“KingSett, on behalf of our core strategy income fund is delighted to celebrate this important milestone with our construction partners,” said Jon Love, KingSett Capital CEO. “Once completed in June 2020, this work will greatly improve the existing resident experience at 700 Bay and add a further 275 rental suites with the top two floors dedicated to leading amenities including an infinity pool, fitness centre, library, lounge areas, an outdoor patio including a dog park, garden, pavilion, outdoor movie theatre, and green roof.”
|
|
| Final Pour - Oct. 23, 2019 | KingSett, PCL & Special Guests |
The multifaceted renovation and expansion project involves a new 32-storey residential apartment tower adjacent to an existing office, retail and residential building, the addition of six new floors above the existing structure, including the two dedicated amenity floors, a new mechanical penthouse, as well as structural upgrades throughout the existing building. The completed project will offer a total of 495 apartment residents premium rental living.
“Construction of 700 Bay at Gerrard has required precise methodology to expertly tie renovations into a new tower, while minimizing impact to tenants and properties along Toronto’s hospital row,” said Kelly Wallace, PCL Constructors Canada Inc. (Toronto) vice president and district manager. “PCL is honoured to share this milestone with our partners, subcontractors, suppliers and over 400 workers who have all played a role in bringing KingSett’s vision for this project to life.
”Interesting highlights that have enabled construction to progress to this point include:
For this project, KingSett and PCL partnered with indus.ai, an innovative construction intelligence platform to enhance construction efficiency. The platform utilizes video streams and time-lapse images, leveraging the data collected with AI technology to create actionable insights empowering construction professionals to more effectively manage site activity and mitigate costs and schedule risks.
With sustainability top of mind, the project is being built to Toronto Green Standard Tier II and is targeting LEED® Platinum certification. The building is tying into the EnWave District Steam Heating and Chilled Water-Cooling system, providing leading-edge energy efficiency.
The ground floor retail spaces and original structure are set to be re-clad, and the property will feature new hard and soft landscaping. Occupancy is expected for summer 2020, with the leasing launch coming this Spring.
700 BAY AT GERRARD PROJECT PARTNERS
ABOUT KINGSETT CAPITAL
KingSett Capital is Canada's leading private equity real estate investment firm. By co-investing with institutional and ultra-high-net worth individuals, KingSett uses active management to achieve premium risk weighted returns in Canada’s major markets by investing in a wide range of real estate strategies and asset classes, managing assets of $11.2 billion in a $13.5 billion portfolio. For more information, visit: www.kingsettcapital.com.
ABOUT PCL CONSTRUCTORS CANADA INC. (TORONTO)
PCL is a group of independent construction companies that carries out work across Canada, the United States, the Caribbean, and in Australia. These diverse operations in infrastructure, heavy industrial, and buildings markets are supported by a strategic presence in 31 major centres. Backed by PCL’s 113-year legacy, and with more than four decades of experience in Southwestern Ontario’s dynamic construction market, the Toronto office is PCL’s largest district with more than 550 of the construction industry’s most-talented professionals and an annual construction volume of more than $1.0B. For more information, visit: www.pcl.com/toronto.