First Capital and Pemberton Group are planning 66- and 46-story multi-residential towers as part of the first phase of the ambitious 2150 Lake Shore development in Toronto.
First Capital and CPP Investments originally acquired Mr. Christie’s former 28-acre site at 2150 Lake Shore Blvd. W. in South Etobicoke from Mondelez for $26 million each in 2016. First Capital then exercised its option to purchase CPP’s 50% stake in the site for $56 million and subsequently sold to Pemberton Group for $156 million last year.
“We recognize them as being a key strategic partner for us,” First Capital vice president of development Jennifer Arezes told RENX of Pemberton. “They were aligned with our vision and they bring a depth of experience in residential development and community building, which we know is critical to the success of this project.”
British architecture firm Allies and Morrison was chosen in 2018, after an international competition, to be the lead architect for the planned community.
A new application for site plan approval has now been submitted to the City of Toronto.
2150 Lake Shore will be built in phases
The overall plan for 2150 Lake Shore calls for a density of approximately 7.5 million square feet in 36 buildings to be constructed in six phases. This includes approximately 7,500 homes of various types, sizes and prices, as well as office and commercial space.
“We consider 2150 Lakeshore to be a five-minute community, which means that all amenities, services and daily transportation options are located within a five-minute walk for residents living in this new community,” Arezes said.
The first phase will also include five mid-rise buildings in addition to the two multi-residential towers.
“The height and scale of what we offer is consistent with what exists in the neighborhood today,” said First Capital executive vice president and chief operating officer Jordan Robins.
The buildings will offer approximately 1.05 million square feet for 1,358 residential units, with more than 40% of the residential units having two or three bedrooms. There will be rental apartments and purpose-built condominiums, and 10% will be designated as affordable.
An indoor swimming pool, lounges, modular spaces, a gym and co-working spaces are among the expected interior facilities.
There will also be approximately 310,000 square feet of office space in a 13-story L-shaped building attached to the tallest tower by a podium and approximately 70,000 square feet of retail space in the initial phase. of development.
The first phase will also include a transit hub including a new GO Transit stop and a detoured Toronto Transit Commission streetcar line that will enter the site. A road will be created along the north end of the site to help divert and reduce traffic volume along Park Lawn Road and Lake Shore.
“Our goal is really to re-pedestrianize these two streets to create more of a main street feel and character with storefronts and increased pedestrian activity,” Arezes said. “Retail consists of a grocery store of approximately 35,000 square feet, and then some smaller stores and services that tie into the GO station, as well as various public spaces.”
There is no timeline in place for the first phase as 2150 Lake Shore is still going through the approvals process, but Arezes and Robins would like to begin construction as soon as possible.
This will be First Capital’s biggest development. It is estimated that the complete project will take approximately 20 years to build once construction begins.
Public spaces and sustainability
The site will also include a new community center that will be owned and operated by the City of Toronto, a public library, two public child care centers, city-operated human agency space, and monetary contributions for streetscape and public art.
Arezes said more than 25% of 2150 Lake Shore, roughly the size of five football fields, will be open public spaces. This will include two public parks and two private public spaces. There will be landscaped areas and pedestrian links throughout the site.
Buildings will be located so that there is at least five hours of daylight, without shade, over the park areas.
All maintenance, loading and parking activities will be underground to prioritize and further activate open spaces. The site will also include an open-air but covered shopping mall.
The developers are also planning a district energy system for 2150 Lake Shore as a sustainability measure.
“We also designed the buildings with a substantial component of solid materials versus glass and glazing,” Arezes said. “Precast and masonry materials improve building performance and longevity.”