Redevelopment Plans of the Palace Arms Hotel Aimed at Conserving Heritage

The Palace Arms, one of Toronto’s oldest hotels, is being redeveloped into a rental building on the city’s downtown west side.

Greenwin, one of Ontario’s largest privately owned, full-service property management and development firms with 22,000 residential units, and Intentional Capital have formed a joint venture for the site at 950 King St. West that dates to 1890 with Toronto-based asset management firm Windsor Private Capital.

The redevelopment will see a mixed-use residential housing project, conserving and rehabilitating the building’s existing principal facades, heritage brick masonry, window openings, variegated roof lines and masonry chimneys.

Plans include a 14-storey tower with 219 rental units on a 15,000-square-foot lot, featuring a mix of one, two and three-bedroom units.

Under the approved plan with the city, the development will also incorporate a number of affordable studio suites. Kevin Green, president and chief of Greenwin, credited the city for supporting new developments.

Rod Bell, managing director and co-founder of Intentional Capital, a Toronto-based real estate company in the multifamily sector, called the need for housing in the city critical.

“By integrating the architecture of the existing structure with a reimagined contemporary rental experience, we hope to safeguard a treasured piece of Toronto’s historic landscape,” said Bell in a statement.

Details of the partnership were not disclosed. The property changed hands in 2017 for $13.4 million, according to CoStar data.

“This partnership is a natural extension of our companies’ shared vision and commitment to building and supporting some of the GTA’s most vibrant communities,” said Jordan Kupinsky, managing partner of Windsor Private Capital, in a statement.

Windsor Private Capital is a Toronto-based asset management firm focused on real estate lending and equity investments. It advises and manages assets worth over $3 billion on behalf of institutional and private investors, including the LiUNA Pension Fund of Central and Eastern Canada.

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