With construction now having started on the Healthcare of Ontario Pension Plans $300M, 33-acre office complex just outside of Torontos Pearson International Airport, expect more of the same type of investments on the HOOPP front.In the photo at last weeks groundbreaking: theCity of Mississauga Planning Department'sMarilyn Ball and Ed Sajecki, HOOPP senior portfolio manager Lisa Lafave, Mayor Hazel McCallion, and councilor Bonnie Crombie.(And a lazy shovel that cares too much about its own safety.)
Says senior portfolio manager Lisa Lafave: Rental income is a very good match for pension liabilities. Lately we have been focusing on mixed-use, transit-oriented developments across Canada, and this project (called Spectrum SQ) really represents our suburban Toronto office play. Its tougher to buy existing product in such a competitive environment, Lisa adds, while building its own product translates into higher investment returns.
Thanks for your feedback off of our Metrolinx/Toronto transit future question from the other day. Avison Youngs Todd Frith says,If I have to pay $500 to $600 a year more to ensure the GTA is as productive and competitive in the North American economy as it needs to be, then so be it. Give your thoughts tomark.keast@bisnow.com.
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