Cadil­lac Fairview eyes rental mar­ket

National Post (Latest Edition) - - FINANCIAL POST - Natalie WoNg

TORONTO •Count Cadil­lac Fairview Corp. as an­other Cana­dian de­vel­oper look­ing to cap­i­tal­ize on the booming de­mand for rentals in Toronto and Vancouver.

Un­til the last few years, there wasn’t enough vol­ume to make rentals worth­while, said John Sul­li­van, pres­i­dent and chief ex­ec­u­tive of­fi­cer of Cadil­lac Fairview.

Though Cadil­lac Fairview has de­vel­oped con­do­minium projects, apart­ment build­ings would be a first for the Toronto-based real estate unit of the On­tario Teach­ers’ Pen­sion Plan Board. Rents soared about 11 per cent in Toronto in the first quar­ter from a year ear­lier, ac­cord­ing to re­searcher Ur­ba­na­tion.

Cadil­lac Fairview is con­sid­er­ing adding apart­ment build­ings to its Rich­mond Cen­tre pro­ject in Vancouver. The 27-acre (11-hectare) development site has 2 mil­lion square feet (185,000 square me­tres) of res­i­den­tial space that can fit over 2,000 homes. Con­dos will be part of the mix, and the en­tire pro­ject is ex­pected to cost more than $500 mil­lion, Sul­li­van said.

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