Toronto, ON (October 24, 2019) – On October 24, 2019
representatives from KingSett Capital
gathered to celebrate completion of 700 Bay’s concrete
structure with the workforce that are making the residential addition and
renovation a reality.
“KingSett, on behalf of our core strategy income fund is delighted
to celebrate this important milestone with our construction partners,” said Jon
Love, KingSett Capital CEO. “Once completed in June 2020, this work will greatly
improve the existing resident experience at 700 Bay and add a further 275
rental suites with the top two floors dedicated to leading amenities including
an infinity pool, fitness centre, library, lounge areas, an outdoor patio
including a dog park, garden, pavilion, outdoor movie theatre, and green roof.”
The multifaceted renovation and expansion project involves a
new 32-storey residential apartment tower adjacent to an existing office,
retail and residential building, the addition of six new floors above the
existing structure, including the two dedicated amenity floors, a new mechanical
penthouse, as well as structural upgrades throughout the existing building. The
completed project will offer a total of 495 apartment residents premium rental
“Construction of 700 Bay at Gerrard has required precise
methodology to expertly tie renovations into a new tower, while minimizing
impact to tenants and properties along Toronto’s hospital row,” said Kelly
Wallace, PCL Constructors Canada Inc. (Toronto) vice president and district manager.
“PCL is honoured to share this milestone with our partners, subcontractors,
suppliers and over 400 workers who have all played a role in bringing
KingSett’s vision for this project to life.”
Interesting highlights that have enabled construction to
progress to this point include:
For this project, KingSett and PCL partnered with indus.ai, an
innovative construction intelligence platform to enhance construction efficiency.
The platform utilizes video streams and time-lapse images, leveraging the data
collected with AI technology to create actionable insights empowering construction
professionals to more effectively manage site activity and mitigate costs and
With sustainability top of mind, the project is being built
to Toronto Green Standard Tier II and is targeting LEED® Platinum
certification. The building is tying into the EnWave District Steam Heating and Chilled Water-Cooling
system, providing leading-edge energy efficiency.
The ground floor retail spaces and original structure are
set to be re-clad, and the property will feature new hard and soft landscaping.
Occupancy is expected for summer 2020, with the leasing launch coming this
700 Bay at Gerrard
KingSett Capital is Canada's leading private equity real
estate investment firm. By co-investing with institutional and ultra-high-net
worth individuals, KingSett uses active management to achieve premium risk
weighted returns in Canada’s major markets by investing in a wide range of real
estate strategies and asset classes, managing assets of $11.2 billion in a
$13.5 billion portfolio. For more information, visit www.kingsettcapital.com.
Constructors Canada Inc. (Toronto)
PCL is a group of independent construction companies that
carries out work across Canada, the United States, the Caribbean, and in
Australia. These diverse operations in infrastructure, heavy industrial, and
buildings markets are supported by a strategic presence in 31 major centres.
Backed by PCL’s 113-year legacy, and with more than four decades of experience
in Southwestern Ontario’s dynamic construction market, the Toronto office is
PCL’s largest district with more than 550 of the construction industry’s
most-talented professionals and an annual construction volume of more than $1.0B.
For more information, visit: www.pcl.com/toronto.
For media inquiries or high-resolution photos, please
Senior Communications Specialist
PCL Constructors Canada Inc. (Toronto)