Cadillac Fairview (CF) is launching its first residential rental project in Calgary as part of its strategy to further diversify its real estate portfolio. 

The 61st Avenue development is on a site between the CF Chinook Centre mall and the Chinook light rail transit station that Cadillac Fairview has owned for more than a decade, president and chief executive officer Sal Iacono told RENX.

The land is occupied by a Scotiabank branch that will be retained, while the rest of the site is vacant.

“This project is the fourth purpose-built rental development that we’re undertaking on a 100-per-cent basis with our own development team,” Iacono said. “The other three are located in downtown Montreal, at Carrefour Laval - which is part of the shopping centre lands of CF Carrefour Laval - and Rideau Registry, which is part of the CF Rideau Centre lands in Ottawa.”

The Calgary project will encompass 490 rental units across 20- and 19-storey buildings connected by a multi-storey podium housing residential units as well as co-working spaces, lounges and wellness facilities.

The development will also include public outdoor spaces, four levels of parking and direct access to public transit.

Construction will start this month, with initial occupancy expected in the summer of 2028.

Focus on purpose-built rental apartments and industrial

In addition to developing more purpose-built rental apartments and industrial properties, Cadillac Fairview is also looking to acquire recent vintage buildings in both asset classes in its primary markets of Toronto, Montreal, Vancouver, Calgary and Ottawa, as Iacono said pricing has become more attractive than it was a couple of years ago.

Industrial buildings should be modern logistics facilities, mid to large bay in size, with 32- to 36-foot clear heights and strong in-place leases in order to fit Cadillac Fairview’s acquisition strategy.

Cadillac Fairview is wholly owned by the Ontario Teachers’ Pension Plan and has assets under management valued at $28 billion. It manages approximately 31 million square feet of leasable space at 57 properties across Canada, including CF Toronto Eaton Centre, 160 Front, Toronto-Dominion Centre, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.

The office and retail asset classes were hit particularly hard by the COVID-19 pandemic and, while both have recovered to varying degrees, Cadillac Fairview felt the need to add more diversity to its portfolio.

Cadillac Fairview opened the 47-storey, 1.26-million-square-foot 160 Front in downtown Toronto less than two years ago. Given the current state of the office market, there are no plans to start any new projects.

Very little major retail development has taken place in recent years, and there are no enclosed shopping centres in Cadillac Fairview’s near-term development pipeline, either.

“We're really happy to be principal players in these two asset classes,” Iacono said of office and retail. “But we wanted to diversify so that whenever there's the next shock to the system, whatever that is, we've got four asset classes to lean on rather than just two.”

Carré Windsor and Rideau Registry

The 35-storey Carré Windsor, located at 1114 Saint-Antoine St. W. at Peel Street in downtown Montreal, will offer 335 units ranging in size from studios to two-bedroom plus den suites. Occupancy is expected to begin in February or March.

Carré Windsor’s amenities will include: a drop-off area and lobby with an espresso bar, smart vending machines and mail room; a rooftop terrace with barbecues and a garden; a fitness centre and yoga studio; a thermotherapy zone with a salt room, cold shower and infrared sauna; a children’s play area with an adjacent parents’ lounge; a fireplace lounge; a games room; a dining lounge; a podcast studio; meeting rooms; co-working stations; and a pet-grooming area.

The 288-unit Rideau Registry in downtown Ottawa will have 20- and 21-storey buildings that promote the prominence of the 150-year-old City Registry Office, which was moved as part of the redevelopment.

Rideau Registry will be integrated with CF Rideau Centre and include: a café-bistro; public spaces, including a new atrium and entrance to the shopping centre; and a connection to the city's downtown O-Train light rail station. Occupancy should begin in mid-2026.

CF Carrefour Laval and Beaver Creek Industrial Park

The first phase of residential development at CF Carrefour Laval will feature 365 units across 20- and 11-storey buildings that share a six-storey podium housing the development’s common areas, including a swimming pool and other amenities. 

There will be ground-floor retail space, two levels of underground parking and easy transit access for residents via connectivity to the 266-store shopping centre. Initial occupancy is expected in the summer of 2027.

“The principal purpose is to create a separate revenue stream derived from apartments,” Iacono explained. “But the other benefit of developing on lands that we currently own that are connected to, or are adjacent to our shopping centres, is that we're bringing a bunch of clients to the doorstep of the retailers, and vice versa.”

Cadillac Fairview owns enough of such land to intensify that Iacono said it will keep the company “busy for many years.” Thus, it’s not seeking any additional residential development land despite there potentially being good deals available.

“We're very fortunate that we have such great assets and great people across the country that we can take advantage of opportunities like the ones we have,” Iacono said.

On the industrial front, Cadillac Fairview partnered with Hopewell Development on a recently completed 132,132-square foot building in the eight-acre Beaver Creek Industrial Park in Richmond Hill, just north of Toronto. It is demisable into two separate spaces, has a 36-foot clear height, 26 truck-level doors, one drive-in door and 170 parking stalls — including 20 for electric vehicles.