Successful quarterly reports will subsequently translate into major development plans for the city.
Boardwalk Real Estate Investment (Boardwalk), a real estate investment trust headquartered in Calgary, Alberta, announced via news release that it plans to expand into the Greater Toronto Area, with plans to begin in Brampton.
“We are pleased to report on a solid fourth quarter and fiscal 2018 for the Trust,” said Chairman and Chief Executive Officer of Boardwalk REIT Sam Kolias.
“Our recovering financial results are the product of our team’s commitment to the best product quality, service and experience which has resulted in higher revenues by maintaining higher occupancy, balancing our suite renovation program, and continuing to reduce incentives,” he said.
“Additionally, we are pleased to announce the Trust’s first development in the Greater Toronto Area, with a landmark, transit oriented, two-tower joint venture development in Brampton, Ontario,” Kolias said.
Boardwalk said the project is a joint-venture to be worked alongside Redwood Properties, a Toronto-area best-in-class developer specializing in the construction of high-rise apartment buildings.
The joint-venture was agreed upon last December.
Plans are underway construct a landmark, transit oriented, 365 unit, two tower residential community in Brampton.
The exact location will be near the downtown area of the city, at 45 Railroad Street, directly adjacent to the GO Transit station.
Both towers will feature 380,000 buildable residential square feet amongst one 25-storey tower, with another 27-storey tower will house an additional 11,000 square feet of retail space.
A three storey podium will connect the two towers.
This is part of Boardwalk’s long term strategic plans to diversify its portfolio, with this specific development providing a high-quality entry into the Greater Toronto Area.
“As we continue to recapture revenue from our core portfolio, and when combined with our maximum re-investment distribution policy, the Trust will be well-positioned to further accelerate on our longer-term diversification plans,” Kolias said.
The first and second towers are estimated to be completed in 2022 and 2023, with stabilization of the entire development estimated for 2024.
Are you excited for this future, major development, Brampton?