Renewal, Re-investment and Expansion Mean Strong ROI, says Cadillac Fairview
Mixed-use joint ventures between land-owners, developers, retailers and residential owners aim to create “live, work, learn and play” neighbourhoods
Multiphase developments now underway in Anjou, Ottawa, Markham, Montreal, Pointe Claire, St. Bruno and Toronto will revive and renew urban neighbourhoods while ensuring long-term return-on-investment for the Ontario Teacher’s Fund.
“We currently have developing projects underway which, when concluded, will represent a total investment of close to two billion dollars,” says Sal Iacono, Senior Vice President of Development and Eastern Portfolio Manager of the Cadillac Fairview Corporation Limited. “It puts us among the most active real estate companies in North America. We are fortunate to have an owner, the Ontario Teachers’ Pension Fund, which has a long-term view of these kinds of assets. They are stable, inflation-protected and able to generate cash—once well-established—that they can count on to continue to pay monthly pension cheques.”
Cadillac Fairview has teamed up with land-owners, retailers, commercial businesses, condominium operators and marketers to renew and expand various properties across the country. In the process, they have been discovering new ways to meet the structural, administrative, legal and operational demands of disparate owners all living under one roof.
“Professionals involved in those kinds of projects are just now starting to hone their design skills in order to ensure that building systems and life-fire-safety systems all get harmonized in the proper way,” says Iacono. “It’s not an easy technical task and makes for interesting ownership dynamics.”
Note: This article was published on p 60 of Canada’s Leading Real Estate Forum, Toronto, Winter 2012.
