TORONTO – Distrikt Capital and Alterra recently announced they have acquired a three-acre residential development site in mid-town Toronto with the intention of developing housing.
The site is located at 1500-1536 St. Clair Ave. W. adjacent to 30 acres of greenspace at Earlscourt Park in the Corso Neighbourhood District.
“Sites of this location, size, potential for intensification and community building, access to transit and immediate amenities are certainly rare in central Toronto, and we are pleased to add this project to our portfolio,” stated Paul Simcox and Emil Toma, co-founders of Distrikt, in a release. “We are delighted to join forces with Alterra on this landmark project, bringing their construction, planning and design expertise to this highly regarded project of scale.”
Rob Cooper and Richard Cooper, co-founders of Alterra, added, “We are very familiar with Toronto’s mid-town and core areas, having been involved in the new construction and development industry for nearly 50 years, and are pleased to partner with Distrikt on this exciting property. Our complimentary skill sets have already created new value during the acquisition and early development process.”
The released stated that the Greater Toronto Area residential market “continues to be one of the strongest in North America” despite the effects of the COVID-19 pandemic, with an existing structural supply shortage.