Tridel
Encyclopedia
Tridel is a major real estate developer based in Toronto
, Canada
. It is the largest builder of condominium
s in the Toronto area. Since being founded in the 1930s it has built some 70,000 homes.
, but soon came to Toronto where he helped lay bricks for the Park Plaza Hotel. 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.
, to whom the money was owed, seized a significant portion of the company. 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.
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, 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.
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. It is the largest builder of condominium
Condominium
A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights...
s in the Toronto area. Since being founded in the 1930s it has built some 70,000 homes.
Growth
The company was founded by Jack DelZotto, an Italian stonemason who came to Canada in 1927. He first worked in mines near TimminsTimmins
Timmins is a city in northeastern Ontario, Canada on the Mattagami River. At the time of the Canada 2006 Census, Timmins' population was 42,997...
, but soon came to Toronto where he helped lay bricks for the Park Plaza Hotel. 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. CitibankCitibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
, to whom the money was owed, seized a significant portion of the company. 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.
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, 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.