TORONTO, ONTARIO--(Marketwired - Nov. 14, 2016) - Dream Unlimited Corp. (TSX:DRM)(TSX:DRM.PR.A) ("Dream"), Dream Hard Asset Alternatives Trust (TSX:DRA.UN) ("Dream Alternatives") and Great Gulf Residential are proud to announce the formation of a joint venture to complete the acquisition of a historic waterfront property located at 351-369 Lakeshore Boulevard East ("The Lakeshore Development") in downtown Toronto.
Dream and Great Gulf Residential will act as co-developers for this project. "This development will be an integral part of the much anticipated revitalization of the Toronto waterfront and we are excited to be leading such an exceptional development with Great Gulf Residential," said Michael Cooper, President of Dream and Portfolio Manager of Dream Alternatives. "Great Gulf Residential is delighted to partner with Dream to co-develop this signature development on the waterfront," said Great Gulf President Christopher Wein. "We targeted this area because we believe that this unique and desirable location will become the hub of future development. The combined experience and extensive knowledge our two groups bring to this project will create an enviable addition to Toronto's burgeoning East Bayfront Precinct."
The 230,245 square foot property is set on 5.3 acres on a prime location bounded by Lakeshore Boulevard East to the north, Lake Ontario to the south, the 3C Lands to the east and 333 Lakeshore Boulevard East to the west. The transformation and revitalization of this section of the waterfront is currently under way and is targeted to be completed over the next decade totally changing the face of this formerly industrial precinct.
The partnership intends to redevelop this property as a mixed-use development with the potential for over 1 million square feet of density across three development blocks. The development will be bisected by the extension of Queens Quay East to Cherry Street and will be further enhanced by an LRT running through a dedicated centre lane of that roadway.
For more than 70 years the site has been home to The Victory Soya Mills Silos which were constructed during World War II to store soybeans and other commodities prior to transportation across Canada. The silos were listed as one of Toronto's Heritage Properties in 2004 adding to the uniqueness of any future development on the site.
The development proposal includes the preservation of the Silos as a unique architectural feature to be incorporated into the development through either adaptive use or rehabilitation. Dream and Great Gulf Residential will use their expertise and vision to transform this formerly industrial property with its unique historic attributes into a vibrant mixed-use community.
About Dream Unlimited Corp.
Dream is one of Canada's leading real estate companies with approximately $14.5 billion of assets under management in North America and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for four TSX-listed trusts, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
About Dream Alternatives Trust
Dream Alternatives provides an opportunity for unitholders to invest in diversified hard asset alternative investments, including real estate, real estate loans and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax efficient basis, and reposition and grow its assets to increase the value of its business and its distributions to unitholders over time.
About Great Gulf Residential
Established in 1975, the Great Gulf Group of companies including Great Gulf, Ashton Woods Homes, First Gulf Corporation, Tucker HiRise Construction, H+ME Technology and Taboo Resort Golf and Spa, is one of North America's premier real estate organizations. With major projects in Canada and the United States, the company's fully-integrated activities span the entire real estate spectrum.
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding our plans and proposals for future development projects, including projected sizes, density and uses; development timelines for future development projects; plans for the transformation and revitalization of the City of Toronto's waterfront and the timing thereof. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream and Dream Alternatives control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: general and local economic and business conditions including employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, local real estate conditions, adverse weather conditions, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward looking information in this press release speaks as of November 14, 2016. Dream and Dream Alternatives do not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at Dream and Dream Alternatives websites at www.dream.ca or www.dreamalternatives.ca.