Core Insights - Parkit Enterprise Inc. has contributed 3.55 acres of land in London, Ontario, to a joint venture valued at $12,900,000 for residential redevelopment [1][2] - The joint venture consists of Parkit (50% share), Decade Capital (25% share), and Southside Group (25% share) [1][2] - Construction of two 15-story rental buildings, totaling 543 units, is set to begin in Q4 2025 [1][3][4] Contribution Details - The property contribution is valued at $12,900,000, and Parkit utilized a tax-free rollover to defer initial tax liabilities [2] - The joint venture aims to develop the site into a two-phase residential community [2] Residential Development Strategy - Parkit identified the highest and best use of the site as a transition from industrial to residential zoning [3] - The site is strategically located across from Fanshawe College, which has over 43,000 students, and along a new rapid-transit corridor [3] - The redevelopment plan includes two 15-story buildings with a total gross floor area of 487,151 square feet [3] Approval and Construction Timeline - The joint venture has received municipal approval and building permits for the first building, which will have 250 units and a gross floor area of 234,071 square feet [4] - Construction is scheduled to commence in Q4 2025, aligning with Parkit's strategy to unlock value through repositioning underutilized assets [4] Partner Profiles - Decade Capital is a real estate investment and development firm focused on high-potential assets, known for its strategic vision and execution [5] - Southside Group is a diversified real estate development and property management company with a strong legacy in Southwestern Ontario [6] Company Overview - Parkit Enterprise is focused on acquiring, growing, and managing strategically located industrial properties in key urban markets across Canada [7]