Toronto’s First Entirely Live/Work Purpose-built Rental Building Approved for 888 Dupont Street

TAS Driving Impact-led City Building through Housing Innovation

TORONTO, July 22, 2022 – Toronto’s first entirely live/work purpose-built rental building is coming to the rapidly changing Dupont Corridor, celebrating the heritage of Dupont Street with a commitment to positively impacting the future of the city. Toronto City Council has approved the redevelopment of 888 Dupont Street, putting in motion plans for the site to once again serve as an iconic gathering place for creatives and the community.  

The project includes 155 purpose-built rental apartments zoned for live/work as well as ground-floor adaptable multi-use spaces for gatherings, exhibits and markets in a new environmentally sustainable building. A housing innovation that flexibly integrates designated workspace into living spaces, 888 Dupont Street helps address affordability by eliminating the cost of maintaining multiple spaces for work or operating a business and home. 

“TAS is committed to honouring and expanding the creative energy and vibrant mix of uses historically found along the Dupont Corridor and at 888 Dupont Street, creating the conditions for over a hundred creative professionals, artists and entrepreneurs to live, work and connect under one roof,” said Mazyar Mortazavi, President and CEO of TAS.

Bringing together commercial and residential uses, 888 Dupont Street will include over 2,300 square feet of commercial community space. The project also includes improvements to the local streetscape and urban life, including wider sidewalks and new open spaces along Dupont and Ossington as well as the preservation and relocation of the well-loved chimney stack to a more prominent location along Ossington Avenue. 

“We appreciate the company’s commitment to redeveloping 888 Dupont Street as a location where the creative community can continue to live and work together at this site,” said Oliver Pauk, Director at Akin, a Toronto-based arts organization that provides creative studio space and arts-based programming.

The project builds on local creative energy by adding much-needed live/work spaces in the form of rental apartments with approximately 10% affordable units, translating to 20 affordable live-work units – a direct response to the affordability challenges faced by Torontonians and feedback received from the local community during extensive focus group meetings and community consultations in 2019 and 2020. Key findings from this process are summarized in a User Perspective Map.    

“WoodGreen Community Services is pleased to partner with TAS to provide affordable units,” said Mwarigha, Vice President Housing and Homelessness Services at WoodGreen Community Services. “We look forward to continuing our collaboration with TAS to find new ways to tackle our city’s affordable housing challenges.”

The new environmentally sustainable building will deliver 166,850 square feet over 14 storeys and will aim to achieve Toronto Green Standards v3 Tier 2 and will encourage active transportation through robust infrastructure for cyclists and car-sharing. 

More information about the redevelopment plan for 888 Dupont Street is available online

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ABOUT TAS

TAS is an unconventional impact company that uses real estate as a tool to drive profit and purpose. An industry leader in impact real estate, TAS has an active pipeline and portfolio totaling over six million square feet across 21 properties throughout the Greater Toronto and Hamilton Area. Join us by visiting tasimpact.ca and follow our journey on LinkedIn, Instagram, and Twitter.

Media contact:

Faye Roberts, faye.roberts@tasimpact.ca, 647-924-4454 

ABOUT AKIN

Akin Projects is a registered nonprofit that provides artists and creatives with the support they need for creative production and development of their careers to benefit and enhance the communities where they work and live.

Our studios across Toronto provide a working environment that maintains a friendly and inspiring atmosphere where people can work on creative endeavors and entrepreneurial undertakings of all kinds. We build community through a variety of programming including workshops, open studio events, gallery tours, exhibitions, as well as various other art projects.

Media contact

Yasmeen Nematt Alla, yasmeen@akincollective.com

ABOUT WOODGREEN COMMUNITY SERVICES

WoodGreen is one of Toronto’s largest social service agencies, serving 40,000 people each year. We offer over 75 programs and services tackling the social determinants that affect the health and well-being of individuals in our community. With just over 1,000 affordable housing units, WoodGreen is also one of the largest community sector providers for the hard to house population in Toronto. 

