Fengate Asset Management has acquired a mixed-use development site located in downtown Toronto’s Entertainment District. Comprised of 46 Charlotte Street, 16 Oxley Street, and 355 Adelaide Street West, the site was purchased through a receivership sale, with zoning and site plan applications currently in progress.
Fengate is managing this investment and development as part of its commercial and residential development strategy on behalf of its investors, including the LiUNA Pension Fund of Central and Eastern Canada.
A six-storey heritage building with links to the expansion of Toronto’s garment industry in the 1920s and 1930s sits on the corner of Charlotte Street and Adelaide Street West. The proposed development includes plans to preserve parts of the heritage façade of the property, and may include over 400 residential units above the retail and commercial spaces.
“On behalf of our investors, Fengate is pleased to acquire this centrally located, historic site in downtown Toronto,” said Jaime McKenna, Managing Director and Group Head of Real Estate, Fengate. “The project will offer future residents contemporary living spaces and modern amenities right in the heart of the Entertainment District. 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 property’s location has excellent walk, transit, and bike scores, and will be further enhanced by the construction of the future Queen and Spadina station on the Ontario Line. Future residents will benefit from being in close proximity to numerous dining, retail, entertainment, fitness, and lifestyle amenities along King and Queen Street West.
“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 Vice President, 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.”
This acquisition expands Fengate’s real estate development portfolio in downtown Toronto, which includes Natasha The Residences and the proposed development for the Rail Deck District.
