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Ontario Construction News staff writer
Crown Realty Partners and Plaza Partners say they have jointly acquired 30 Eglinton Ave. W., at the intersection of Eglinton Avenue West and Hurontario Street, in Mississauga.
The property includes a 113,435 sq. ft. office building and 51,296 sq. ft. of retail on a 6.4 acre site, and is a “prime location for mixed use redevelopment,” the developers say in a statement.
The property’s transit-oriented location positions it well for substantial future intensification for high-density residential purposes including the opportunity for a large-scale phased redevelopment which could include approximately 1.5 million sq. ft. of residential, commercial and retail space within multiple adjoining towers.
30 Eglinton is the first joint venture completed by Crown and Plaza Partners, with Crown’s 50 per cent interest being acquired on behalf of its fourth value-add fund, Crown Realty IV Limited Partnership.
“The partnership between Crown and Plaza Partners is a strategic one, with Crown overseeing the repositioning of the office component of the site, managing the leasing and property management,” the statement says. “Plaza Partners will act as the development manager and oversee the rezoning/entitlement of the site as a mixed-use office, retail and residential community.”
“We see an opportunity to add value to the existing office building through building and tenant upgrades and a renewed leasing strategy,” says Emily Hanna, partner, investments at Crown. “We are happy to be partnering with a leading developer, Plaza Partners, to realize our longer-term mixed-use vision for 30 Eglinton.”
Plaza Partners president Pinny Kaufman said: “This is a unique opportunity to participate in a redevelopment that will enhance and complement the existing commercial uses at 30 Eglinton. We look forward to working with our partner to create another vibrant community in the City of Mississauga.”