Media contact

Eric Mariglia, emariglia@woodgreen.org, 437-236-3417

TAS releases inaugural Annual Impact Report

Building on TAS’s Impact Framework for driving profit and purpose

TORONTO, June 14, 2022 – Today, TAS is proud to release its inaugural Annual Impact Report, which shares how TAS and its partners are generating beneficial social and environmental impact through investing in real estate. TAS launched its Impact Framework in June 2021 as a statement of purpose that set out its strategy and long-term objectives for its real estate investment and development business. This inaugural Impact Report chronicles key actions taken over the past year to operationalize the Impact Framework, shares examples of impact in action, and provides samples of the indicators that TAS will use to rigorously measure progress in the coming years.   

“On behalf of TeamTAS, I’m pleased to share our first Annual Impact Report, describing how we put people and the planet at the centre of all aspects of our work, using real estate as a tool to drive both profit and purpose,” said Mazyar Mortazavi, President & Chief Executive Officer at TAS.  “We’re excited to report on the tangible steps we and our partners have taken over the past year towards achieving our bold impact commitments, as well as how we are charting our path forward.”

“TAS is a welcome returning partner as we update and expand the Toronto Foundation Social Capital Study for 2022,” said Mohamed Huque, Director Community Impact at Toronto Foundation. “Their involvement in the study paired with their commitment to build social capital offers a concrete avenue to apply the study’s learnings to on-the-ground projects that can deliver significant benefits for local communities.” 

“Given our shared commitment to helping address Toronto’s mounting housing crisis, WoodGreen will continue to work with TAS on deepening our multi-project partnership and finding new ways to tackle housing affordability together,” said Mwarigha, Vice President Housing and Homelessness Services at WoodGreen Community Services. “Congratulations to TAS on the release of their first annual Impact Report.”

The Annual Impact Report provides a window into TAS’s work, and how it has continued to embed impact across the business and throughout its real estate portfolio. It highlights how TAS has implemented key structures, process, and tools at every stage of a project life cycle, from acquisition to project delivery and operations.

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ABOUT TAS

TAS is an unconventional impact company that uses real estate as a tool to drive profit and purpose. An industry leader in impact real estate, TAS has an active pipeline and portfolio totaling over six million square feet across 21 properties throughout the Greater Toronto and Hamilton Area. Join us by visiting tasimpact.ca and follow our journey on LinkedIn, Instagram, and Twitter.

Media contact:

Camara Miller, Manager, Brand & Communications, TAS, camara.miller@tasimpact.ca

Aeon Studio Group, Forge & Foster and TAS explore opportunity to develop Bayfront Studio District in Hamilton’s West Harbour

HAMILTON, ON (June 10, 2022) – Aeon Studio Group, Forge & Foster and TAS have teamed up to explore the opportunity to develop the Bayfront Studio District, a mixed use film and creative arts district, in Hamilton’s West Harbour, on the Barton Tiffany lands, currently owned by the City of Hamilton.    

The parcels of land under consideration, subject to due diligence and negotiation with the City of Hamilton, total approximately 14 acres in Hamilton Centre, bounded by Queen Street North, Barton Street West, Tiffany Street and Stuart Street and the CN Rail lands to the north.  

The Bayfront Studio District is a live-work-play hub for the creative industries. Anchored by film and television production studios, the district also features affordable studio and performance space for artists and makers; office space for creative sector companies, unions, and post-secondary institutions; retail & hospitality space; market and affordable housing; and a series of public spaces and pedestrian connections that form a continuous public realm experience in the area. 

TAS would serve as the lead developer, with Aeon leading the planning and operation of the creative sector campus.  

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ABOUT AEON STUDIO GROUP  

Aeon is a developer and operator of film & television studios and related spaces. Aeon conceived the Bayfront Studio District, and its flagship Bayfront Studios is the biggest film production facility in Hamilton. For more information, email info@aeonstudiogroup.com or visit www.aeonstudiogroup.com. For press inquiries contact Adrienne Kakoulis at 416-450-6637.  

ABOUT FORGE & FOSTER INVESTMENT GROUP 

Forge & Foster is an investment and asset management firm committed to delivering impactful, long-term value for stakeholders and communities alike. Through the inventive development, restoration and transformation of properties, districts, and corresponding communities across Southern Ontario their success is defined not just by the solid returns they forge, but also by the vibrant futures they foster. 

 As investment and asset management leaders in Southern Ontario, Forge & Foster maintains an intensely research-driven focus on property-asset investment, development, relationship and business support initiatives, capitalizing on emerging markets and models, and forecasting future trends and opportunities.  Their current portfolio of initiatives includes leading developments in Hamilton’s emerging Innovation District, cultural live-work spaces in the urban centres of each Hamilton, Brantford, Cambridge, significant industry and living-space developments in Hamilton’s “Hollywood North” corridor, and the development of tiny-cottage and glamping resort parks across Ontario through their joint venture partnership in Harmony Resorts. 

