Twin 34-storey glass towers on a 12-parcel, 1.21-acre assembly directly on the southern boundary of Toronto's most beloved urban park. A permanent, unreplicable view of 37 acres.
Trinity Bellwoods is locked in on three sides by Victorian housing. The fourth side is the Queen Street retail streetwall. The GP's 12-parcel assembly is the only parcel on the perimeter of sufficient scale for a tower.
37 acres in one of Toronto's densest neighbourhoods. Once rezoned and built, every north-facing unit in every project that follows faces another building, not a park.
12-parcel assembly closed at $70M blended. At 401,793 SF total buildable GFA, that is $120 per buildable SF — a $20M counter-cyclical savings vs. 2022 spring peak comparables in the same corridor.
138 Avenue Road over Ramsden Park (4 acres) launched at $4,000 PSF blended. Bellwood Towers' base case of $3,022 PSF represents a 24.5% discount to that comparable.
Acquisition LP capital ($122.2M CAD max / $90.5M USD max) funds only land, entitlement, design, and carry. At Month 18-24, Acquisition LP investors take Exit A (cash at marked-up entitled-land value) or Exit B (roll into Development LP). Acquisition LP downside is capped at $122.2M while preserving full upside via Exit B participation.
The towers sit on the park's southern boundary and look directly north across all 37 acres — the full canopy, the tennis courts, the off-leash area, the wading pool, and the green expanse to Dundas Street West.
Bellwood Towers sits on Queen Street West in the heart of West Queen West — Toronto's most consistently appreciating residential corridor, anchored by independent restaurants, design studios, art galleries, and boutique retail. The neighbourhood is permanently protected from new low-rise development by the West Queen West Heritage Conservation District. Residents walk to Trinity Bellwoods Park, Ossington Station (Line 2 subway), King West restaurants, and the Drake / Gladstone hotel cluster.
West Queen West has been one of Toronto's most consistently appreciating residential neighbourhoods for over a decade. The corridor along Queen Street West between Bathurst and Dufferin is anchored by The Drake Hotel, The Gladstone House, the Trinity Bellwoods commercial strip, and independent design and gallery destinations. The neighbourhood demographic skews toward higher-income professionals — exactly the buyer profile for luxury condominium product.
The West Queen West Heritage Conservation District (HCD), enacted by City Council in 2017, governs the entire neighbourhood. The HCD permanently restricts redevelopment intensity on Trinity Bellwoods Park's three Victorian-housing sides. The fourth side — where Bellwood Towers sits — is the only buildable strip of scale on the park's perimeter. Once Bellwood is built, the condition is permanent: no replacement site exists.
West Queen West has been one of Toronto's most consistently appreciating residential neighbourhoods over the past decade. Pricing in the corridor has compounded at approximately 6.8% per annum since 2014, outpacing the Toronto CMA average. The neighbourhood appeals to high-net-worth professionals, creative-economy workers, and the move-up demographic from Yorkville and Forest Hill. Comparable luxury product on King West and the western edge of Yorkville has consistently traded at premiums to broader Toronto. Bellwood's blended PSF of $3,022 CAD is set 24.5% below the closest direct comparable (138 Avenue Road over Ramsden Park) — leaving structural pricing-discount headroom for the 2030 delivery.
Toronto pre-construction launches collapsed in 2024 and 2025. Over 60 planned projects were cancelled or paused. Completions will fall from approximately 37,000 in 2024 to under 8,000 in 2028 — exactly when Bellwood Towers reaches occupancy. The Fund is buying land at a cyclical trough, entitling through the correction, and selling into a supply shortage.
388 units across two 34-storey towers — twin park-facing residential pavilions over a 6-storey podium with 60,500 SF retail and 18,000 SF resident amenity. 401,793 SF GFA total. 212-stall underground parking. Targeted Toronto Green Standard Tier 2.
Connected by a four-storey podium with retail, restaurant, amenity, and lobby. Architect: Hariri Pontarini. Landscape: PUBLIC WORK. Target: LEED Platinum certification, Toronto Green Standard Tier 2.
Revenue and cost lines flow from unit counts, unit sizes, per-square-foot pricing, and benchmarked construction costs. No speculative uplift adjustments. Full reconciliation in the Excel model.
LP equity is matched pari-passu by GP co-invest, supplemented by 70% pre-sale deposits at Month 24 and senior construction financing at prime + 250 bps. The full stack reconciles to total project cost to the dollar.
Capital is called in two stages. Stage 1 (Acquisition LP) closes April 2026 with all subscribers wiring their full Acquisition LP commitment. Stage 2 (Development LP) is a separate post-SPA raise opening Month 21 — Acquisition LP investors have right of first refusal to roll forward at MFN Tier 3 terms.
Adjust unit count and scenario. Returns flow from the same Pro Forma above and the waterfall below. Numbers are illustrative; the Excel model is the authoritative version.
