Cadillac Fairview eyes rental market
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.