TORONTO — Fengate Asset Management and Freed Developments Ltd. have announced the purchase of a 5.4-acre site near the Eglinton Crosston LRT project in Toronto for Fengate’s client LIUNA Central and Eastern Canada Pension Fund.
The property is currently the site of a six-storey hotel and the partners said in a Jan. 7 release the property is 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.” Fengate also identified the site as appropriate for mixed uses.
The property was purchased from Allied Hotel Properties Inc. It’s located at the intersection of the Don Valley Parkway and Eglinton Avenue East in Toronto, with direct pedestrian access to the Eglinton Crosstown LRT. The LRT project is scheduled for completion in 2021.
Fengate is managing the joint acquisition for the LIUNA pension fund.