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Canderel launches the Corporate Knight Initiative

Canderel launches the Corporate Knight Initiative

Canderel strives to be a true partner for our clients by offering support and solutions that ensure project success. In these challenging times, we want to extend this support by strengthening our service offering through our Corporate Knight Initiative. The program provides fast and effective assistance in ongoing projects, portfolio management, advancing diligence, building pipelines, and new investments, especially adapted to the pandemic situation and economic slowdown.

Whether a project has stalled and capital is required to keep it going, or has fallen behind schedule or out of budget and assistance is required to getting it back on track, Canderel experts can tailor solutions that can help save any project. We guide clients through investment management, project and development, property management, sustainability consulting, and leasing and marketing. Through the Corporate Knight Initiative, we offer peace of mind for our clients, and the results speak for themselves. 

Last year, Canderel collaborated with a national real estate investor to restructure a project that eventually became a success — it serves as an example of the solutions we offer at Canderel. 

A Real Estate Project in Need of Help 

In 2019, a large national real estate investor approached Canderel looking for development assistance on a residential condo project. The investor had significant concerns, being that the project was already delayed and over-budget, resulting in a backlog of other service issues. 

Canderel took this project in hand and brought the specialized skills needed to turn this situation around, get the budget back on track and restore damaged relationships. 

What Canderel Brought to the Project 

Our experienced team was brought in to revive a struggling project that had tremendous potential but needed further guidance from an experienced developer. We took the time to understand the client’s needs and goals, figure out the lapses in the schedule and analyze every scenario to come up with the best possible solutions. 

From helping with the accounting and budgeting to rebuilding relationships, Canderel not only provided our core services, but we helped identify deeper issues and found the solutions to resolve them. 

Restoring the Project Budget 

When the investor first came to us with this project, one of the most significant problems was a runaway budget. The project was 20% over budget and faced delays both in finishing construction and delivering the units. Investors saw unexpected cost increases, which left them dissatisfied. 

To resolve these issues, Canderel requested a monthly cost control update from the general contractor. By reinstating the transparency in the budget, we were able to prevent further issues and solve additional problems down the line.  

Re-starting Construction

Condo deliveries were scheduled to begin in October 2019, however, when the investor came to Canderel, construction wasn’t yet complete. Since construction delays not only slow production, they also have serious knock-on effects for the entire project, we needed to act quickly. 

In no time, Canderel’s Accounting and Financial Services team found an issue with payments and worked to rectify the issue and get the project going again. Canderel’s Construction team also worked with the general contractor daily to create a schedule designed to speed up the delivery date.  

Resolving Legal Issues 

Issues with the budget and construction delays can quickly become legal problems that require a deft hand to solve. To help our client, Canderel’s Legal team sifted through the existing demands and fixed them all one by one.

We also sifted through every contract signed by the previous developer. We found that some of the contracts had not been fully leveraged and that some of the paid charges should have been covered by consultants. 

Naturally, by the time a service problem becomes a legal issue, relationships suffer. To begin mending these relationships, Canderel ensured that each buyer received compensation for the issues caused by those initial delays. We improved communications by holding bi-weekly partner meetings, documenting the decision-making, and updating the proforma every one to two months. 

Canderel was pleased to report that the initiatives taken to rescue this project proved to be effective in ensuring its success. Through Canderel’s Corporate Knight Initiative, many other services are available to help clients and investors in times of need.


Contact us to find out how the Corporate Knight Initiative can help.


Canderel announces LCBO with modern glass façade on St. Clair

Canderel announces LCBO with modern glass façade on St. Clair

Canderel and KingSett Capital’s landmark development, St. Clair Village, unveils new LCBO for Toronto’s budding west end neighbourhood. LCBO is the first retail tenant to be announced for the new community and will occupy more than 8,000 sq.ft. at the base of the mid-rise, 12-storey development, located in the project’s most prominent retail space.

Located at 900 St. Clair West, the LCBO’s framed glass façade will add a modern edge to the retail experience along St. Clair, while allowing the LCBO to seamlessly integrate into a neighbourhood that is quickly becoming well-known for its restaurants, green spaces, and multi-generational population. Designed by Quadrangle, 900 St. Clair West takes cues from the surrounding neighbourhood, paying homage to the iconic brick century homes of “old Toronto,” many of which have stood more than 100 years. New modern design, coupled with the LCBO’s focus on supporting local breweries and cideries, compliments the new wave of millennial-owned businesses in the area and the elevated high street feel of the community.

“We’re excited to bring a brand-new LCBO to the St. Clair West community, reflecting the continuing evolution and transformation taking place in this incredible neighbourhood,” says Brett Miller, CEO at CANDEREL. “Our goal was to secure an anchor tenant that would bring convenience, value, and high design to residents, and we wanted to work with an organization that has strong community ties. LCBO was a natural choice, as we’re all aware of their long-standing service to communities and support of local breweries across the province.”

Inside the new LCBO store, shoppers will be treated to a 50-ft. long wall of vintage wines, a beer alcove with prominently featured craft and premium beer selection, as well as a modern interior with open sight lines throughout the store, and contemporary finishes.

“We are thrilled to service the evolving St. Clair West community,” says Deborah Ramon, Manager, Design & Corporate Facilities at LCBO. “Our new store is a modern upgrade from our existing location and will provide an improved shopping experience for community members, expand our footprint and increase foot traffic in the area. We’re excited to showcase Ontario’s best wines, spirits, beers and ready-to-drink cocktails to shoppers in a beautifully designed space.”

900 St. Clair West will stand as a mid-rise, 12-storey condominium. Thoughtfully designed to reflect the existing fabric within a historic, family-oriented pocket of the city, the St. Clair Collection and generous combo suites sitting at 2,000 sq.ft. will offer expansive three-bedroom layouts optimized for small families, young professionals, and downsizers. Distinct social spaces provide options for large or intimate gatherings. Wine collectors can entertain with a featured temperature-controlled wine storage lounge and fitness buffs will enjoy the expansive gym overlooking St. Clair.

Construction is well underway, with 80 per cent sold out and completion targeted for end of 2021. Penthouse suites are still available at 900 St. Clair West. 2-bedroom suites starting from $819,900 and 3-bedroom suites from $1,252,900. To find out more, schedule a visit to the newly re-opened presentation gallery at 805 St. Clair West:

(concept rendering by ADHOC STUDIO)


2019 Sustainability Progress Report

2019 Sustainability Progress Report

We are pleased to share with you our 2019 Sustainability Progress Report. In these challenging times, Canderel wants to reaffirm its commitment to ESG. More than ever, we are reminded that human existence is fragile, and we must all do our part to protect the planet. 

This report is a testament to Canderel’s commitment to making an impact on the communities in which we operate. We are proud to share the highlights with you. In 2019, we focused on integrating environmental, social and governance aspects into all Canderel activities. Specific goals were defined for each business unit and department to accelerate change and drive employee engagement.

Canderel’s portfolio of buildings achieved significant savings in 2019:


Click here to see the full report and learn more about Canderel’s sustainability achievements.