Fengate Asset Management has agreed to back the ORCA Project, a project to develop a mixed-use community above 16 acres of rail corridor lands in Toronto. No financial terms were disclosed. Fengate made the investment on behalf of LiUNA Pension Fund of Central and Eastern Canada, CRAFT Development Group and Kingsmen Group.
TORONTO, April 6, 2021 /PRNewswire/ – Fengate Asset Management (“Fengate”), working on behalf of the LiUNA Pension Fund of Central and Eastern Canada (“LPFCEC”), CRAFT Development Group (“CRAFT”) and Kingsmen Group Inc. (“Kingsmen”) are pleased to announce their co-development partnership for the ORCA Project, a visionary project to develop a mixed-use community above 16 acres of rail corridor lands in downtown Toronto, Ontario.
The ORCA Project proposes to build a 16-acre master-planned community featuring high rise residential, affordable 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 be precedent setting in Canada, in terms of the size of the community efficiently created in previously unused space above rail corridor lands.
The ORCA Project is focused on addressing ever-increasing housing demands in Toronto, providing new transit-oriented and family-friendly options in the heart of the city, and reclaiming a significant amount of urban space utilized by the rail corridor. The master-planned development pays close attention to urban resident needs for convenience with transit, retail access, and dynamic public spaces including ample greenspace. With a focus on sustainability, the ORCA Project 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.
“We are excited to have Fengate as a partner on the ORCA Project and look forward to working with them to realize our vision for this very unique development site. Toronto deserves this world-class development, providing opportunities for growth and reurbanization of such a valuable part of the downtown Toronto core,” said Matthew Castelli, President, Kingsmen Group Inc.
“LiUNA continues to invest in the growth and economic development of our country, while creating thousands of jobs for the highly-skilled members of LiUNA and workers across the industry. This visionary and much-needed development plan in the City of Toronto will address infrastructure needs such as transit and housing while focusing on a transformative plan for greenspace, heightening the vibrancy of this development,” said Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager of Central and Eastern Canada. “With a significant investment by LiUNA’s pension fund, this project will be one of the most innovative in Canada. The ORCA Project will continue to spur economic growth in a time of critical recovery for our city and for our country, while continuing to meet key needs in the urban core.”
About Fengate Asset Management
Fengate is a leading alternative investment manager focused on real estate, infrastructure and private equity strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate has a proven track record of successful projects and partnerships, and an established reputation as one of the most active real asset investors and developers in North America. Learn more at fengate.com.
About CRAFT Development Group
CRAFT Development Corporation is Toronto-based and led by an experienced and creative team with well over 30 years of development experience. CRAFT has been the key developer of retail, office, and residential projects across Ontario, Canada, and the states of Pennsylvania and Florida in the USA. Since its inception, CRAFT identifies opportunities and possibilities where others do not. www.craftdevelopment.ca/