A conversation with Jordan Fletcher, Toronto’s innovative real estate developer, invariably focuses on the future — and the exciting opportunities that he sees just over the horizon.
As president of Gorge Holdings Inc., Jordan is continually blazing new trails by discovering, developing and managing high-quality residential, commercial, retail and industrial projects across southern Ontario, including St. Catharines, Niagara Falls, Welland, Thorold, Niagara on the Lake, and London. Here’s a sampling from a recent conversation with Jordan Fletcher, Toronto real estate visionary and entrepreneur: Q: How did you get your start at Gorge Holdings? I learned real estate from the ground up, having started as a property manager at the company. Four years later I was the president, but in those early years I learned the essential basics, the nuts-and-bolts of a successful property management operation. I handled all leases, tenant relations, renovations, property maintenance, repairs, contracts and rent collection. You learn a lot about the business by wheeling a refrigerator into a unit on a dolly or coordinating an emergency response to a slab leak, and that kind of knowledge is invaluable. I also learned a lot from my mentors, especially the importance of taking the long view — having a vision. I learned that great developers have a restless spirit to discover opportunities. That’s probably why in business, the best entrepreneurs are frequently involved in many different projects at the same time. This is certainly true in real estate, where undiscovered opportunities often seem unlimited, and finding a true diamond in the rough is deeply satisfying, and rewarding on so many levels. Q: Toronto and southern Ontario have been some of the hottest real estate markets in Canada, but economic fundamentals are changing rapidly. What are the major trends you see for the GTA’s real estate market in 2023? The direction of the national and global economy is on every business owner’s mind. In North America, economic activity is slowing, interest rates are rising, and elevated housing prices have rediscovered gravity. As a result, we’re definitely seeing some cooling in what has been a turbo-charged market in the Greater Toronto Area, especially communities across southern Ontario. The days of bidding wars and huge markups over asking price are probably over, at least for now. Despite that, some fundamental facts remain: Long-term, there will always be incredible demand for housing in this region, simply because people want to live, work and raise a family here. Meanwhile, supply constraints will likely continue to persist, including regulatory restrictions and supply chain issues. Q: Have changes in the market affected your development plans? Like a lot of Toronto true believers, we take a long view of opportunities, and keep to a steady course. For example, in St. Catharines, we’re trying to meet the city’s need for more residential developments by constructing a luxury rental building that would consist of approximately 150 units. The area continues to grow and add new workers, and they’re going to need a place to live in an area with very low vacancy rates. We also plan on making the first floor commercial to accommodate a variety of businesses and services. Meanwhile, in Welland we’re developing 25 residential building lots. It’s in an ideal location for new people moving into the city. Nearby, we just recently completed a new commercial plaza with several different services and shopping opportunities. Gorge has owned the property for several years and with the growth in the area, the timing was right to build a new plaza that attracted new local and national tenants. We are also adding a new Industrial complex in Thorold, located just off highway 406. Phase 1 of the project, currently under construction, will consist of three multi-unit buildings, totalling 80,000 square feet. Phase 2, which we plan to start construction in the middle of 2023, will be an additional 85,000 square feet. And in London, we just finished a very special project that features 60 luxury rental suites in a multi-unit residential building located in a fantastic area in the north part of the city. After years of developing and managing properties in St. Catharines, Niagara Falls, Welland, Thorold, Niagara on the Lake, and London Ontario, I have learned that the best property development opportunities involve quality, design and location. This is especially true in the competitive residential and commercial markets of southern Ontario. As president of Gorge Holdings, I strive to have successful, meaningful and lasting projects. Currently, some of our notable projects are located in St. Catharines and surrounding communities in the Niagara Region. In Welland, we are developing 25 residential building lots. It’s in an ideal location for new people moving into the city. It’s just a block away from Niagara Street, which has many local businesses, restaurants and cafes, and retail stores and services. Nearby we just recently completed a new commercial plaza. Gorge Holdings has owned the property for several years, and with the growth in the area, the timing was right to build a new plaza that attracted local and national tenants, including Starbucks, Sleep Country, and national quick serve food stores. Meanwhile, in St. Catharines, we are trying to meet the city’s need for more residential developments. We own a one-acre lot on Ontario Street between Church Street and King Street that we think is in a fantastic location for new residences. We are planning a luxury rental building that would consist of at least 150 units to accommodate the growing demand for more residential units in the downtown core. We are also adding a new industrial complex in Thorold, located just off highway 406. The project, currently under construction, will consist of three multi-unit buildings, totaling 80,000 square feet. We are currently in the planning process for phase 2 of the project, which will consist of an additional 85,000 square foot industrial use building. Also, in London, we recently completed an inspiring project that features 60 luxury rental suites in a multi-unit residential building located in a superb area in the northern part of the city.
These projects all began with a discovery and a vision. The discovery part is one of the most rewarding aspects of being a property developer in southern Ontario. It’s exciting to find properties with great promise that others overlooked. There’s a pride in discovering and developing a property, but also a responsibility to ensure that the development results in a beautiful, efficient, quality project that will give future tenants — whether they be homeowners or businesses — a wonderful overall experience. Vision is the other essential component. It is important to study the land, any existing structures, the surrounding neighborhood, and imagine something spectacular rising from the site. Often, you find yourself going a step beyond that — imagining the new community that will come together, the people who will be living or working in your buildings, and the families and businesses who will create lasting memories in these developments. |
AuthorJordan Fletcher is an experienced and driven real estate developer with extensive experience in the competitive marketplace of the Niagara Region in southern Ontario. ArchivesCategories |