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Fengate Asset Management  and Freed Developments Ltd. are pleased to announce the joint acquisition of a significant 5.4 acre, transit-oriented and mixed-use site with development entitlements in the City of Toronto from Allied Hotel Properties Inc. Fengate is managing this joint acquisition on behalf of the LiUNA Central and Eastern Canada Pension Fund.

The site currently houses a six-storey hotel and is conveniently located at the intersection of the Don Valley Parkway (DVP) and Eglinton Avenue East in Toronto, with direct pedestrian access to the Eglinton Crosstown LRT, which is scheduled for completion in 2021 and will provide efficient access to the downtown core and surrounding areas via connections to the Toronto Transit Commission and GO Transit system. The site also provides vehicular access to Highway 401, the DVP, and Gardiner Expressway.

The site is presently entitled for the development of numerous high-rise multi-residential buildings adjacent to the hotel, which will address the increasing need for transit-oriented residential units within Toronto.