$775M of distributable proceeds flow through the waterfall. LPs receive 84.3% of total distributions in the base case. The GP's 15.7% share is earned through pari-passu co-invest, catch-up, and promote.
Even at meaningful adverse moves on pricing, construction cost, and interest rates, LP IRR remains above the 8% preferred return threshold. Full sensitivity tables in the Excel model — these are headline indicators only.
Toronto luxury condominium towers with direct park or ravine frontage. The 138 Avenue Road comparison is the most direct: twin towers over Ramsden Park, launched at $4,000 PSF blended. Trinity Bellwoods is 9× larger, more centrally located, and more culturally significant.
| Project | Park | Park Acres | Blended PSF | Delta |
|---|---|---|---|---|
| 138 Avenue Road | Ramsden | 4 ac | $4,000 | — |
| The Hazelton | Yorkville | — | $3,850 | −3.8% |
| Four Seasons Residences | Yorkville | — | $3,400 | −15.0% |
| One Bloor East | Urban | — | $2,800 | −30.0% |
| Bellwood Towers | Trinity Bellwoods | 37 ac | $3,022 | −24.5% |
Bellwood Towers is illiquid private real estate, not a public market security. The chart compares headline annualized return; it does not adjust for risk, liquidity, taxes, or duration. Use it as a relative scale, not an investment recommendation.
Bellwood Towers GP Inc. (the General Partner) is led by two Co-Managing Partners with a combined track record across luxury condominium development, institutional real estate finance, and Toronto market entitlement. The GP co-invests 10% pari-passu with LP capital — real equity at risk, alongside investors.
Many institutional LPs — particularly European Reg S subscribers — require ESG disclosure as a precondition to subscription. Bellwood Towers targets LEED Platinum certification and Toronto Green Standard Tier 2, with explicit governance protections written into the LP Agreement.
Bellwood Towers LP is an Ontario limited partnership. Income, gains, and losses pass through to LPs in proportion to their unit holdings. Distributions to non-Canadian LPs are subject to Canadian Part XIII withholding at applicable treaty rates. The table below is illustrative only.
| LP Domicile | Withholding | Treaty | Filing |
|---|---|---|---|
| Canada (resident) | None — pass-through | n/a | T5013 from GP; LP files T2 / T1 |
| United States | 15% | Canada-US Tax Convention | NR4 from GP; LP files Form 1116 for FTC |
| United Kingdom | 15% | Canada-UK Treaty | NR4 from GP; HMRC self-assessment |
| European Union (most) | 15% | Country-specific (15% standard) | NR4 from GP; local filing required |
| Singapore / Australia | 15% | Treaty network | NR4 from GP; local filing required |
| Hong Kong | 10% | Canada-HK Treaty | NR4 from GP; IRD filing |
| UAE / Cayman / non-treaty | 25% | No treaty | NR4 from GP; treaty election if available |
Real estate development at this scale carries substantial risk. The OM contains complete risk disclosure across twelve categories. The summary below covers headline risks; investors should rely on the OM as the binding statement of risk.
City of Toronto may not approve the requested 34-storey rezoning at this site. Pre-consultation has been initiated.
Pre-construction launch volumes fell 68% in 2024 and 41% in H1 2025. Continued softening could compress sale prices below the $3,022 PSF base case.
Hard costs are estimated at $900/SF based on Altus Class C. A material overrun would compress LP returns.
Senior construction financing at prime + 250 bps. A 200 bps rate increase compresses LP IRR by approximately 360 bps.
Construction financing typically requires 55-65% pre-sales at draw start. Failure to hit threshold delays Development LP draw and construction commencement.
Trinity Bellwoods is a culturally sensitive site. Community opposition could delay entitlement or force design compromises.
The GP relies on two named principals. Loss of either materially impacts project execution.
LP units are illiquid. Transfers require GP consent and counterparty AML/KYC clearance. Distributions occur only at Exit A or Exit B.
Securities exemptions (NI 45-106, Reg D 506(c), Reg S) and Canadian Part XIII withholding apply. Rules may change over the 60-month hold.
12-parcel assembly includes some legacy commercial uses. Phase I/II ESAs ongoing. Remediation reserve included in pro forma.
GP principals may have other real estate interests in Toronto. Co-invest and key-person clauses do not eliminate conflicts entirely.
Pandemic, war, severe weather, or other extraordinary events could materially affect construction, sales absorption, or entitlement timing.
Acquisition LP closes April 2026. Entitlement runs Months 0-18. Site Plan Approval target Month 18. Acquisition LP investors take Exit A (cash) or Exit B (roll into Development LP) at Month 18-24. Construction Months 24-48. Final distribution Month 60.
Architectural renderings, site context photography, and floor plans will be embedded here once finalized by the design team. The placeholders below indicate the intended layout.
Full documentary package delivered within 24 hours of countersigned NDA. Complete investor package: teaser, NDA, OM v4, LP Agreement, subscription, closing, data room, and 5-sheet Excel financial model.