Ontario Construction News staff writer
Fengate Asset Management has purchased a mixed-use development site in downtown Toronto’s Entertainment District with a plan to construct residential units and commercial spaces.
The company announced it acquired 46 Charlotte Street, 16 Oxley Street and 355 Adelaide Street West on July 12 through a receivership sale with zoning and site plan applications in progress.
“On behalf of our investors, Fengate is pleased to acquire this centrally located, historic site in downtown Toronto. The project will offer future residents contemporary living spaces and modern amenities right in the heart of the Entertainment District,” Jaime McKenna, managing director, Fengate. “This acquisition is aligned with Fengate’s highly focused investment strategy to develop large urban residential sites that support the growth of communities in transit-oriented nodes.”
The site, at the corner of Charlotte Street and Adelaide Street West is currently occupied by a six-storey, heritage building with links to the expansion of Toronto’s garment industry in the 1920s and 1930s.
Fengate’s proposed development includes plans to preserve parts of the heritage façade of the property and contemplates delivering over 400 residential units as well as retail and commercial spaces in the heart of downtown Toronto.
The property’s prime location is near the future site of Queen and Spadina station on the new Ontario Line, which will be a short walk away from the proposed development.
“The site on Charlotte and Adelaide is a unique opportunity to simultaneously pay homage to Toronto’s entrepreneurial history and address the future housing needs of our growing city,” said Andrew Konev, senior VP, development.
“The proposed development will introduce new clients to businesses in the area and will provide housing options to a talent pool looking for convenient access to the world-class employment opportunities in the nearby Financial District and the expanding tech node of the area.”