Visit ForgeAndFoster.ca to learn more, or follow our work on Facebook, LinkedIn, Twitter, & Instagram

ABOUT TAS  

TAS is an unconventional impact company that uses real estate as a tool to drive profit and purpose. As an industry leader in impact real estate, Certified B Corporation, signatory to PRI and member of the Global Impact Investing Network (GIIN), TAS pursues opportunities that create value for investors and generate measurable social and environmental impact. TAS has an active pipeline and portfolio totaling close to 6.5 million square feet across 21 properties throughout the Greater Toronto and Hamilton Area. 

TAS focuses on tackling climate change, broadening affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS champions conversation and collaboration to push the boundaries of innovation and explore what is possible. Join us by visiting tasimpact.ca and follow our journey on LinkedIn, Instagram, and Twitter

For media inquiries please contact Faye Roberts at 647-924-4454 or faye.roberts@tasimpact.ca.  

TAS partners with Woodbourne on 1,000,000 square foot mixed-use campus in downtown Toronto

Together, the partners will transform one of the last major redevelopment opportunities in Toronto’s downtown core.

TORONTO, November 25, 2021 – Today, TAS Tecumseth Niagara LP (“TAS”) announced that it has sold a 75% interest in its 2 Tecumseth Street project to Woodbourne Capital (“Woodbourne”). TAS and Woodbourne will co-manage the redevelopment of this zoned five-acre site into a globally leading mixed-use campus that will leverage the power of real estate to drive positive impact. The project is development-ready and a Site Plan Approval application was submitted earlier this month.

2 Tecumseth is centrally located in the South Niagara Neighbourhood, in the heart of Toronto’s arts and entertainment corridor. The site is well serviced by higher-order transit, including a future Metrolinx Ontario Line station under a five-minute walk away at King Street and Bathurst Street. Ample new pedestrian and cycling infrastructure will connect the campus to King and Queen Streets West to the North, the Financial District to the East, Fort York and The Bentway to the South, and Liberty Village to the West.

“We are thrilled to partner with Woodbourne, an established leader in the Canadian multi-family residential space, to transform of one of the last major revitalization opportunities in the downtown core,” said Mazyar Mortazavi, President & Chief Executive Officer, TAS. “2 Tecumseth will be an incredible new community that seeks to embrace the complexities that make neighbourhoods great.”

Highlights from the redevelopment plan include:

  • A four-building mixed-use master planned campus-style community totaling 825,000 square feet of gross floor area
  • The introduction of 920 new homes, including both purpose-built rental and for-sale condominiums
  • The integration of a variety of commercial businesses, employment opportunities and community-serving uses
  • Over an acre of public realm improvements and new parks, including a four-metre-wide bike path along the site’s southern boundary
  • The preservation of key elements of the site’s industrial past
  • A planned geothermal district energy system
  • Construction is expected to start in 2023

As part of a second development phase, TAS will also deliver a mid-rise commercial office building on the same site.

“This project is a once-in-a-lifetime city-building opportunity” said Neil Vohrah, Chief Operating Officer, TAS. “The site housed a municipal turned commercial abattoir since the early 1910s and has historically been closed-off from the vibrant neighbourhood that’s grown around it. We are excited to open it up to the public, deliver on TAS’s impact strategy and create a new iconic destination where people from many walks of life can live, work, learn and connect.”

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ABOUT TAS
TAS is an unconventional impact company that promotes connected neighbourhoods and, caring, committed communities. As a Certified B Corporation and Future-Fit Pioneer, TAS is an industry leader in impact investing with an active pipeline and portfolio totaling more than six million square feet across 17 properties throughout the Greater Toronto and Hamilton Area. TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision. Join in by visiting tasimpact.ca and following our journey on LinkedIn, Instagram, and Twitter.

