Canadian industrial, commercial and residential real estate developer
Broccolini is ramping up hiring activity in anticipation of when market activity returns.It also has plans for expansion in the Toronto residential market.[caption id="attachment_55848" align="alignnone" width="600"]
River & Fifth, at 5 Defries St., along the banks of Toronto’s Don River[/caption]The Montreal-based company, also with projects in Toronto and Ottawa, is looking to fill several positions in the coming weeks, ranging from planning to construction to property management.“We are proud to have been able to keep our entire team employed throughout the pandemic, with the exception of the day labourers directly affected by the closure of the construction sites,” says Anthony Broccolini, chief operating officer at Broccolini. “Our exceptional positioning in the real estate market is now affording us the opportunity to further expand our team following these difficult times.”Positions are available in Toronto, Ottawa and Montreal.
Strong growth projected
Once construction activities resume, Broccolini says its expectations for growth are excellent, thanks to a full backlog of contracted projects; a reflection of the quality, scale and prestige of the various industrial, commercial and residential projects the company has delivered over the last few years.To carry out the projects already underway, and those that will be launching in the coming months, Broccolini is looking to hire a senior project manager, manager of real estate development, site superintendent and more.”While we expect sales velocity to take some time to return to pre-COVID levels, the fundamental imbalance remains between supply and demand in the residential market in Toronto,” Phil Brennen, associate vice-president, real estate development, told
Condo Life.“The bottleneck that existed before the pandemic, which is essentially a function of approvals processes that have seen cycle times of three years or more, has been closed off completely as already overworked staff at the City have unable to accept new submissions. Add to that the fact that a number of projects that were slated for launch this spring and summer have been pushed back indefinitely, and you potentially have a major issue with supply. So, though demand for new units may initially be slower when activity resumes, the units available for buyers will be significantly diminished. As a result, the expectation is that while velocity will take some time to come back to normal levels, pricing will not soften.
Bullish on Toronto
“At the end of the day – particularly in times of uncertainty – residential real estate in a rapidly growing global city remains a safe and desirable investment,” Brennen says.Broccolini has two large residential highrise projects underway in Toronto, in downtown east. River & Fifth, at 580 units and 38 storeys, was under construction until the industry-wide pause in activity.“Once the provincial government gives the okay, excavation and shoring work will continue,” Brennen says.The second project, at 385 units and 34 storeys, is close to the finish line for approvals, he says. The intent was to launch sales in the summer, though this will be reviewed depending on the timing of the return to the “new normal.”Broccolini has several sites in the works, and is actively pursuing new acquisitions during the current slowdown, says Brennen.“We believe strongly in Toronto’s high-density residential market and will continue to invest a significant portion or our resources in new deals in the months and years ahead.”Broccolini is a single-source provider of planning, construction and property management services for industrial, commercial, institutional and residential buildings. Its real estate management subsidiary manages a portfolio of more than 50 properties, representing a total of more than 6.5 million sq. ft. of assets.
RELATED READING
Homebuyer intentions still high: HPG COVID-19 Real Estate SurveyHow buyers can prepare for the busy buying season – post-COVID-19Why Canadians should think long term in real estate – especially now