Cameron Stephens Equity Capital has partnered with Originate Developments and Westdale Properties on two condo projects that will ultimately bring more than 1,000 new housing units to North York and the city’s downtown east side.
One proposal includes repurposing the Japanese Canadian Cultural Centre (JCCC) in North York into two residential towers rising 48 storeys and 55 storeys.
As one of the largest Japanese cultural centres in the world, the JCCC moved to a larger site to make space for its growing community. The re-design, led by Moriyama Teshima Architects, will preserve many cultural aspects of the now vacant building. For instance, the first ten storeys will reflect the original design through flared wrap-around balconies that resemble a traditional Japanese Pagoda.
The second proposal is for a 58-storey connected community at Jarvis and Earl Place, designed by Kirkor Architects and Planners.
Cameron Stephens Equity Capital is overseen by Executive Vice President Steve Cameron and Managing Director Sean Fleming.
“Originate has a deep understanding of the complexities of the development process and identified two fantastic sites that our team and advisory board were excited to move forward with,” Fleming said in a statement. “Now that the high-rise applications for the sites have been submitted, we are confident these sites will be rezoned appropriately, and both projects will be brought to life, adding more vibrancy to the communities where they are located.”
These are the firm’s first major condo projects. Cameron Stephens Mortgage Capital Ltd, established in 2004 by former MPAC President Scott Cameron, entered the equity capital space in 2020 through its subsidiary Cameron Stephens Equity Capital, which has so far invested in four projects, including an industrial site along the 401 and a low-rise residential development.
“The expertise and years of experience present on our advisory board allows us to make excellent decisions when it comes to site selection and choosing the right partners,” said Steve Cameron. “Our partners then have access to this advisory board as we navigate bringing the project to fruition together.
“Our group also contributes a substantial proportion of capital to the raise. This ‘skin in the game’ is important to the market and gives us an edge over groups that rely more heavily on third-party investors for their raises.”
Cameron and Fleming plan on identifying new developer partners to further expand their portfolio as 123 Wynford Drive and Jarvis and Earl Place take shape.