ABOUT WOODBOURNE
Woodbourne is a leading investor, operator and developer of apartments, seniors’ housing, student housing, self-storage and other niche real estate assets located predominantly in urban areas across Canada. Woodbourne invests on behalf of a broad base of institutional investors across the globe, including public and private pension funds, endowments, foundations, and funds of funds. Visit our website at woodbourneinvestments.com

More information on the project is available at 2tecumseth.ca

Media contact:

Camara Miller, Manager, Brand & Communications, TAS, camara.miller@tasimpact.ca

TAS to Transform Hamilton’s Iconic Coppley Building into a Sustainable, Accessible, Community-Serving Hub

The project will deliver positive social and environmental impact and help make Hamilton’s downtown core even more vibrant.

HAMILTON, Friday, November 19, 2021 – Today, TAS announced the expansion of its value-add portfolio with the recent acquisition of the historic Coppley Building on York Boulevard in downtown Hamilton by its TAS LP 3 fund. TAS will lead the adaptive reuse of this iconic property in collaboration with key partners, notably including Hamilton Community Foundation, who are investors in the project and will be an anchor tenant.

TAS plans to restore the Coppley Building’s original character and footprint and transform it into a community-serving hub that will include a lively mix of commercial uses and tenants. TAS has already started engaging local Hamiltonians and hiring key consultants and trades. Restoration and renovation work is expected to begin in mid-2022 and TAS plans to start welcoming new tenants in mid-2023. 

“At TAS, we believe that real estate development is a tool that can be used to deliver both positive impact for communities and strong financial returns for investors,” said Mazyar Mortazavi, President & CEO of TAS. “This is our first project in Hamilton, and we’re excited to learn from and partner with local community members.”

As a Future-Fit Pioneer and Certified B Corporation, TAS will leverage the transformation of the Coppley Building to drive both positive social and environmental impact. Its team is currently exploring a series of related innovations, such as:

  • Green and smart technologies
  • Accessible design
  • Offering subsidized below-market rents to some tenants
  • Developing new models that will help some tenants build equity and participate in the value the project generates 

“As a founding investor and anchor tenant, we are thrilled to play a role in the revitalization of this iconic property,” said Terry Cooke, President & CEO of Hamilton Community Foundation. “For over 165 years, this landmark has meant so much to the vibrancy of the core and the lives of many Hamiltonians who worked here, and we look forward to partnering with TAS to deliver a new hub for commercial and social activity downtown.”

Vancity Community Investment Bank (VCIB), an established partner of both TAS and Hamilton Community Foundation, has provided financing for the project.

“As an impact-driven bank, VCIB is thrilled to partner with an organization like TAS that puts community and environment at the forefront of its developments,” said Trish Nixon, Managing Director of Commercial Impact Banking, VCIB. “The Coppley project is a great example of this approach, and we’re pleased to provide financing to help bring it to life.”

“We are thrilled to partner with Hamilton Community Foundation and Vancity Community Investment Bank, who are both established leaders in Canada’s impact investing landscape,” said Khan Tran, Chief Investment Officer, TAS. “We look forward to working together to create value and deliver positive impact within downtown Hamilton.” 

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ABOUT TAS
TAS is an unconventional impact company that promotes connected neighbourhoods and, caring, committed communities. As a Future-Fit Pioneer and a Certified B Corporation, TAS is an industry leader in impact development with an active pipeline and portfolio totaling more than six million square feet across 17 properties throughout the Greater Toronto and Hamilton Area. TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision . Join in by visiting tasimpact.ca and following our journey on LinkedIn, Instagram, and Twitter.

ABOUT TAS LP3 
TAS announced the closing of its third diversified real estate fund, TAS LP 3, in May 2021. TAS raised in excess of $100 million of equity commitments for this closed-end fund, which will be deployed to expand the firm’s existing Greater Toronto and Hamilton Area (GTHA) pipeline and deliver social and environmental impacts with and for communities through development and value-add projects.

