Revitalized Midtown Toronto Rental Building Offers Fresh Hope for Aging Apartment Buildings
TORONTO, Oct. 1, 2024 /CNW/ - In response to Toronto's growing housing crisis and the need for sustainable urban development, Hazelview Investments is leading the charge with a groundbreaking project at 73 and 75 Broadway Avenue, slated for completion in Q2 2025. This ambitious 262,000-square-foot development will deliver 520 rental units, including 336 brand-new suites in a striking 38-storey tower, while also revitalizing and decarbonizing 184 units built in the 1960s. The project expands the housing supply and sets a new standard for transforming aging infrastructure into modern, energy-efficient rental homes in Midtown, one of Toronto's most sought-after neighbourhoods.
As one of Canada's largest managers and developers of multi-family housing, Hazelview's innovative approach optimizes underutilized urban land while also creating a sustainable living environment that meets the demands of today's rental market. By combining bold architectural design with environmentally conscious upgrades, Hazelview is redefining what urban infill development can achieve.
"The team at Hazelview thrives on innovation, creativity and a shared passion for execution as we relentlessly pursue our mission to address housing needs through the development of new supply," says Michael Williams, Managing Partner and Head of Real Estate Developments at Hazelview Investments. "This project is unique as it allowed us to bring new rental product to market while finding hidden value in aging product where we could advance sustainability initiatives. Seeing years of hard work and dedication come to fruition reaffirms our commitment to investing in growing sustainable communities that more people can call home."
Innovative and sustainable design features at 73 and 75 Broadway include:
- A striking cantilevered façade spanning floors 10 through 22, maximizing square footage and living space while minimizing the building's footprint.
- Over 15,000 square feet of shared amenities like a fitness centre, co-working space, rooftop terrace, and lounges.
- A high-performance building envelope to facilitate climate control, sustainable electrical distribution, waste diversion, and a focus on sustainable transportation including EV charging stations and dedicated bike stalls.
- Mechanical and electrical upgrades, energy-efficient heating and cooling systems, and eco-friendly materials to improve air quality and reduce the site's carbon footprint.
- At 75 Broadway (existing tower), decarbonization through a 95% GHG reduction of the heating system through electric heat pumps, while pursuing CaGBC certifications for green building standards.
Hazelview's fully integrated model as a real estate investment manager, developer, and property manager allows the company to take on ambitious projects like this. Insights from in-house property management guide decisions, ensuring assets meet renter demand and remain durable over time. Hazelview's development expertise ensures innovative design and efficient execution, as seen in the 520-suite project at Yonge & Eglington, which reflects the company's commitment to creating sustainable, vibrant communities.
As the 73 and 75 Broadway project progresses, Hazelview continues to contribute to the advancement of sustainable development and living, leveraging cutting-edge design and environmental practices to address both immediate housing needs and the long-term vitality of Toronto's urban landscape.
About Hazelview Investments:
Hazelview is an owner, developer, and manager of global real estate investments committed to creating value for people and places. We are an active investor, with a hands-on team that identifies opportunities to invest globally. We are committed to fostering the long-term growth of our employees, residents, and the investments we make for our clients. Hazelview Properties is a property management organization with a track record that spans 20 years of experience, managing properties in 6 provinces and 25 cities across Canada, including approximately 23,000 multi-family units. To learn more visit www.hazelview.com / www.hazelviewproperties.com.
SOURCE Hazelview Investments Inc.
For further information, please contact: Hazelview Investments Inc., Colleen Krempulec, Managing Partner, Head of Sustainability and Brand, ckrempulec@hazelview.com , (416) 500-9251