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Allied REIT is a major owner of office space in the downtown area. Many of the old factories and warehouses, that in recent years were converted into office buildings, have Allied's name on them.
It now comes to our attention that Allied may soon be starting construction on a 17 storey office tower at 134 Peter Street (northwest corner of Peter and Richmond). The Queen Richmond Centre West, as the building will be called, is set to rise through and above the 4 storey building currently occupying the corner. Design for the 300,000 square foot building will be by &co Architects.
"Phase I of QRC West is the largest intensification project we’ve ever undertaken. It involves the restoration of an existing Class I building and the addition of a new, LEED-certified component for combined leasable area of approximately 300,000 square feet. In 2010, we initiated the pre-leasing process, met the requirements for site-plan approval and moved steadily toward the completion of building-permit drawings. We expect to be in a position to commence construction as early as the second quarter of this year. The market response to Phase I of QRC West has been very encouraging. We are well advanced in discussions with a number of prospective tenants, including a prospective lead-tenant well suited to the project."
And there's more planned.
"Looking forward, we have three intensification opportunities in Toronto that we plan to initiate in 2011. QRC West, Phase II, has the potential for 74,000 of GLA, with a significant component being high-value retail space on Queen West. 388 King West and 82 Peter Street, which comprise a site on the northwest corner of King & Peter, have the potential for up to 800,000 square feet of space. 489, 495 and 499 King West, which constitute the best remaining development site at King & Spadina, have the potential for as much as 500,000 square feet of space. We’ve initiated the municipal approval for two of these intensification projects and expect to do so for the third shortly. In each case, at least a year will be required to obtain municipal approval."
Phase two of QRC West will be the redevelopment of the southwest corner of Queen and Peter with both office and retail space added.
Fantastic to see office space being added in an area that's becoming more and more condo land. And good to see great architect being inserted in such an interesting way. Two thumbs up from Urban Toronto. Click here for more information on plans for 388 King West and 82 Peter Street. Click here for more information on plans for 489, 495 and 499 King West.
| Related Companies: | Eastern Construction, Kramer Design Associates Limited, Sweeny &Co Architects Inc., Trillium Architectural Products |