ABOUT HAMILTON COMMUNITY FOUNDATION
Hamilton Community Foundation has been working to drive positive change in Hamilton since 1954. HCF does this by helping people give in a way that has meaning to them and impact in the community, providing grants and financing to charitable organizations and initiatives and bringing people together to address priority issues that affect Hamiltonians. Last year HCF gave 854 grants to 321 charities, totalling $12.9 million. Its assets include $8.0 million in loans to local charities and $23.6 million in impact investments that generate both a financial and a social and/or environmental return.  hamiltoncommunityfoundation.ca/

ABOUT VANCITY COMMUNITY INVESTMENT BANK
VCIB is an Ontario-based schedule 1 federally chartered bank and a subsidiary of Vancity Credit Union. As Canada’s first values-driven bank, VCIB provides banking, investing, and financing solutions, to help purpose-driven businesses and organizations thrive, grow, and foster change. Additionally, VCIB offers specialized financing solutions for social purpose real estate and clean energy projects. VCIB is a certified B Corporation and a member of the Global Alliance for Banking on Values. For more information, visit vcib.ca, tweet us at @BankVancity and connect with us on LinkedIn. vancitycommunityinvestmentbank.ca/

For further information: 

Camara Miller, Manager, Brand & Communications, TAS
camara.miller@tasimpact.ca

TAS Partners with LaSalle Canada Property Fund on Community Hub Portfolio

TAS and LaSalle Investment Management will transform underutilized urban warehouses across Toronto into sustainable community-serving hubs. 

Thursday, November 4, 2021 – Today, TAS announced the expansion of its urban value-add portfolio with the recent acquisitions of three urban commercial properties in Toronto by its TAS LP 3 fund. These acquisitions represent the first phase of a broader planned $120 million 50/50 joint venture partnership between TAS and LaSalle Investment Management’s flagship core real estate fund in Canada, LaSalle Canada Property Fund. 

The partnership will focus on the adaptive re-use, lease-up and stabilization of underutilized warehouse properties in Toronto neighbourhoods poised for growth. TAS will lead the transformation of these existing assets into dynamic community-serving hubs that will nurture a variety of commercial uses integrating social and functional needs. The properties will be designed to support a vibrant mix of tenants from across the service, production, logistics, small business, social enterprise and not-for-profit sectors.   

“This partnership expands TAS’ track-record of driving significant returns alongside broad positive impacts that make neighbourhoods better for people and the planet,” said Khan Tran, Chief Investment Officer, TAS. “Improving the energy efficiency and reducing the carbon footprint of existing buildings is significantly greener than demolition and new construction, and we’re proud to be taking a sustainability-first approach.” 

As a Future-Fit Pioneer and Certified B Corporation, TAS intends to leverage this portfolio to advance its Impact Framework objectives. The TAS team is currently exploring a series of related innovations, such as green and smart technologies, urban agriculture, affordable below-market tenancies, and new models that will help tenants build equity and participate in the value each property generates. 

TAS and LaSalle Canada Property Fund, LaSalle’s flagship core Canadian fund, expect to acquire between four and six Toronto properties as part of this value-add strategy. The initial acquisitions include: 142 Vine Avenue: a 19,000-square foot property in the heart of Toronto’s Junction neighbourhood; 55 Milne Avenue, a 130,000-square-foot warehouse in Scarborough; and 772 Warden Avenue, an 84,000 square foot warehouse in the emerging Golden Mile neighborhood. 

These acquisitions bring TAS’s portfolio to more than six million square feet across 18 properties throughout the Greater Toronto and Hamilton Area. 

John McKinlay, CEO of LaSalle Canada, said: “This is an exciting, unique and worthy acquisition for our core flagship LaSalle Canada Property Fund in that it embodies the application of LaSalle’s key ESG initiatives while simultaneously positioning LCPF for attractive investment returns based on our underwriting. We’re thrilled to partner with TAS, an experienced industry leader in this space, on this project to thoughtfully revive obsolete spaces, enhance neighborhoods and give communities spaces they can use for good.” 

“We are thrilled to partner with LaSalle, who bring a global perspective and expertise to the delivery of this portfolio,” said Mazyar Mortazavi, President & Chief Executive Officer, TAS. “We look forward to working together to create value, and ultimately improve the livability and sustainability of neighborhoods across Toronto.” 

ABOUT TAS 

TAS is an unconventional impact company that promotes connected neighbourhoods and, caring, committed communities. As a Certified B Corporation, TAS is an industry leader in impact development with an active pipeline and portfolio totaling more than six million square feet across 18 properties throughout the Greater Toronto and Hamilton Area. TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision. Join in by visiting tasimpact.ca and following our journey on LinkedInInstagram, and Twitter

ABOUT TAS LP3  

TAS announced the closing of its third diversified real estate fund, TAS LP 3, in May 2021. TAS raised in excess of $100 million of equity commitments for this closed-end fund, which will be deployed to expand the firm’s existing Greater Toronto and Hamilton Area (GTHA) pipeline and deliver social and environmental impacts with and for communities through development and value-add projects. 

