Premium multi-residential complex with 275 new rental units and luxury amenities
77 & 99 Gerrard is a multi-residential property complex directly abutting to 700 Bay, an office building located in the centre of Toronto’s discovery district , just steps away from top hospitals, universities, and the Financial District. The residential complex is comprised of 77 Gerrard, the original residential tower subject to rent control provisions, and 99 Gerrard, the newly developed luxury purpose-built rental tower.
KingSett’s Canadian Real Estate Income Fund (“CREIF”) purchased the site comprising of 700 Bay and 77 Gerrard in 2012 due to its intensification potential and subsequently added a 32-storey residential tower at 99 Gerrard and four storeys overtop of and connected into the existing 77 Gerrard tower. 77 Gerrard (except 24th and 25th floors) and 700 Bay remained occupied during the development of 99 Gerrard, maintaining an income stream until project completion in 2020.
The new building features a refined design with a transparent, inviting podium, which is visible from the street. With this new development, CREIF added 275 purpose-built rental units and 21,650 square feet of amenity space accessible to residents in both 77 and 99 Gerrard. Amenities include a landscaped rooftop terrace with BBQs and private dining spaces, rooftop dog run, pet spa, fitness centre featuring state-of-the-art equipment, indoor lap pool, and various entertainment spaces. This multi-residential development is an example of KingSett’s ability to identify value creation opportunities and execute throughout the life cycle of the asset.
