Infrastructure Ontario leases land parcels to DREAM, Kilmer and TRICON Capital Group
April 06, 2018
On April 27, 2018, Infrastructure Ontario, on behalf of the Ministry of Infrastructure, announced that it has entered into a 99 year lease with Dream Unlimited Corp. and Dream Hard Asset Alternatives Trust (collectively, “Dream”), Kilmer Van Nostrand Co. Limited ("Kilmer"), and Tricon Capital Group Inc. and Tricon Lifestyle Rentals (collectively, “Tricon”) for the development and management of a rental apartment community in the West Don Lands region in Toronto. Dream, Kilmer and Tricon have formed an equal share partnership to develop the land parcels into approximately 1,500 rental units as well as ancillary retail and potential office space. The partnership is targeting to commence construction on the first block as early as the second quarter of 2019 with initial residential occupancy targeted for 2021.
The project is a part of the first phase of the Provincial Affordable Housing Lands Program, which was established to leverage provincial land assets in order to create sustainable, affordable housing in a mixed-income setting across the Province of Ontario.
Infrastructure Ontario is a crown corporation wholly owned by the Province of Ontario and established by the Ontario Infrastructure and Lands Corporation Act, 2011. Infrastructure Ontario provides a wide range of services to support the Ontario government’s initiatives to modernize and maximize the value of public infrastructure and real estate.
McCarthy Tétrault LLP advised Infrastructure Ontario with a team led by James Klein that includes Cynthia MacDougall, James Kelsall, and Diego Beltran.