Hazelview plans to develop a new multi-family tower and revitalize an old one in Toronto’s midtown area.

The investment and development company is proposing to locate a new 38-storey mixed-use tower at 73 Broadway Avenue next to an existing 1960s-era apartment building at 75 Broadway, which will be upgraded. If all goes according to plan, the 262,000-square-foot project will comprise 520 rental units altogether, including 366 brand-new suites.

“The team at Hazelview thrives on innovation, creativity and a shared passion for execution as we relentlessly pursue our mission to address housing needs through the development of new supply,” says Michael Williams, managing partner and head of real estate developments for Hazelview.

“This project is unique as it allowed us to bring new rental product to market while finding hidden value in aging product where we could advance sustainability initiatives.”

Amenities at the two addresses will be extensive, featuring about 15,000 square feet of shared space, said Hazelview. The offerings will include a fitness centre, co-working areas, a rooftop terrace, and multiple lounges.

Sustainable features are also to be a key aspect, with EV charging stations, dedicated bike stalls, and waste-diversion facilities contributing to the project’s green credentials. Additionally, the development will implement energy-efficient heating and cooling systems, eco-friendly building materials, and a high-performance building envelope to enhance climate control.

The revitalization of the existing 75 Broadway building is slated to include significant decarbonization efforts. Hazelview is seeking a 95% reduction in greenhouse-gas emissions through the use of electric heat pumps. The project is also pursuing certifications from the Canada Green Building Council to ensure the highest standards of sustainability, said the company.

Toronto-based Hazelview owns, develops and managers global real estate investments designed to create value for people and places.