LiUNA and Fengate announce Toronto Rail Yards, a transformative new community set to redefine transit-connected city building in Canada

Toronto, Ontario, Canada, June 04, 2026 (GLOBE NEWSWIRE) -- Today, Fengate Asset Management (“Fengate”) announced the launch of Toronto Rail Yards, a transformative new mixed-use community to be built above the active rail corridor between Bathurst Street and Spadina Avenue.

Planned to be among city’s most transit-connected neighbourhoods, Toronto Rail Yards will bring together housing, transit, office, retail, child-care, and world-class public space within a complete mixed-use community located in the heart of downtown Toronto. Combining leading design, engineering and planning, Toronto Rail Yards reclaims underused air rights above a critical piece of rail infrastructure and represents a bold new chapter in transit-oriented city-building for Toronto.

Toronto Rail Yards is a LiUNA Pension Fund of Central and Eastern Canada (“LiUNA”) project, built in partnership with Fengate, reflecting years of thoughtful planning, design and active coordination and engagement with community members, City stakeholders and Metrolinx to unlock 14 acres of pure possibility.

Once complete, the project will deliver nearly 4,000 new homes, more than two acres of urban park space, 85,000 square metres of office space, two child-care centres and approximately 4,700 square metres of retail space. It will begin with a six-acre deck that is extended over the rail yard to maximize the public realm while connecting to GO Transit and the city’s broader transit network.

Toronto Rail Yards represents one of the city’s most innovative engineering opportunities, creating new land above an active rail corridor in the heart of downtown Toronto. Connected to higher-order transit through the future Spadina-Front GO Station, one stop from Union Station, the project will transform rail infrastructure into a vibrant destination with multiple pathways, urban park space, play areas, cycling paths and active building frontages designed to bring people together.

“Great cities are built with ambition, and with a responsibility to leave something meaningful behind,” said Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “Toronto Rail Yards will create homes people need, jobs that sustain families, and a legacy for the city. The deck alone is expected to create more than 4,600 construction jobs and generate more than nine million union construction hours, making this not only a transformative investment in Toronto’s future, but a testament to what union labour can build for generations to come.”

As Toronto faces a growing demand for housing, Toronto Rail Yards will deliver thousands of new homes to help address the city’s critical housing needs. The project will include a mix of housing types and sizes, including family-sized units, integrated with amenities for residents and the broader community. Toronto Rail Yards will be a place people return to every day, serving as both a neighbourhood backyard and a landmark destination that supports daily life and community connection.

“Toronto Rail Yards will deliver the homes, public space and amenities the city needs through a project of exceptional scale, complexity and ambition,” said Jaime McKenna, President, Fengate Real Estate. “This is the kind of city-building LiUNA and Fengate are built to lead. Delivering a community of this magnitude above an active rail corridor takes vision, discipline and deep execution capability, and with an outstanding team and strong partners in place, we are well positioned to bring a new landmark community to life for Toronto.”

Toronto Rail Yards is being delivered by a multidisciplinary team with the expertise required for one of the city’s most complex sites. International design leader Henning Larsen, alongside leading Toronto-based firms including Hines, PCL, WW+P Architects, and RJC Engineers, bring together global perspective and local insight. This team combines design ambition with proven delivery experience to match the scale and complexity of the project.

“The design of Toronto Rail Yards is rooted in the neighbourhood — creating a new urban environment for daily community life, shaped around how people will arrive, gather and feel connected to the city and to one another,” said Michael Sørensen, Global Market Director, Henning Larsen. “The scale, materiality and microclimate of its welcoming spaces will make Toronto Rail Yards a place with a genuine sense of belonging at its core.”

Toronto Rail Yards is designed as a sustainable community, supporting transit-oriented infrastructure and helping the City of Toronto reach its net zero goals by 2040. The project will be delivered in phases to minimize construction impacts while delivering the project efficiently. Site preparation is anticipated to begin in 2028, with construction on the deck to begin later in the year.

About the LiUNA Pension Fund of Central and Eastern Canada

Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $13 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at https://www.lpfcec.org/.

About Fengate Asset Management

Fengate is a leading alternative investment manager, with more than $27 billion of assets under management, focused on real estate, infrastructure, and private equity strategies. With offices and team members across Canada and the United States, Fengate has a proven track record of successful projects and partnerships and an established reputation as one of the most active real asset investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, is a fully integrated real estate investment, development and asset management platform with $9.4 billion of assets under management, including a 25,000+ residential unit pipeline and 5M+ square feet of industrial space in varying stages of development. Learn more at fengate.com.

About Henning Larsen

Founded in 1959 by Danish architect Henning Larsen, whose legacy of creativity and learning continues to shape the design approach today. Working across architecture, landscape, urban design, and interiors, the international studio maintains acute attention to detail while never losing sight of the bigger picture. This holistic approach enables Henning Larsen to manifest lasting change by co-creating, innovating, and cultivating desirable futures through design. With over 500 employees, the growing design community spans studios in eight countries including Denmark, the United States, Singapore, Germany, Norway, Sweden, Australia and Hong Kong. www.henninglarsen.com

Attachments

Matthew Ventura
Fengate Asset Management
+1 416-432-6194
matthew.ventura@fengate.com

Victoria Mancinelli 
LiUNA Pension Fund of Central and Eastern Canada
+1 289-681-1703
vmancinelli@liunaopdc.org

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