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461 King St. West (Allied REIT, future intensification)

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Application: Zoning Review Status: Not Started

Location: 461 KING ST W
TORONTO ON M5V 1K7

Ward 20: Trinity-Spadina

Application#: 12 158487 ZPR 00 ZR Accepted Date: Apr 20, 2012

Project: Non-Residential Building Addition

Description: Proposal to construct a new 5th, 6th and 7th floor addition above an existing mixed use building. New addition to consist of office space and residential (Six Units).






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^ I'm not so sure about that AG. Most of the rear part of the building only goes up 3 floors and the app. says it's for floors 5, 6 & 7. I think they may take it all the way to the street.
 
Nice find. Does Allied own this building? I wonder about the extent of the addition.

Does not look like this is an Allied building - no Allied plaque beside the front door, and not listed on the Allied web site. Allied owns 455 King West and 469 King West - the buildings on either side of the 461 King West building.
 
UD,
Months, I heard that the owners of this building decided not to go ahead with the zoning review. Then, recently, I heard they were contemplating going bigger than 3 storeys.

Are you saying Quadrangle is now engaged on this project and for what size of building?
 
Allied has just acquired three new properties including 461 King Street West. In time (not soon), they envisage a QRC West-style intensification above this property and 455 King Street West, directly to the east.

From the presser:
461 KING STREET WEST

Located between Allied’s 425-455 King West and 469-539 King West and also to the east of its 420 Wellington West, this property is a tier-one Class I building situated on 40,152 square feet of land. Built in 1901 for Toronto Lithographing Co., the building was renovated and retrofitted in 2007. It is comprised of 81,091 square feet of GLA that is fully leased to tenants consistent in character and quality with Allied’s tenant base. 37,320 square feet of GLA in the building is leased to retail users.

The property will complete Allied’s ownership of a large and strategic assembly, 425-539 King West, which will be comprised of 970 feet of uninterrupted frontage and 233,404 square feet of underlying land. Allied has owned 425-455 King West since its IPO in 2003, 469 King West since 2005, 489-499 King West since 2008 and 511-539 King West since last year. 489-539 King West is being intensified on a 50/50 basis with Westbank.

The property affords a specific intensification opportunity made possible by the fact that there is surplus land to the east of the site. The intensification plan was inspired by QRC West and involves the creation of new office space above the existing Class I building. Management believes it is socially and financially compelling. Given its current intensification activity in the immediate area, Allied does not envisage pursuing this opportunity in the near term. The property also affords a considerably larger intensification opportunity made possible by the fact that Allied will, on closing of the acquisition, gain full and unencumbered ownership of the laneways running between the property and 469 King West and the property and 455 King West. Also inspired by QRC West, the plan would involve the creation of new office space above 455 to 469 King West, the maintenance of the existing laneways and the preservation of the existing Class I structures. While further study is certainly required, Management believes such a plan would be socially and financially compelling

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I'm not sure how I feel about this. These structures work beautifully on their own. Of course, if intensification here is going to happen, I think the model established by QRC is a good one to follow, but I'd rather that this stretch of King remain untouched.
 
The current buildings are perfectly fine the way they are, but it's only a matter of time before they are developed. Allied actually puts historic buildings into good use, they don't just keep slap historic faces onto the front of a building and call it "historic". I wouldn't be terribly disappointed if Allied developed this property.
 
Wow, so Allied has almost completely taken over the south side of King between Spadina and Portland. I believe this is the assembly:
Screen Shot 2016-08-03 at 6.54.32 PM.png


Allied is a good landlord, but I wonder whether we're at the point where concentration of ownership is starting to be a concern. They almost have a monopoly on brick-and-beam office space in the area.
 

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