Zahlco Developments is preparing to build a nine story-205-unit rental apartment building in downtown Brampton. The project also includes 6,500 sq. ft. of ground floor retail space and four adjacent townhomes.
The developer closed on the purchase of the land at 120-138 Market St. and 31-35 Chatham St. on Jan. 31. Then the new development needs site-specific zoning approval.
“We are excited to be a part of the growing community of Brantford and to continue working with the city on this upcoming project” said Aaron Zahler of Zahlco Developments.
Amuka Capital was engaged to structure the private placement, underwrite the deal and to lead the equity raise for the project.
“The Brantford market has been one of the strongest housing markets in the past two quarters and when you add in WLU and all of the infrastructure required to support its expansion, we felt it was the right place to be investing,” said Ben Feferman, Amuka Capital’s managing partner. “There is so much appetite for rentals in the downtown core and we feel honoured to be a part of adding much needed supply in the marketplace” mused Ben Feferman, Managing Partner of Amuka Capital.”
Zahlco Developments says it has put together an experienced team of lawyers, architects, engineers and city planners to implement the required zoning amendment and heritage approvals. City planner Mark Gladysz, from HeritageDowntowns.com, who previously worked for the city to revitalize Downtown Brantford, is now helping developers navigate the planning and heritage processes in downtown cores across municipalities throughout the GTA and Southern Ontario.
“The proposal by Zahlco will contribute to the city’s downtown revitalization and residential intensification goals by adding several hundred much needed new residential rental units, in an architecturally compatible building” said Gladysz.