Master-planned block to include new public park and daycare
Building off the momentum of Canderel’s St.Clair Village, currently under construction at 900 St. Clair West, Canderel is pleased to announce the purchase of 490 St. Clair Avenue West, a 1.91 acre site located at the northeast intersection of St. Clair Avenue West and Bathurst Street in mid-town Toronto. Development plans include three residential towers, retail at-grade, a new public park and a daycare.
490 St. Clair West is a transit-oriented location adjacent to a major Loblaw’s supermarket and St. Clair West Subway, connecting commuters to the Financial District in less than 12 minutes. With an east-west dedicated streetcar route right outside its door, it is also a gateway intersection to many of Toronto’s most coveted ravine trails and neighbourhoods, such as Forest Hill, Cedarvale, and Wychwood. Locally run businesses on St. Clair West, including retail, restaurants and cafés, are also within walking distance.
“The acquisition of 490 St. Clair West is a fantastic opportunity to revitalize a prominent corner that has been vacant for many years,” says Ben Rogowski, COO, Canderel. “We are excited about the potential of this site because we will be able to build a complete community in a part of the city we are already working in and know quite well. With increasing demand for public outdoor spaces and childcare, we look forward to working with the city and agency partners to create amenities that support the evolving needs of this neighbourhood.”
In addition to Canderel’s hyperlocal awareness of community needs, they bring proven expertise with multi-phased mixed-use projects in tight urban pockets. This includes DNA on King West, award-winning Residences of College Park at Bay and College, which includes a 1.9-acre park, and the master planned Tour des Canadiens in downtown Montreal.
“The look and feel of the retail and public spaces, and how they are integrated into the urban fabric is going to be a very exciting improvement to this vital intersection. Our vision for this site is that it becomes a new community hub, serving the needs of the communities that live in and around St. Clair West,” says Rogowski.
With the site already zoned, Canderel will be working on updated designs for the residential buildings and retail in the coming months. KingSett Canadian Real Estate Income Fund LP will be contributing a portion of the debt financing to the project continuing its long standing relationship with Canderel, bringing some of Toronto’s most exciting projects to life.