RIOCAN ENTERS RESIDENTIAL RENTAL MARKET WITH
RIOCAN LIVING RioCan announced on March 5 it is moving into the residential rental market with the launch of RioCan Living. The new brand will see selected existing retail shopping centres turned into mixeduse communities, marking the company’s official, and permanent, entry into the residential market. “Over the last 25 years, we have accumulated a unique portfolio of income-producing properties with significant redevelopment potential, strategically situated on or near existing or approved transit lines,” says Ed Sonshine, chief executive officer of RioCan. “During that same time, a large shortage of new purpose-built rental buildings has emerged in Canada’s urban centres.” Jonathan Gitlin, senior vice-president, Investments & Residential, says RioCan is uniquely positioned to address the rental void by pursuing the highest and best use of its assets on behalf of unitholders. “It’s incumbent upon RioCan to figure out ways to make our properties better, more effective, and more valuable. At the same time, we are delivering best-in-class, professionally managed residential units at a significant scale to the cities and communities that need it most.” RioCan has identified 43 projects within its portfolio as mixed-use residential opportunities with the potential to translate to more than 20,000 residences in Canada’s six major markets. All but a few of the projects are currently slated to house rental apartments, with proposed developments ranging from affordable to ultra-luxury. All will be developed and managed to 30
impeccable standards, backed by RioCan’s proven track record. There are currently approximately 2,800 units (consisting of approximately 2,100 residential rental units and more than 700 condo units) spread between eight RioCan Living projects that are, or will soon be, under construction, with the first rental completion scheduled for as early as the first quarter of 2019. Of the projects actively under development, six are in Toronto, one is in Calgary and one is in Ottawa. Each of the eight properties is located along a major public transit corridor, with locations in Toronto ranging from prominent intersections such as Yonge and Eglinton, Front and Spadina and College Street, and existing shopping centres including Gloucester Silver City Shopping Centre in Ottawa and Brentwood Village in Calgary. “Building on or close to transit will allow us to deliver sustainable, livable communities that minimize the impact on the environment while offering future residents the opportunity to live, work and play within a reasonable distance,” says Sonshine. “We want RioCan Living buildings to stand out from the pack. We’re working with bestin-class designers and trades to develop communities that will stand the test of time. We intend to become one of the leading residential landlords in the country.” Gitlin adds each new residential development will share a distinct set of characteristics that will define RioCan Living communities moving forward. These include: easy access to major commuter
eCentral at Eplace, Yonge and Eglinton, Toronto
routes; world-class architecture and iconic locations; communityfocused animation and event programming; standout amenities that cater to the needs of residents; and retail experiences curated by retail experts.
GTA 03-17-18.indd 30
2018-03-14 11:42 AM
A NextHome Publication