RioCan launches new residential brand RioCan Living

03/05/2018

RioCan Living will deliver best in class purpose-built rental units and condos along Canada’s most prominent transit corridors, with eight projects actively in development

TORONTO, March 05, 2018 (GLOBE NEWSWIRE) -- RioCan REIT ("RioCan") (TSX:REI.UN), announced today its new residential brand, RioCan Living™, as it capitalizes on and unlocks the intrinsic value of the company’s vast portfolio of major market properties. RioCan Living cultivates opportunities to turn selected existing retail shopping centres into vibrant, mixed-use communities, marking RioCan’s official, and permanent, entry into the residential market.

eCentral at ePlace, Toronto, Ontario
eCentral at ePlace, Toronto, Ontario


Frontier, Gloucester, Ottawa, Ontario
Frontier, Gloucester, Ottawa, Ontario


L_RioCan_Living_4C.jpg


“Over the last 25 years, we have accumulated a unique portfolio of income-producing properties with significant redevelopment potential, strategically situated on or near existing or approved transit lines,” says Ed Sonshine, Chief Executive Officer of RioCan. “During that same time, a large shortage of new purpose-built rental buildings has emerged in Canada’s urban centres.”

Jonathan Gitlin, Senior Vice President, Investments & Residential, says RioCan is uniquely positioned to address the rental void by pursuing the highest and best use of its assets on behalf of unitholders. “It’s incumbent upon RioCan to figure out ways to make our properties better, more effective, and more valuable. At the same time, we are delivering best-in-class, professionally managed residential units at a significant scale to the cities and communities that need it most.”

There are 43 projects within its portfolio that RioCan has currently identified as mixed use residential opportunities with the potential to translate to over 20,000 residences in Canada’s six major markets. All but a few of the projects are currently slated to house rental apartments, with proposed developments ranging from affordable to ultra-luxury. All will be developed and managed to impeccable standards, backed by RioCan’s proven track record. 

There are currently approximately 2,800 units (consisting of approximately 2,100 residential rental units and over 700 condo units) spread between eight RioCan Living projects that are, or will soon be, under construction with the first rental completion scheduled for as early as the first quarter of 2019. Of the projects actively under development, six are in Toronto, one is in Calgary and one is in Ottawa. Each of the eight properties is located along a major public transit corridor, with locations ranging from prominent intersections such as Yonge and Eglinton, and Front and Spadina in Toronto to populous, urban avenues such as College Street, Toronto and existing shopping centres including Gloucester Silver City Shopping Centre, Ottawa and Brentwood Village, Calgary.

RioCan’s mixed use residential development pipeline of well-located sites in Canada’s major markets is robust and growing.  Of the 43 projects currently identified, there is approximately 25.1 million square feet of development potential (including approximately 8 million square feet of commercial and air rights potential) nearly 50% of which have been approved for zoning, and an additional 21% with zoning approvals submitted.  This includes the eight active projects already noted in Toronto, Ottawa and Calgary.  It also includes 13 additional mixed use residential development projects in the Greater Toronto Area alone, eight of which are in the early stages of development and five that are under consideration for zoning approval submission.  Each of the additional 13 projects is located on either planned or existing transit lines and represents approximately 12.5 million square feet of potential spread across 13 RioCan properties.   All numbers are stated at RioCan’s interest.

“Building on or close to transit will allow us to deliver sustainable, livable communities that minimize the impact on the environment while offering future residents the opportunity to live, work and play within a reasonable distance,” says Sonshine. “We want RioCan Living buildings to stand out from the pack. We’re working with best-in-class designers and trades to develop communities that will stand the test of time. We intend to become one of the leading residential landlords in the country.”

Unique among mixed-use developers, RioCan Living will seek to leverage existing relationships with retailers to bring added vibrancy to future communities.  “There’s a huge opportunity to take what exists within RioCan, namely numerous strong connections with very strong retailers, and merge that with our residential developments to deliver a true diversity of uses and tenant mix,” says Gitlin.

Gitlin adds each new residential development will share a distinct set of characteristics that will define RioCan Living communities moving forward. These include: easy access to major commuter routes; world-class architecture and iconic locations; community-focused animation and event programming; standout amenities that cater to the needs of residents; and retail experiences curated by the retail experts.

RioCan Living is on schedule to begin attracting new residential tenants in the fall of 2018. More information on the inaugural slate of residential developments can be found at www.riocanliving.com.

For high res images and to schedule interviews please contact:

Terri Andrianopoulos
VP Marketing & Communications, RioCan REIT
tandrianop@riocan.com

About RioCan Living
RioCan Living delivers best in class purpose-built rental units and condos along Canada’s most prominent public transit lines.  RioCan Living developments leverage RioCan’s vast portfolio of major market retail and mixed-use properties.  RioCan Living delivers vibrant transit-oriented communities, developed and managed to impeccable standards and backed by RioCan’s proven track record. For more information about RioCan Living’s active slate of new residential communities visit www.riocanliving.com

About RioCan
RioCan Real Estate Investment Trust has a total enterprise value of approximately $13.9 billion at December 31, 2017. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. Our portfolio is comprised of 289 properties, including 17 development properties, with an aggregate net leasable area of approximately 44 million square feet. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.

Photos accompanying this announcement are available at:

http://www.globenewswire.com/NewsRoom/AttachmentNg/71c83df6-8744-4a2c-b795-ff3f2d526f08

http://www.globenewswire.com/NewsRoom/AttachmentNg/2417055c-a51b-4fd3-8daa-490aa3337c08

Source: RioCan Real Estate Investment Trust

Stock Quote: TSX

TSE: 24.91

Change -0.07

Volume 698,737

Today's Open 25.03

Aug 16, 2018 04:00 PM Pricing delayed 20 minutesMore >Plus >

Email Alerts

Email Address *
Mailing Lists *