Slate Asset Management and Carlyle Communities Announce Sale of Three-Acre Residential Development Site in Toronto, Ontario to Fitzrovia Real Estate
Slate Asset Management (“Slate”), a global alternative investment platform targeting real assets, and Carlyle Communities, a leading developer of mixed-use communities in the Greater Toronto Area, have announced today that they have sold the jointly owned three-acre site at 6 Dawes Road in Toronto, Ontario (“6 Dawes” or “the site”) to Fitzrovia Real Estate (“Fitzrovia”), a vertically integrated developer and asset manager of Class-A rental communities across the Greater Toronto Area, alongside an institutional capital partner.
The site, which is currently operating as a self-storage facility, has been rezoned for high-rise residential use by Slate, together with Carlyle Communities, and will be developed by Fitzrovia into a premier rental community comprising approximately 1,000 Class-A residential units.
6 Dawes sits at the intersection of Main Street and Danforth Avenue in Toronto’s popular Danforth Village neighbourhood. Located adjacent to the Danforth GO Train Station and a short walk from the TTC’s Main Street Subway Station, the site offers exceptional access to transit and connectivity to the City of Toronto’s downtown core, making it uniquely positioned for a residential rental offering.
Slate acquired the site together with Carlyle Communities in 2019. Recognizing the value of the site’s unique location near public transportation, Slate and Carlyle Communities began the entitlement process to rezone 6 Dawes into a high-rise, mixed-use residential development in late 2019. Through private mediation with the City, neighbouring landowners and other local agencies, a settlement offer was reached with the City in late 2021 allowing for approximately 1.1 million square feet of buildable density at the site.
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“From the outset, we saw 6 Dawes as an exciting city building opportunity, recognizing the site’s potential to become a vibrant residential hub providing a range of housing options, invaluable connectivity and premium amenities,” said Lucas Manuel, Partner at Slate. “We took a creative, partnership approach to a complex project, working in collaboration with various stakeholder groups to bring to bear a truly unique residential development site that will soon provide an entirely new class of rental product.”
Naram Mansour, President at Carlyle Communities added: “Large, under-utilized, transit-oriented sites like this one are increasingly rare in Toronto. Against the backdrop of Ontario’s affordable housing crisis, we knew the best and highest use for this site was as a residential development, and we are very pleased to have reached an agreement with the team at Fitzrovia, who shares our vision of turning 6 Dawes into a premier residential community.”
“We are proud to bring to life another major rental project for the City of Toronto,” said Adrian Rocca, Founder and CEO at Fitzrovia. “This development will directly target young families and downsizers who continue to seek very limited options in the market. We look forward to not only delivering a beautiful product but also leveraging our passion for hospitality and programming to bring an exceptional living experience to the Danforth neighbourhood.”
Fitzrovia will implement a variety of ESG initiatives across the site including a significant public park with enhanced connectivity to the neighbourhood, water re-use and retention programs, lower window-to-wall ratios to reduce energy consumption and will target a minimum of LEED Gold certification.
The transaction closed in February 2022. Fitzrovia expects to complete the development in early 2026.
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