Smart Centres REIT, Greenwin to develop 7.8-acre Barrie lakefront property with more than 2,000 rental units

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Ontario Construction News staff writer

SmartCentres REIT and Greenwin Inc. have announced plans to develop a 7.8-acre lakefront property in Barrie.

The 50-50 joint venture will build a multi-phase rental apartment community comprised of over 2,000 residential units when it reaches completion in a city experiencing a rental housing shortage.

โ€œWe are very excited about partnering with Greenwin on this project in the thriving and growing city of Barrie,โ€ said Mitchell Goldhar, executive chairman of SmartCentres.

The partnership is to develop the lands between Bradford Street and Lakeshore Drive that were formerly slated for Harmony Village โ€“ a controversial project owned by Fortress Real Developments, that did not proceed.

Barrieโ€™s Ward 10 Councillor Sergio Morales says the SmartCentres project is a game-changer for the city.

โ€œThere are no details on the number of buildings yet, but the announcement speaks to 2,000 apartment units, which will surely materialize in the form of multiple buildings,โ€ he said. โ€œWe should all be excited about this announcement: thereโ€™s a real buzz going on with projects in the downtown core.โ€

Morales says the development of this prime-location spot has the potential to help Barrie meet its density targets, add much-needed apartment rental units to the market with the goal of controlling the rising rental prices, tie in the north end of our waterfront to the south, and also be a catalyst that ushers in the development of Bradford street.

โ€œLike any application, the plan must go through the public process, and when the investors come to the city with their vision, it will be a great opportunity for the public and Council to have a say and influence the proposal,โ€ he said.

The chosen location will give residents direct access to the waterfront and close proximity to the Allandale GO station.

โ€œWe are confident that this residential development will be complementary to the Cityโ€™s vision for its waterfront and provide additional rental housing in Barrie,โ€ said Goldhar.

Also, the project furthers a strategy to focus on revenue growth in sectors such as residential, seniors, office and self-storage.

โ€œThe development will add significantly to our development pipeline of over 5,000 new purpose-built rental units,โ€ said Kevin Green, president of Greenwin.

SmartCentres is one of Canadaโ€™s largest real estate investment trusts with total assets of approximately $9.7 billion. It owns and manages 34 million sq. ft.ย  in value-oriented, principally Walmart-anchored retail centres, and is continuing to expand its portfolio to include residential (single-family, condominium, rental) retirement homes, office, and self-storage.

Greenwin currently manages more than $3.3 billion in real estate assets, consisting of 16,000 residential units and 1 million sq. ft. feet of commercial space. For more information, visit www.greenwin.ca.

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