Developers Greenwin and Windsor Private Capital have announced a joint-venture that will see the companies redevelop an historic hotel in downtown Toronto.

The companies plan to convert the Palace Arms Hotel at 950 King St. West into a mixed-use residential housing project with 219 rental units.

Built in 1890, the Palace Arms is one of King West's most iconic landmarks. Conserving and rehabilitating the building's existing principal facades – along with its heritage brick masonry, window openings, variegated roof lines and masonry chimneys – the new development is expected to consist of one 14-storey tower totalling 219 rental units on a 15,000-square foot lot. It will also incorporate a number of affordable studio suites.

The location is directly on the King West TTC line and within walking distance to Liberty Village, Trinity Bellwoods Park and the Financial District.

"By integrating the architecture of the existing structure with a reimagined contemporary rental experience, we hope to safeguard a treasured piece of Toronto's historic landscape while responding to a critical need for housing," said Rod Bell, Managing Director & Co-founder, Intentional Capital.

"We are particularly excited to partner with developers who have a long-standing history of bringing much-needed rental housing stock to the market," added Jordan Kupinsky, Managing Partner, Windsor Private Capital. "This partnership is a natural extension of our companies' shared vision and commitment to building and supporting some of the GTA's most vibrant communities."