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Carlyle first acquired two semi-detached properties located at 122-124 Peter Street in downtown Toronto, which had previously been the subject of an unsuccessful development, in 2014. Over the next several years, Carlyle acquired an assemblage of five adjacent properties, located steps away from major cultural institutions, shopping, and nightlife, to create a high-density development site. Carlyle successfully re-zoned the properties to develop a 42-storey residential development in 2018, which was expanded to permit additional density and the inclusion of a hotel in 2020. Carlyle successfully managed these negotiations using creative design solutions that retained the four heritage buildings, integrating them into the streetscape. In 2020, Carlyle received an unsolicited off-market offer to purchase the property setting a new record for highest price per square foot in the Entertainment District sub-market.
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