban Fund is managed by Diamond Corp, a corporation owned and controlled by Diamond, a recognized rezoning expert in Canada.
Whitecastle was founded in 1958 by A.E. Diamond, who had a long history of successfully building companies and partnering with entrepreneurs. A.E. Diamond was one of the founding members of Cadillac Fairview and its first chairman and CEO. With the launch of the first New Urban Fund, Whitecastle returned to its roots by adding real estate investments to its portfolio. The third New Urban Fund will continue building on this legacy.
Whitecastle is a diversified venture capital fund investing in high growth companies across three verticals: Information and Communications Technologies, Food Tech and Med Tech. Additional information is available at www.whitecapvp.com
SOURCE Diamond Corp.
For further information: on Diamond Corp, managers of the Whitecastle New Urban Fund: Stephen Diamond, President, Diamond Corp (416) 324-5407.