Toronto real estate developer Fitzrovia launches $1-billion fund to build up city's rental stock [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
Fred Lum/The Globe and Mail On the edge of one of the country's most expensive neighbourhoods, Fitzrovia Real Estate Inc. has launched a 49-storey apartment tower meant to showcase the role rental properties can play in solving the housing shortage that plagues major Canadian cities. Fitzrovia, which says it is focused on the rental market , recently made its first investment using a new $1.1-billion fund backed by pension plans to acquire the rights to redevelop a 24-storey office building on midtown Toronto's St. Clair Avenue West, next to what real estate agents describe as the city's “exclusive” Forest Hill community. “We plan to provide homes for downsizers and young families, who are underserved in the rental market,” said Adrian Rocca, founder and chief executive officer of Fitzrovia, in an interview last week. Many of the new building's 600 units will be two-bedroom and three-bedroom apartments. The developer plans more projects on a similar scale with its recently raise
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