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62-64 Charles St. E. - Partnership with Castle Rock Homes

Jesse Davidson

62-64 Charles Street East
62-64 Charles Street East

In March of this year, we successfully obtained a minor variance to permit a residential use for this building and the ability to subdivide it into four units (or less).


Earlier in the year, we were approached by a high-end home builder, Castle Rock Homes (https://www.castlerockhomes.com/), in partnership with Nazem Rose Design (www.nazemrose.com) and architect Lorne Rose (www.lornerose.com) to partner on a plan to design and pre-sell 4 high-end condominium units, each about 2375 sq ft at the property.  Their idea is to produce very high-quality 3D renderings of what the units would look like and have a top producing realtor take it to market to pre-sell the units.  They believe there is a market for high-end luxury spaces like this at prices of $1800 to $2000 per square foot.  They also believe that this can be developed for about $4MM.  We have agreed in principle to a partnership deal that would allocate the first $10MM of the combined sale price to our LP if all four units are sold, then a 50/50 split on net profit achieved after deducting all costs.


We intend to give them a six month window to market the property exclusively.

If they are not able to sell all four units in that window, we will have the option to market the building for all other potential uses in addition to the residential condos.  We believe this is a compelling opportunity for us to achieve full value for the property and will provide further updates as the deal progresses.


In anticipation of our partnership deal proceeding, Castle Rock Homes commissioned Nazem Rose to work with prominent realtor Adam Weiner (www.adamweiner.ca) to create draft floor plans for the building. The initial plan is to show half the building as a semi-detached unit on four storeys and the other half as a duplex with one unit on the ground floor and basement, and a second unit on the second and third floors. The plan is to let the market decide whether the building will be divided into two, three or four units.


Please click below to download a copy of the draft plans:






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