ABOUT LASALLE IN CANADA 

On an aggregate basis, LaSalle has executed more than C$7 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts. 

ABOUT LASALLE CANADA PROPERTY FUND (LCPF) 

LCPF is an open-ended fund targeting core properties in major markets across Canada. The Fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the Fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets.  Through its near-term pipeline of potential future investments, the Fund will seek to take advantage of mispriced assets as it continues to grow. 

ABOUT LASALLE INVESTMENT MANAGEMENT | INVESTING TODAY. FOR TOMORROW. 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $73 billion of assets in private and public real estate property and debt investments as of Q2 2021. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit lasalle.com, and LinkedIn.  

For further information: Camara Miller, camara.miller@tasimpact.ca

City of Toronto report recommends TAS as long-term lessee to revitalize Wellington Destructor site and create a community hub

From the City of Toronto News Release


News Release, October 13, 2021

Following an extensive call process, Toronto-based real estate development company TAS is being recommended by City of Toronto staff as the long-term head lessee of the Wellington Destructor site at 677 Wellington St. W. A report to the General Government and Licensing Committee (GGLC) details the terms of the proposed 49-year lease and two options for extensions of 25 years each. The report also seeks approval on TAS’ project proposal to restore this important heritage landmark and to retrofit the building for new community and commercial uses that would provide social and economic benefits to the public.

The report will be considered at the October 20 GGLC meeting and, if adopted, will be considered by City Council at the November 9 and 10 Council meeting.

The proposal submitted by TAS for the Wellington Destructor site, a 0.85 hectare City-owned property that includes a 3,700 square metre vacant heritage building, demonstrates how a heritage industrial site can be restored and turned into an active community catalyst. TAS proposes a project that will evolve the historic Wellington Destructor into a highly-public community asset that expands existing local park networks while reflecting local stakeholder priorities. It will leverage the unique physical characteristics of the Wellington Destructor and its surrounding site to deliver an iconic landmark that attracts, activates and inspires visitors from across Toronto and beyond.

The TAS proposal blurs the lines between urban park, community hub and commercial centre. The project will include a dynamic mix of innovative commercial tenancies, such as production facilities, learning, programming and administrative spaces, alongside community-based organizations. TAS will work with a diverse range of partners to ensure ongoing community benefit and engagement.

As part of the lease agreement, the City would contribute up to $32 million to remediate the property, and to retain and restore its heritage structure. This $32 million initial capital contribution will be repaid to the City over the term of the lease.

Constructed in 1925, the Wellington Destructor heritage building is a purpose-built brick garbage incinerator that was in active use until the incineration of solid waste was halted in the mid-1970s. It became a waste transfer station until the 1980s. The transfer station has been decommissioned and left vacant for decades. The property was listed on the City of Toronto Heritage Register in 2005 by City Council and is subject to policies for its conservation.

In 2018, City Council directed City staff to undertake a call process to secure a head lessee. Through a two-stage call process, the City sought creative proposals for the adaptive reuse and tenanting of the heritage-listed building. Four proposals were received through an open Request for Qualifications process, out of which two were invited to the Request for Proposals stage. TAS received the highest scores according to the evaluation criteria.

TAS is a privately-owned, Toronto-based mixed use real estate development company focused on the development and operation of residential and mixed-use buildings. TAS has completed several major developments with a combined value of over $300 million, and currently has approximately 500,000 square metres under development with a market value of $3 billion.

CreateTO and Councillor Joe Cressy (Spadina-Fort York) are hosting a public information session on Monday, October 18 from 7 p.m. to 8:30 p.m. to update the community on the status of the project. Details of the session can be found on CreateTO’s website .

Renderings:

artist rendering of the exterior of the Wellington Destructor site, a 0.85 hectare City-owned property that includes a 3,700 square metre heritage building
artist rendering of the interior of the Wellington Destructor site, a 0.85 hectare City-owned property that includes a 3,700 square metre heritage building showing an open concept meeting space
rendering of the a plan view of the Wellington Destructor site, a 0.85 hectare City-owned property that includes a 3,700 square metre heritage building showing the layout of the building on the property

Quotes:

“This is a great step forward in the Wellington Destructor project. By preserving its heritage elements and creating new flexible spaces, this site will serve many uses and become a destination for people to create, learn and innovate.”

