Ontario Construction News staff writer
Greenwin and Windsor Private Capital have announced a strategic partnership to transform the historic Palace Arms Hotel at 950 King St. West in downtown Toronto into a mixed-use residential housing project.
The Palace Arms Hotel, an architectural gem built in 1890 and renowned as one of King West’s iconic landmarks, is set to undergo a substantial rehabilitation. This redevelopment project will preserve and enhance the building’s existing principal facades, including its heritage brick masonry, window openings, variegated roof lines, and masonry chimneys.
The plan entails the construction of a 14-storey tower, featuring a total of 219 rental units, on a 15,000-sq. ft. lot. The units will consist of a mix of 1, 2, and 3-bedroom apartments as well as live/work suites at grade.
“By integrating the architecture of the existing structure with a reimagined contemporary rental experience, we hope to safeguard a treasured piece of Toronto’s historic landscape while responding to a critical need for housing,” said Rod Bell, managing director and co-founder of Intentional Capital.
The development will include a host of amenities, ensuring a high-quality living experience. These amenities comprise a commercial-quality fitness facility, co-working space, social room, automated parcel management system, bike lockers, pet wash, yoga studio, multipurpose room, and a rooftop patio with BBQs and a children’s play area.
“We are particularly excited to partner with developers who have a longstanding history of bringing much-needed rental housing stock to the market,” said Jordan Kupinsky, managing partner at Windsor Private Capital. “This partnership is a natural extension of our companies’ shared vision and commitment to building and supporting some of the GTA’s most vibrant communities.”
Greenwin was established in 1948 and currently manages over $3.3 billion in real estate assets, including commercial space and nearly 22,000 residential units.
Intentional Capital is privately-owned Toronto-based real estate company with over $1 billion in gross development value, specializes in purpose-built multi-residential buildings.
The transformation of the Palace Arms Hotel into a mixed-use residential housing project is poised to contribute significantly to Toronto’s housing market, addressing the increasing demand for rental housing in the vibrant King West area.