Freed Developments Limited is looking to scale up its presence in the Toronto real estate market, keeping an eye on steady demand in the real estate sector across the city and adjoining areas along with its burgeoning economic growth and future possibilities. Freed Developments Limited has recently acquired the Don Valley Hotel and Suites property in Toronto that covers 5.42 acres with a view towards emphasizing on impeccably master-planned transit-based communities for the future.
The CEO at the company, Peter Freed, has already confirmed that the company will now look at executing bigger projects in a departure from tradition since it has already executed 80,000-120,000 sq. ft. buildings comprising of anywhere between 80-100 units on an average. It is now looking at building master-planned communities with multiple towers wherever possible and also containing a mixture of residential and commercial spaces. Freed Developments Limited has successfully developed close to $1 billion of properties over a period of 25 years and counting. It has hospitality projects, condominium towers and commercial buildings in Toronto along with the Muskoka Bay Resort at Gravenhurst, Ontario.
Major developments in store at Freed Developments
The company has acquired the Don Valley Hotel and Suites property for a whopping $102 million at 175 Wynford Dr. and adjacent plots as well. This will give a new 353 room and 6 storied building to the company including the DV Bar/Bistro, Garden Café, a two storied convention center and meeting rooms among other vital amenities. The site has already been zone for two towers according to the company which is now proposing a redevelopment venture consisting of residential and commercial spaces alike. A new hotel may also be built on the site in the future if extra density is applied for.
The site is situated in a prime zone near the Don Valley Parkway and the Eglinton Crosstown LRT line which is under construction. It is located near the Ontario Science Centre, Aga Khan Museum, Flemingdon Golf Club and several commercial and retail properties. It is also located right between the southern and northern trails which go towards Lake Ontario. Freed Developments Limited is responsible for transforming King Street West in Toronto and started working on projects here at a time when the area was majorly home to abandoned and massive buildings formerly used by the textile industry. It has worked on the neighborhood for 15 years with its historic structures and great connectivity to shopping and entertainment hub Queen Street West, the financial district and Lake Ontario. The company has built 10-12 buildings here with several premier residences, retail spaces, restaurants, bars and even a hotel.
The company has its own office at a mixed-use structure that it developed at the prime location of 552 Wellington Street which is located in close proximity to King Street. The property has the ex-Mohari Hospitality owned Thompson Toronto luxury hotel and condo suites. The hotel is currently being renovated en route towards being re branded into 1 Hotels’ owned 1 Hotel Toronto later in 2020. The 284 unit and 25 storied Sixty Colborne condo project, developed in partnership with Carttera Private Equities and designed by Alliance architects, was executed in the year 2017, near King Street East.
Other projects worth noting
Freed Developments Limited has already sold out three condo projects in the Eglinton Avenue and Yong Street area. This neighborhood, according to the company, has ample transit facilities, vibrant commercial zones and multiple residential units. Buyers are already shifting into the Art Shoppe Lofts+ Condos project that has 652 units and is a joint venture with Capital Developments. The 452 unit Redpath Condo project was finished in 2017 and goes up to 35 storeys. The 39 storied building next door is the Redpath Condos project that has 571 units and is nearing completion. Freed has also sold approximately 50% of condo units at ANX at the Spadina Avenue and Dupont Street within just a few months. 70% of sales are being projected by the spring season before construction starts in the summer.