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 85,000 homes.
History
Founding
The company was founded by Jack DelZotto, an Italian stonemason who came to Canada in 1927. He first worked in mines near Timmins, 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 Delbrothers. 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. The public company TDZ Holdings Inc. was dissolved in October 2013. Today, the Tridel Group of Companies is privately held.
Restructuring
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. 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.
Growth
Following a period of struggle, Tridel revived itself as one of the city’s biggest developers during the 2000s housing boom. 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 Incorporated Brokerage, Del Property Management, DelSuites, Del Condominium Rentals, The DMS Group and Delmanor. 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.
Environment and Social Responsibility
Sustainability
Tridel integrated LEED technology into its building projects in 2004 and now the company leads Canada in sustainable residential condominium development. Tridel has increasingly focused on green energy, sustainability and community development through its Tridel Built Green Built for Life® initiative. Over 20% of the commercial certified LEED multi-unit residential buildings in Canada have been built by Tridel. Tridel condominiums account for a quarter of all residential LEED projects across the GTA and Tridel is the largest LEED certified high-rise developer in Canada. Tridel’s Aqualina at Bayside is Toronto’s first condominium to be certified as LEED Platinum in the High-rise Multi-unit Residential category. Additionally, the Ten York condominium in Toronto’s South Core has been celebrated for its uncommonly durable, energy efficient features, including curtain wall design installed on the tower.
Community
Tridel has launched several community initiatives. The company launched an organization called BOLT in 2009, which received charitable status in 2013. It was initially founded to provide learning opportunities in the construction industry for youth associated with The Children’s Aid Society of Toronto, but has now expanded to various fundraising events, scholarship opportunities and a career framework to help connect under-resourced youth to meaningful and rewarding employment in construction. As part of its directive, BOLT hosts an annual “Day of Discovery” co-hosted by Tridel and George Brown College. The event aims to provide youth interested in construction to meet with industry professionals and learn about the industry. BOLT has received a positive reception from people involved in career organizations for youth. Tridel is also involved with the Bowery Project, a not-for-profit organization with a mission to create opportunities for urban agriculture through the temporary use of vacant lots. The Bowery Project helps transform vacant lots into mobile urban farms that grow food for local restaurants in Toronto.
Awards
Tridel has received awards for its projects, and is known for creating sustainable and energy-efficient communities. Tridel was named 2019 Ontario Home Builder of the Year by the Ontario Home Builders' Association. The Building Industry and Land Development Association recognized Tridel as the 2019 Home Builder of the Year for Mid/High-Rise, as well as Green Builder of the Year for Mid/High-Rise.
