Decade Capital buys Pickering Plaza and plans redevelopment | RENX
Capital of the decade concluded what its founders, Idan Mizrahi and Mike Siskind, call a “brand acquisition” in the city of Pickering in the Greater Toronto Area.
The Toronto-based company has acquired a 2.2 acre site at 375 Kingston Road. Occupied by a $ 16 million, 27,500 square foot shopping center of Pickering Square Inc. in a private transaction fully funded by Decade Capital. Current tenants include a butcher, organic grocery store, doctor’s office, dental clinic and physiotherapy clinic.
“It is a gateway site, as identified by the City of Pickering, and it’s also part of the Kingston Road Intensification Plan that the City of Pickering has put in place that will shape its new official plan, ”Siskind told RENX in an interview with the co-founders of Decade Capital.
“We acquire the place with tenants in place. Ultimately, the plan is to redevelop it into a mixed-use site comprising two residential towers.
Decade Capital is in the early stages of site planning and will be submitting a rezoning request to the city this fall. Siskind said it was too early to divulge many details, but the plan is to have retail on the ground floor with two condominium towers towering above that will offer lake views. Ontario and the Rouge Valley.
Siskind said the Decade Capital development, which he plans to build on its own without partners, will provide buyers with affordability and easy access to Highway 401, the Greater Toronto Area (GTA) and natural areas of Hobbies.
Pickering Development Site and Potential
The property is located at the west end of Pickering in the affluent neighborhood of Rougemount. The Kingston Road Corridor in the region is largely a collection of low rise linear shopping centers, large shopping centers and car dealerships and is ripe for redevelopment and intensification.
Pickering’s population is approximately 90,000 and is expected to double within 20 years. Decade Capital would therefore like to grow with the community.
The largest development underway in the region is Durham Live, a 240 acre mixed-use development site at the northwest corner of Church and Bayly streets. When fully built, it should include a casino (which is now open), a hotel, a residential component, a distribution center, a water park, an outdoor amphitheater, an auditorium, 150,000 square feet of retail space. retail, restaurants, a movie theater, a golf course and the GTA’s largest movie studio. Durham Live is expected to create 10,000 large jobs.
“We see Pickering as a place of growth, affordability and lifestyle,” said Siskind.
The two founders of Decade Capital
Decade Capital was founded in January 2020.
Mizrahi built his career in real estate as an acquisitions manager at Minto, where he was responsible for over $ 1 billion in acquisitions as well as the development of high and low-rise communities.
He then used his experience to acquire, develop and build his own portfolio of real estate assets as well as a real estate tax firm called HST Rebate Canada.
Siskind has been a developer for over 20 years and comes from Group of the Decade, which has completed multi-family, commercial, industrial and self-storage development projects throughout Southwestern Ontario. He has been actively involved in acquisition, planning and development, structured finance, construction management and asset management.
Siskind also founded Self-service storage Plus and negotiated the sale of several facilities for over $ 60 million to InStorage REIT as one of its qualifying assets.
Decade Capital’s future plans
“We are focused on mid- and high-rise mixed-use residential development, industry and self-storage across Ontario,” said Mizrahi.
Without disclosing further details, Mizrahi said Decade Capital is on the verge of shutting down a large industrial site in Mississauga.
Decade Capital will continue to seek development and redevelopment sites in Durham Region, the Greater Toronto Area and across Ontario, according to Siskind.
“We are working on other major transactions that build on the experience of partners and the developments we have made in the past,” he said.