Development team assembled for Toronto rail corridor lands
Fengate, working on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), CRAFT Development Group, and Kingsmen Group Inc. have announced their co-development partnership for the ORCA Project in downtown Toronto.
The project proposes to build a 16-acre master-planned community featuring high rise residential housing, open greenspace, retail, and entertainment venues. The community would sit above the rail corridor south of Front Street and between Bathurst Street and Blue Jays Way.
CRAFT acquired the air rights for the site in 2013 from the Canadian National Railway and this development would provide new transit-oriented and family-friendly options in the heart of the city. The master-planned building would incorporate state-of-the-art technology in support of energy efficiency and a healthy environment throughout the complex.
“We are very pleased to partner with CRAFT and Kingsmen on the ORCA Project, an innovative and forward-thinking development project that works to address increasing housing demands in downtown Toronto,” said Jaime McKenna, Managing Director and Group Head of Real Estate, Fengate. “The goals of the ORCA Project are transformative for the city by utilizing vital urban space over the rail corridor to provide new housing options, elevated greenspace and commercial zones.”
“We are extremely proud of this union between Craft/Kingsmen and Fengate. With LiUNA guidance, this historic opportunity for the revitalization of a former rail corridor will create thousands of job opportunities as well as homes for a new generation of homeowners,” said Carmine Nigro, President of CRAFT Development Corporation.