Canadian real estate collective “Dream” has announced the start of a decarbonization initiative that will see 19 buildings across Toronto and Saskatoon transformed to net zero.
A $136.6-million investment from the Canada Infrastructure Bank is funding this work, as part of the Commercial Building Retrofits Initiative. Dream is the first real estate company in Canada to receive funds under the Initiative and it ensures the fast-tracking of Dream’s decarbonization projects.
“It is incumbent on us all in the industry to examine our real estate and ensure we are making positive impacts that contribute to a sustainable, low carbon future. There’s an urgency for real estate companies to create innovative partnerships and deploy solutions at an incredible speed and scale. Our partnership with the CIB exemplifies how Dream is on the leading edge of decarbonization in the industry,” says Gordon Wadley, COO of Dream Office REIT.
Dream has begun upgrading each buildings’ various systems – including boilers, heat pumps and cooling systems – to energy efficient systems and low-carbon heating sources. The extensive initiative accelerates Dream’s ambitions to achieve its pledge to achieve net zero emissions by 2035.
“We are proud to support Dream’s net zero program across its portfolio. Our significant investment demonstrates a long-term commitment to expedite large-scale retrofits,” says Ehren Cory, CEO, Canada Infrastructure Bank. “By working with leaders in the Canadian real estate sector, we support economic growth while making our communities greener and more sustainable.”
The 19 buildings that will be retrofitted range from boutique historical buildings to downtown high-rises, with the oldest building dating back to 1908. Eighteen of the buildings are located within Toronto, while one is located in Saskatoon. The 19 buildings are:
- 80 Richmond Street
- 67 Temperance Street W.
- 56 Temperance Street W.
- 350 Bay Street
- 366 Bay Street
- 74 Victoria Street
- 20 Toronto Street
- 36 Toronto Street
- 6 Adelaide Street
- 425 Bloor Street East
- 438 University Street
- 655 Bay Street
- 2206 Eglinton Avenue E.
- 90 Sussex Centre (90 Burnhamthorpe Road W.)
- 50 Sussex Centre (50 Burnhamthorpe Road W.)
- 10 Lower Spadina Avenue
- 349 Carlaw Avenue
- The Residences at Weston Common
- Princeton Tower (Saskatoon)
“Our city has a goal of reaching net zero emissions by 2040. We know that in order for us to achieve this goal we all need to work together including with the private sector. I want to thank DREAM for their leadership in retrofitting 19 buildings – 18 of them here in Toronto. This will help us create a greener and cleaner city,” says Mayor John Tory.