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InterRent REIT Announces the Creation of a Joint Venture with Brookfield Property Group and CLV Group for a Transformative Transit Oriented Mixed-Use Development in Burlington, Ontario
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[{"type":"text","content":"InterRent REIT Announces the Creation of a Joint Venture with Brookfield Property Group and CLV Group for a Transformative Transit Oriented Mixed-Use Development in Burlington, OntarioNot for Distribution to United States Newswire Services or for Dissemination in the United StatesOTTAWA, ON / ACCESSWIRE / June 4, 2019 / InterRent Real Estate Investment Trust (TSX-IIP.UN) (\"InterRent\") announced today that it has entered into a joint venture agreement with Brookfield Property Group (\"Brookfield\") and CLV Group (\"CLV\") to develop an 8.5-acre, mixed-use development in Burlington, Ontario (the \"Burlington GO Lands\").The Burlington GO Lands consists of three land parcels located on Fairview Street between Brant Street and Guelph Line that has been acquired for approximately $65 million. The site is within the area of the Burlington GO Mobility Hub Secondary Plan, which is recognized by both the provincial and regional governments as a high-priority growth area and allows for high density mixed-use development. The development is currently in the planning phase and construction is expected to commence once approvals are in place. This multi-phase development will be designed with a focus on urban lifestyle and will include a full array of residential, retail and amenity space to create a thriving community. The site features access to commuter rail and highways as well as existing retail amenities in Burlington. See the illustration below. Over a period of several years, CLV sourced and tied up the parcels making up the land assembly. The first parcel was acquired by CLV's development arm whom immediately began working through the planning and entitlement process. As InterRent developed sufficient size and scale to bring a measured amount of development onto its balance sheet, CLV assigned its position on the second parcel, at cost, to InterRent. The finalization of the joint venture agreement between all three parties coincided with the closing of the third parcel of land. \"The formation of this joint venture between InterRent, Brookfield, and CLV provides an amazing opportunity to combine the experience and resources of three best-in-class real estate entities in developing this unique, ideally located site. It is very rare to find a prime development site of this size, on transit, and with such complementary zoning permiss...