Redevelopment of the “Don Sommerville” property
Goodmans LLP acts for a joint venture redeveloping a large track of land referred to as the “Don Sommerville” property at 1555-1575 Queen Street.
As part of the redevelopment, the Context Developments/RioCan Joint Venture will demolish the existing Toronto Community Housing Corporation (TCHC) buildings and construct a 10 storey rental replacement building for TCHC containing approximately 138 residential rental units and upon certain lands that are to be conveyed to the Joint Venture, Context/RioCan will also construct a 17 storey market condominium building, an 8 storey mid-rise residential rental building, a 15 storey hi-rise residential rental building and retail uses at grade. The market component of the project will contain 50 affordable housing units that will be subject to a long-term contribution agreement with the City of Toronto and the Joint Venture will sell to the City of Toronto 32 Affordable Housing Units that will be contained within the Market Buildings.
Goodmans’ mandate has included acting on the acquisition of the lands, negotiation a complex memorandum of understanding between the co-owners (Context and RioCan REIT) and the Toronto Community Housing Corporation and the City of Toronto in respect of the redevelopment, complex development agreements with the City of Toronto and other applicable governmental agencies and negotiating (on behalf of Context) complex joint venture documentation, including a co-owners agreement, two management agreements and a development management agreement.
Expertise
Featured Work
-
Capital Markets
Brookfield announces offering of First Mortgage Bonds for Bay Adelaide Centre East and West
Goodmans LLP advised CIBC Capital Markets, as Structuring Agent and Lead Left Joint Bookrunner, for Brookfield on its $433.2 million offering of First Mortgage Bonds for Bay Adelaide Centre East and… -
Restructuring
Tacora Resources Inc.’s CCAA restructuring
Goodmans LLP acted as counsel to Cargill, Incorporated and Cargill International Trading Pte Ltd. (collectively “Cargill”), in connection with the restructuring proceedings of Tacora Resources Inc… -
Mergers and Acquisitions
Andlauer Healthcare Group to be acquired by UPS
Goodmans LLP is acting for Andlauer Healthcare Group (“AHG”) in connection with a definitive arrangement agreement with affiliates of UPS under which UPS has agreed to acquire AHG via an all-cash… -
REITS and Income Securities
NexPoint Hospitality Trust acquired by NexPoint Diversified Real Estate Trust
Goodmans LLP advised NexPoint Hospitality Trust in connection with its going private transaction with NexPoint Diversified Real Estate Trust… -
Restructuring
WeWork’s restructuring proceedings
Goodmans LLP acted as Canadian legal counsel to WeWork Inc. in connection with its restructuring initiatives, the Canadian Part IV CCAA proceedings, and issues affecting Canadian stakeholders… -
Aging and Health Care
Welltower winds down joint venture with Chartwell
Goodmans LLP acted for Welltower Inc. in connection to the winding down of its 11-year joint venture with Mississauga-based Chartwell Retirement Residences, which has seen them partner on the…