RioCan launches new residential brand RioCan Living
March 05 2018 - 7:00AM
RioCan REIT ("RioCan") (TSX:REI.UN), announced today its new
residential brand, RioCan Living™, as it capitalizes on and unlocks
the intrinsic value of the company’s vast portfolio of major market
properties. RioCan Living cultivates opportunities to turn selected
existing retail shopping centres into vibrant, mixed-use
communities, marking RioCan’s official, and permanent, entry into
the residential market.
“Over the last 25 years, we have accumulated a unique portfolio
of income-producing properties with significant redevelopment
potential, strategically situated on or near existing or approved
transit lines,” says Ed Sonshine, Chief Executive Officer of
RioCan. “During that same time, a large shortage of new
purpose-built rental buildings has emerged in Canada’s urban
centres.”
Jonathan Gitlin, Senior Vice President, Investments &
Residential, says RioCan is uniquely positioned to address the
rental void by pursuing the highest and best use of its assets on
behalf of unitholders. “It’s incumbent upon RioCan to figure out
ways to make our properties better, more effective, and more
valuable. At the same time, we are delivering best-in-class,
professionally managed residential units at a significant scale to
the cities and communities that need it most.”
There are 43 projects within its portfolio that RioCan has
currently identified as mixed use residential opportunities with
the potential to translate to over 20,000 residences in Canada’s
six major markets. All but a few of the projects are currently
slated to house rental apartments, with proposed developments
ranging from affordable to ultra-luxury. All will be developed and
managed to impeccable standards, backed by RioCan’s proven track
record.
There are currently approximately 2,800 units (consisting of
approximately 2,100 residential rental units and over 700 condo
units) spread between eight RioCan Living projects that are, or
will soon be, under construction with the first rental completion
scheduled for as early as the first quarter of 2019. Of the
projects actively under development, six are in Toronto, one is in
Calgary and one is in Ottawa. Each of the eight properties is
located along a major public transit corridor, with locations
ranging from prominent intersections such as Yonge and Eglinton,
and Front and Spadina in Toronto to populous, urban avenues such as
College Street, Toronto and existing shopping centres including
Gloucester Silver City Shopping Centre, Ottawa and Brentwood
Village, Calgary.
RioCan’s mixed use residential development pipeline of
well-located sites in Canada’s major markets is robust and
growing. Of the 43 projects currently identified, there is
approximately 25.1 million square feet of development potential
(including approximately 8 million square feet of commercial and
air rights potential) nearly 50% of which have been approved for
zoning, and an additional 21% with zoning approvals submitted.
This includes the eight active projects already noted in
Toronto, Ottawa and Calgary. It also includes 13 additional
mixed use residential development projects in the Greater Toronto
Area alone, eight of which are in the early stages of development
and five that are under consideration for zoning approval
submission. Each of the additional 13 projects is located on
either planned or existing transit lines and represents
approximately 12.5 million square feet of potential spread across
13 RioCan properties. All numbers are stated at
RioCan’s interest.
“Building on or close to transit will allow us to deliver
sustainable, livable communities that minimize the impact on the
environment while offering future residents the opportunity to
live, work and play within a reasonable distance,” says Sonshine.
“We want RioCan Living buildings to stand out from the pack. We’re
working with best-in-class designers and trades to develop
communities that will stand the test of time. We intend to become
one of the leading residential landlords in the country.”
Unique among mixed-use developers, RioCan Living will seek to
leverage existing relationships with retailers to bring added
vibrancy to future communities. “There’s a huge opportunity
to take what exists within RioCan, namely numerous strong
connections with very strong retailers, and merge that with our
residential developments to deliver a true diversity of uses and
tenant mix,” says Gitlin.
Gitlin adds each new residential development will share a
distinct set of characteristics that will define RioCan Living
communities moving forward. These include: easy access to major
commuter routes; world-class architecture and iconic locations;
community-focused animation and event programming; standout
amenities that cater to the needs of residents; and retail
experiences curated by the retail experts.
RioCan Living is on schedule to begin attracting new residential
tenants in the fall of 2018. More information on the inaugural
slate of residential developments can be found at
www.riocanliving.com.
For high res images and to schedule interviews please
contact:
Terri AndrianopoulosVP Marketing & Communications, RioCan
REITtandrianop@riocan.com
About RioCan LivingRioCan Living delivers best
in class purpose-built rental units and condos along Canada’s most
prominent public transit lines. RioCan Living developments
leverage RioCan’s vast portfolio of major market retail and
mixed-use properties. RioCan Living delivers vibrant
transit-oriented communities, developed and managed to impeccable
standards and backed by RioCan’s proven track record. For more
information about RioCan Living’s active slate of new residential
communities visit www.riocanliving.com
About RioCanRioCan Real Estate Investment Trust
has a total enterprise value of approximately $13.9
billion at December 31, 2017. RioCan owns, manages and
develops retail-focused, increasingly mixed-use properties located
in prime, high-density transit-oriented areas where Canadians want
to shop, live and work. Our portfolio is comprised of 289
properties, including 17 development properties, with an aggregate
net leasable area of approximately 44 million square feet. To learn
more about how we deliver real vision on solid ground, visit
www.riocan.com.
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/71c83df6-8744-4a2c-b795-ff3f2d526f08
http://www.globenewswire.com/NewsRoom/AttachmentNg/2417055c-a51b-4fd3-8daa-490aa3337c08
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