Tridel
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| Headquarters | , Canada |
|---|---|
Number of employees | 500[1] |
Tridel is a major real estate developer based in Toronto, Ontario, Canada. It is the largest builder of condominiums in the Toronto area. Since being founded in the 1930s it has built some 80,000 homes.[2]
Growth
The company was founded by Jack DelZotto, an Italian stonemason who came to Canada in 1927.[3] He first worked in mines near Timmins, but soon came to Toronto where he helped lay bricks for the Park Plaza Hotel.[4] DelZotto built his first single family home in 1934 in the Bloor and Dufferin area. His firm prospered in the building boom after the Second World War, erecting suburban houses across the Toronto area. The company was handed over to DelZotto's three sons, Angelo, Elvio, and Leo. The name of the company refers to the three (tri) Del brothers. In 1951 the company built its first rental apartment building, and in the following decades became one of the largest builders of apartment and condominium towers in Canada. Tridel played a central role in Toronto's skyscraper boom in the 1970s. With the collapse of the housing market in the early 1980s Tridel took on a number of government contracts building subsidized housing and housing co-ops. The company went public in 1986, though the DelZotto family remained in control of the firm.
Near collapse and revival
The end of the 1980s property boom placed the company in severe distress. The problems began in 1992 when subsidiary Aluma Systems Corp was unable to meet some $226 million in debt obligations. The company was unable to meet these needs, and for several years bankruptcy threatened. Citibank, to whom the money was owed, seized a significant portion of the company.[5] In 1998 a restructuring agreement was finally reached between the company, its creditors, and the government. The DelZotto family had to give up a significant portion of their ownership of the firm, but Tridel was saved from bankruptcy.[6]
The late 1990s and early years of the 21st century saw an unprecedented building boom occur in Toronto, and Tridel was a central player. Today the Tridel group consists of a group of companies including building company Deltera, Del Realty, Del Property Management, DelSuites Furnished Rentals, Del Condominium Rentals and others. The boom has seen Tridel erect condominium towers across the Toronto area. Tridel has also been praised for its innovative technology, and especially its focus on environmentally friendly design.[7]
References
- ^ Cisco Systems (2011). "Condominium developer builds future-ready and 'connected' condo living" (PDF). Retrieved April 7, 2016.
- ^ Tridel.com Archived 2009-07-23 at the Wayback Machine
- ^ Torontoist (2015-12-08). "A Look at Toronto's Real Estate Developers". Torontoist. Retrieved 2018-07-03.
- ^ "The rise of an immigrant's son." Leslie Scrivener. Toronto Star.Mar 20, 1988. pg. D.1
- ^ "CITIBANK SEIZES PART OF TRIDEL: 2.54 million shares were pledged as partial loan guarantee." Janet McFarland. Financial Post. Dec 22, 1992. pg. 13
- ^ "Tridel restructuring plan wins investors' approval Woes date back to 1992." Paul Bagnell. National Post. Dec 16, 1998. pg. C.08
- ^ "A tale of two builders; One's big, one's little, but both will show off the latest green-construction ideas at Doors Open Toronto next weekend." Shelly Sanders Greer. Toronto Star. May 19, 2007. pg. R.1