– Mayor John Tory

“The Wellington Destructor site has a storied history and its significance to Toronto is known to the surrounding neighbourhood. The proposed plan to transform the space into a cultural space and a community hub while still maintaining its heritage elements, will bring this early 20th century industrial structure back to Toronto and its residents.”

– Councillor Paul Ainslie (Scarborough-Guildwood), Chair of the General Government and Licensing Committee

“We have a tremendous opportunity to revitalize the City-owned Wellington Destructor heritage building and lands, transforming it into dynamic hub that will serve the rapidly growing community. By investing in this public asset – which has sat vacant for 35 years – we can create a vibrant downtown destination that will be home to a range of arts, culture, innovation and educational programing. This is how we can breathe new life into the treasured buildings of our city’s past.”

– Councillor Joe Cressy (Spadina-Fort York)

“CreateTO is pleased to recommend the commercial terms of the lease negotiated with TAS as the head lessee for the Wellington Destructor project. We look forward to witnessing the adaptive reuse of this landmark heritage building, which will return this site to public use as a community and cultural hub, complete with employment and commercial uses that will draw visitors from across the city and beyond.”

– Steven Trumper, CEO of CreateTO

CreateTO was formed in 2018 as the City of Toronto’s new real estate agency. The organization brings together stakeholders, partners and community members to ensure the best use of the City’s real estate assets for today and tomorrow. CreateTO manages the City’s $27 billion real estate portfolio, develops City buildings and lands for municipal purposes and delivers client focused real estate solutions – ensuring a balance of both community and economic benefits. For more information, visit createto.ca .

Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter Instagram or Facebook .

TAS Closes Third Diversified Real Estate Fund Above $100M Target

The fund will build on TAS’ track-record of driving significant returns alongside broad positive social and environmental impacts. 


TORONTO, June 3, 2021 – Today, TAS announced the closing of its third diversified real estate fund, TAS LP 3 (‘LP 3’). TAS has raised a total of $116.5 million of equity commitments for this closed-end fund and an associated co-investment vehicle, which will be deployed to expand the firm’s existing pipeline of Greater Toronto and Hamilton Area (GTHA) projects and deliver social and environmental impacts with and for communities through its development and value-add projects. 

“As an unconventional impact company, we believe in doing well and doing good – that profit is foundational, but not the only goal,” said Mazyar Mortazavi, President & Chief Executive Officer, TAS. “Closing TAS LP 3 significantly ahead of our $100 million target signals that our investment strategies are resonating with investors seeking to align their capital with opportunities to deliver positive impacts for the people of today and future generations.” 

TAS expects to acquire between six and ten properties in LP 3, expanding the firm’s proven track-record of developing and managing ground-up development and value-add repositioning projects that blend residential, commercial, cultural and community spaces. These projects will be leveraged to deliver on a broad range of impact objectives, including expanding affordability and equity, building social capital, and tackling climate change.  

“Vancity’s definition of wealth is one that includes the financial, social and environmental well-being of its members and their communities,” said Heather Conradi, Director of Impact Investing, Vancity. “Making money and having a positive impact on the people and planet are not mutually exclusive, and we’re pleased to partner with TAS and provide investment to its real estate fund which has an explicit social, environmental and community purpose.” 

“We see an opportunity to build an exceptional portfolio of properties that will deliver strong returns,” said Khan Tran, Chief Investment Officer, TAS.  “We are tremendously grateful for our investors’ trust and confidence, and we look forward to driving profit and purpose together.”  


ABOUT TAS 

TAS is an unconventional impact company that promotes connected neighbourhoods and, caring, committed communities. As a Certified B Corporation, TAS is an industry leader in impact development with an active pipeline and portfolio totaling 6 million square feet across 15 properties throughout the Greater Toronto and Hamilton Area. 

TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision. Join in by visiting tasimpact.ca and following our journey on LinkedIn, Instagram, and Twitter.



ABOUT VANCITY 

Vancity is a values-based financial co-operative serving the needs of its more than 550,000 member-owners and their communities, with offices and 55 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the unceded territories of the Coast Salish and Kwakwaka’wakw people. With $30.5 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable. 

Connect with us at www.vancity.com  

For further information: media@tasimpact.ca