Toronto

19 Duncan | 187m | 58s | Westbank | Hariri Pontarini

AHK

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ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES
JOINT VENTURE WITH WESTBANK ON 19 DUNCAN STREET, TORONTO

Toronto, December 10, 2014 -- Allied Properties REIT (TSX:AP.UN)
announced today that it has entered into an equal two-way joint venture
agreement with Westbank to acquire and redevelop 19 Duncan Street in
Toronto and an adjacent laneway (the “Propertyâ€). The purchase price for
the Property is $47 million, with Allied’s proportionate share being
$23.5 million. Allied will carry its undivided 50% interest in the
Property as a Property Under Development for accounting purposes. The
acquisition is expected to close on February 10, 2015, subject to
customary conditions.

The Property
Located on the southeast corner of Adelaide Street West and Duncan
Street, the Property is comprised of a Class I building with 61,911
square feet of GLA and 36 surface parking spaces. The site is rectangular
in shape with 24,778 square feet of area, 111 feet of frontage on Duncan
and 250 feet of frontage on Adelaide West. The building on the Property
was built for light industrial purposes in the early 1900s and was
comprehensively renovated in 1999.

The joint venture (the “Duncan & Adelaide JVâ€) plans to retain and
restore a large portion of the existing Class I building and to integrate
it with a new structure that will include retail space, office space on
at least five floors above grade and rental apartments on the floors
above the office space. Westbank will be the development manager for the
Duncan & Adelaide JV. Allied will manage the office component of the
project on completion, and Westbank will manage the residential
component.
 

stjames2queenwest

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this is pretty exciting, vancouver house and telus sky are both a couple of the most interesting buildings planned in canada right now. Hope they plan something atleast on par.
 

officedweller

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Even if it's a landmark design, the Mirvish Gehry Towers will cast long shadows over this one and block much of the afternoon sun. I'm not sure how desirable the location really is.
 

Ramako

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Even if it's a landmark design, the Mirvish Gehry Towers will cast long shadows over this one and block much of the afternoon sun. I'm not sure how desirable the location really is.
There are a galaxy of factors that go into determining good location other than the amount of afternoon sunlight. Given the proximity to St. Andrews Station, this should do well.
 

TheTigerMaster

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Doubtful it will be as tall as Telus Sky.
I don't really care about the height. If the architecture is as good as Telus sky, I'll be very, very happy.

Let's keep our fingers crossed and hope that M+G will encourage higher quality architecture for this project. Westbank has done some great work, so I'm hopeful.
 

RyeJay

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Now we'll get to see if developers consider the M+G towers a one-off -- or precedent setting.

I look forward to seeing a proposal.
 

ardwold1

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AlvinofDiaspar

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And we know Honest Ed isn't BIG - now that's article was from awhile ago, and there was the abortive project in Don Mills that's supposedly by that firm.

AoD
 

RZ12

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When is that fire station on Adelaide gonna go? With all the intensification it really starting to seem out of place. All the new builds even 30+ up can hear the sound of those damn sirens throughout the night.
 

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