Brampton to build new multi-family residential building
On Monday, October 7, 2019, a private ceremony took place in Brampton, where Timbercreek announced that construction of their new multi-family residential building at 205 Queen St. E. will begin on October 10.
This ceremony took place to acknowledge the forthcoming official start to construction.
Ugo Bizzarri, Senior Managing Director/CIO and co-founder, Timbercreek Asset Management said, "We are extremely excited to commence work on this new building. The support we received from the City of Brampton, the Federation of Rental-Housing Providers of Ontario and the provincial government was a large factor in moving this project ahead. We are committed to the City of Brampton and bringing more rental housing to this growing community."
Steve Clark, Minister of Municipal Affairs and Housing said, "This development will be a great addition to the community, providing tenants with housing close to schools, parks, and transit. Our government believes everyone deserves a place to call home. We will help build the right types of homes in the right places, to make housing more affordable across the province."
Over the past 10 years, Timbercreek has been an owner and operator of multi-family buildings in Brampton, providing safe, quality rental housing to the residents of over 200 apartment units.
Tony Irwin, President and CEO of the Federation of Rental-Housing Providers of Ontario (FRPO) said, "The Ontario government recognizes the need for more housing across the province and has taken positive steps in partnering with the industry to bring new rental projects like the one at 205 Queen St. E. in Brampton to fruition. Timbercreek has a proven track record of both construction and management of rental housing for over 20 years and I hope to be at many more openings in the future."
Some of the ceremony's attendants included Steve Clark, Minister of Municipal Affairs and Housing, Amarjot Sandhu, MPP Brampton West, Jeff Bowman, Brampton City Councillor (Wards 3 & 4), Martin Medeiros, Brampton Regional City Councillor (Wards 3 & 4), Tony Irwin, President & CEO, FRPO and Ugo Bizzarri, Chief Investment Officer and Co-founder, Timbercreek Asset Management.
The building is expected to have 272 rental units upon completion and is said to take approximately two and a half years to build.
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