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.”
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.
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
Camara Miller, Manager, Brand & Communications, TAS, firstname.lastname@example.org