Entuitive’s annual CityVision Client Appreciation + Industry Event brought together members of Toronto’s real estate, design, and building community for an evening of networking, inspiration, and new connections.
Our guests heard from CreateTO’s Chief Executive Officer, Brian Johnston, as he shed some light on the City of Toronto’s real estate strategy with a focus on creating opportunities for building a better Toronto by looking for new ways to use the City’s real estate assets.
Launched on January 1, 2018, CreateTO was established by the City of Toronto to manage its real estate portfolio. The organization aims to develop City buildings and lands for municipal purposes and deliver client-focused real estate solutions to City divisions, agencies, and corporations.
“Everything is changed,” highlighted Brian. “Our city continues to grow, and continues to be a great place to live in. But this growth has also created a problem of constrained supply and incredible demand. At CreateTO we’ve been mandated to address this issue.”
With more than 8,000 properties, CreateTO manages some of the most expansive, diverse, and valuable real estate portfolios in North America.
“Currently, there are 8,000 properties that the City of Toronto owns. We are trying to consolidate our efforts and trying to hit high-value, high-return opportunities. The city owns a lot of land that has historically been considered unusable. In the past, no one would buy it, but today the land value is very high, and these lands are now worth a lot of money. CreateTO will apply a city-wide lens to ensure the most effective use of these real estate assets.”
There is no shortage of opportunities when it comes to reusing previously underutilized land not only across Toronto, but in metropolitan areas across the world. In Toronto, initiatives like the Port Lands Flood Protection & Enabling Infrastructure Project—one of the most ambitious construction projects in the city’s history—and the new Rail Deck Park are great examples of the work being undertaken to unlock value in previously underutilized land. Flood protection in the Port Lands means that 290 hectares or more than one third of Toronto’s waterfront will be unlocked for revitalization.*
Entuitive is committed to working with our partners to uncover unique opportunities for building new urban spaces, thriving communities, public parks, and modern infrastructure in spaces not previously considered as viable.
*Source: Waterfront Toronto, Waterfront Toronto breaks ground on river valley of Port Lands Flood Protection Project, November 28, 2018
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