Fengate Asset Management (“Fengate”) is pleased to announce the acquisition of a mixed-use development site, comprised of 46 Charlotte Street, 16 Oxley Street, and 355 Adelaide Street West, in downtown Toronto’s Entertainment District. The firm acquired the site through a receivership sale, with zoning and site plan applications 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.
The site on the corner of Charlotte Street and Adelaide Street West is currently occupied by a six-storey, heritage-listed building with links to the expansion of Toronto’s garment industry in the 1920s and 1930s, which drove the revitalization of the area. The 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 underscored by its excellent walk, transit, and bike scores. This connectivity stands to be further enhanced by the construction of the future Queen and Spadina station on the Ontario Line, which will be a short walk away from the proposed development. Future residents will benefit from this convenient access to the numerous dining, retail, entertainment, fitness, and lifestyle amenities along King and Queen Street West.
“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,” said Jaime McKenna, Managing Director and Group Head of Real Estate, 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 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.