Slate Asset Management and Carlyle Communities Announce the Sale of a Three-Acre Residential Development Site in Toronto, Ontario to Fitzrovia Real Estate
TORONTO, March 07, 2022–(BUSINESS WIRE)–Slate Asset Management (“Slate”), a global alternative investment platform targeting real estate assets, and Carlyle Communities, a leading developer of mixed-use communities in the Greater Toronto Area, announced today have sold the jointly owned three-acre site at 6 Dawes Road in Toronto, Ontario (“6 Dawes” or “the Site”) to Fitzrovia Real Estate (“Fitzrovia”), a vertically integrated developer and property manager. Class A rental community assets in the Greater Toronto Area, alongside an institutional financial partner.
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The site, which currently operates as a self-storage facility, has been rezoned for high-rise residential use by Slate, in conjunction with Carlyle Communities, and will be developed by Fitzrovia into a premier rental community comprising approximately 1 000 class A residential units.
6 Dawes is located at the intersection of Main Street and Danforth Avenue in Toronto’s popular Danforth Village neighborhood. Located adjacent to the Danforth GO Station and steps from the TTC Main Street Subway Station, the site provides exceptional transit access and connectivity to downtown Toronto, making makes it a unique location for a residential rental offer.
Slate acquired the site with Carlyle Communities in 2019. Recognizing the value of the site’s unique location close to public transport, Slate and Carlyle Communities began the planning process to rezone 6 Dawes into a high-rise residential development mixed-use in late 2019. Through private mediation with the City, neighboring landowners, and other local agencies, a settlement offer was reached with the City in late 2021, allowing approximately 1.1 million feet building density squares on the site.
“From the outset, we saw 6 Dawes as an exciting urban building opportunity, recognizing the site’s potential to become a vibrant residential center offering a range of housing options, invaluable connectivity and high-end amenities,” said said Lucas Manuel, partner at Slate. “We have taken a creative, partnership-based approach to a complex project, working collaboratively with diverse stakeholder groups to deliver a truly unique residential development site that will soon provide a whole new category of rental products.”
Naram Mansour, President of Carlyle Communities, added, “Large, underutilized, transit-oriented sites like this are increasingly rare in Toronto. In the context of Ontario’s affordable housing crisis, we knew that the best and highest use of this site was also residential development, and we are very pleased to have reached an agreement with the team at Fitzrovia , which shares our vision of transforming 6 Dawes into a premier residential community. »
“We are proud to bring another major rental project to life for the City of Toronto,” said Adrian Rocca, Founder and CEO of Fitzrovia. “This development will directly target young families and downsized individuals who continue to seek out very limited options in the market. We look forward to not only delivering a beautiful product, but also building on our passion for hospitality and programming to bring an exceptional living experience to the Danforth neighborhood.
Fitzrovia will implement various ESG initiatives across the site, including a significant public park with improved connectivity to the neighborhood, water reuse and retention programs, lower window-to-wall ratios to reduce water consumption energy and will aim for a minimum of LEED Gold certification.
The transaction closed in February 2022. Fitzrovia expects to complete development in early 2026.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on the fundamentals with the aim of creating long-term value for our investors and partners. Slate’s platform offers a range of real estate and infrastructure investment strategies, including opportunistic, value-added, core plus and debt investments. We are backed by exceptional people and flexible capital, which enable us to create and execute a wide range of attractive investment opportunities. Visit slateam.com to learn more.
About Carlyle Communities
Carlyle Communities is a Toronto-based real estate developer specializing in the development of infill communities in the Greater Toronto Area.. Carlyle Communities invests in residential and commercial real estate strategically located in large-scale urban growth markets near upper-tier public transit. Since its founding in 2010, Carlyle Communities has invested in more than 10 development projects in the Greater Toronto Area, representing more than 2,000 residential units and $1.3 billion in real estate. For more information, please visit https://www.carlylecommunities.com.
Fitzrovia is a vertically integrated developer and asset manager of rental communities in the Greater Toronto Area with approximately $4.6 billion in assets under management. Fitzrovia partners with public institutions, pension plans and high net worth investors who have a penchant for investing in assets that generate long-term cash flow. The company’s “build-to-core” strategy is focused on the development of institutional quality rental properties well located near major employment and/or public transport hubs. Fitzrovia emphasizes active lifestyle management and provides exceptional customer service to our valued residents. Fitzrovia’s customer focus means that all design and construction decisions are grounded deeply in consumer insights to ensure our residents’ needs are not just met, but exceeded. At Fitzrovia, we think differently and build differently.
For more information, please visit https://fitzrovia.ca/ and follow @FitzroviaRealEstate on Instagram
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Slate Asset Management
Director of Investments and Asset Management