Partnerships keep Westdale’s development pipeline thriving
Steve McLean, RENX
April 20, 2021
Partners have been a primary ingredient in Westdale Properties’ long-term success and that’s continuing with several new and ongoing development projects across the Greater Toronto Area, Canada and in parts of the United States.
Partners spread the risk associated with developments and have enabled Westdale to become involved in real estate opportunities it wouldn’t otherwise have been able to take on.
“Individually we’re one drop, and together we’re an ocean,” Westdale chief operating officer Mitchell Cohen told RENX. “That’s why we forge these really good partnerships that continue. We have multiple partners and we do more deals and more deals with our stable of partners.”
Toronto-based Westdale employs more than 1,500 and has owned, managed and developed real estate across North America for almost 70 years. Its Canadian portfolio includes close to 7,000 residential units and more than 2.5 million square feet of retail, commercial and industrial spaces.
Those numbers are growing through its development partnerships.
-- SNIP Toronto projects I wish were being built here --
main + main in Ottawa
With Toronto-based main + main, Westdale is also involved in three Ottawa-area multifamily projects.
“We’re glad to remain in the Ottawa market,” said Cohen. “We’ve been there for a long time in the commercial and retail space, but this is our first in the residential space.”
Albert + Lyon at 400 Albert St. is an IBI Group-designed project comprised of 18-, 28- and 33-storey towers and a mixed-use podium with 600,000 square feet of retail space. The site is across the street from a light rail transit station.
It’s hoped that municipal approvals can be finalized and that construction can start in the next six months.
Cohen said one building will be a condominium, one will be a hotel and he’s unsure if the third will be a condo or purpose-built rental apartment.
“Our core business is multifamily rental, but we like to have flexibility. And with partners, we always have a lot of flexibility.”
Westdale and main + main will also submit plans for municipal approval for two other projects: a condo overlooking the Rideau Canal; and two residential towers in Kanata.
-- SNIP potential Ottawa project posted on General Rumor Thread --
-- SNIP other Canadian developments --
https://renx.ca/partners-keep-westdale-development-pipeline-thriving/