Toronto 388 King West | 146.3m | 33s | Allied | Hariri Pontarini

It'll happen at some point but not for awhile. Nothing to worry about unless you plan to be a long term resident there. 400 King West will be long complete by the time this comes up.
 
Thanks for the info, that sounds reassuring. If you don't mind me asking, how are you aware of the status of this building? Just trying to figure out what's the best way to be kept in the loop for these kind of projects.
 
For this particular development you have the benefit of the lot being owned by a REIT which discloses its development timelines much more publicly than a traditional developer:

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You can see from the above that while zoning is in place no completion is anticipated for at least the next 3 or 4 years. Their MD&A disclosures give more commentary to this, but to ProjectEnd's point this one is a long ways off.

Alternatively, you can monitor Toronto's Development Application site for Site Plan Applications which are more indicative of the final submission process to the city prior to actual construction.
 
Thanks for the info, so if I understand this correctly, it's not guaranteed that this building is going to be approved yet at this point?
 
nazgul86 said:
Thanks for the info, so if I understand this correctly, it's not guaranteed that this building is going to be approved yet at this point?
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The building has been approved for its height and density. The developer needs to file what's called a Site Plan Approval application still however, which deals with details like materials, driveway locations, landscaping elements, etc.

At this time the developer doesn't seem eager to build as they aren't working out those details with the city, and don't have it listed in their immediate development pipeline. Before they start construction they would need to work out the details with the city, which typically takes about a year.
 
nazgul86 said:
Thanks for the info, so if I understand this correctly, it's not guaranteed that this building is going to be approved yet at this point?
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The owner/developer, Allied REIT, has quite a number of other office projects that seem to have jumped ahead in their queue since the time that they sought (and got) zoning approval for this one. I am under the impression, for example, that they want to push their Union Centre project next, and that may be several years before it materializes, before they begin marketing office space in this one. That's not to say that if a major potential tenant came to Allied and said "we'd like to take 25 storeys at your King & Peter site, that Allied wouldn't change things up again and move forward on this. Developers normally have to court new tenants to get them though, and Allied just haven't started that at this site yet.

42
 
interchange42 said:
The owner/developer, Allied REIT, has quite a number of other office projects that seem to have jumped ahead in their queue since the time that they sought (and got) zoning approval for this one. I am under the impression, for example, that they want to push their Union Centre project next, and that may be several years before it materializes, before they begin marketing office space in this one. That's not to say that if a major potential tenant came to Allied and said "we'd like to take 25 storeys at your King & Peter site, that Allied wouldn't change things up again and move forward on this. Developers normally have to court new tenants to get them though, and Allied just haven't started that at this site yet.

42
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Agree with I42's perspective - would like to add a few more details.

Allied is currently adding to its QRC West complex, with the new building at Queen and Peter Streets, with an above ground connection, over Rush Lane, to the existing building: https://urbantoronto.ca/forum/threa...centre-west-35-96m-7s-allied-sweeny-co.31125/

Allied will also have a fair amount of office and retail space in the King Toronto project to fill up in the coming years. https://urbantoronto.ca/database/projects/king-toronto

With the acquisition of 460 King Street West, Allied 'owns the corner', with the both the parking lots and the buildings to the north and the west of the King Spadina corner, in addition to the former Global Village Backpackers building: https://urbantoronto.ca/forum/threa...ment-460-king-w-allied-reit-3s-gensler.20794/

In addition to Union Centre, Allied has three other large assemblies in downtown Toronto - the south-east corner of Richmond and Bathurst - a mixed office and residential development is working its way through the City planning process. The site extends all the way down to Adelaide Street, incorporating the parking lot to the south of 555 Richmond between the Evangeline Centre and the self storage building. Allied owns all the buildings in the block between Front and Esplanade, Scott and Church Streets, except for the St Lawrence Centre, London on the Esplanade, and the Berczy. Allied also owns the buildings surrounding - on either side, and to the north of the proposed Brad Lamb project at 424 Wellington West. From my perspective - as things now stand, one or more of these assemblies could be in a position to proceed before 388 King West as currently constituted.

The approximate 800,000 square foot size of the 388 King Street West building is currently approved as an office development, and is somewhat over scale for other office buildings in the area, in which the more recent developments have been primarily residential in nature. At the time the acquisition of 388 King Street was done, along with the subsequent rezoning for the redevelopment, Allied was focused on office / commercial projects. Since then however, Allied has been involved with a number of mixed use projects with large residential components, generally with joint venture partners - projects in Toronto include 19 Duncan and King Toronto both with Westbank, The Well, initially with RioCan, with Tridel being brought into the project once it was under way, and King Portland Centre, a mixed use office residential joint venture project also with RioCan.

So if the the 388 project remains as a purely office / commercial (retail at grade) development, it is most likely to be a number of years in the future. On the other hand, given the way the market has developed in this area, should Allied redefine and resubmit the project with a material residential component - whether or not that would work with the building envelope as currently approved would have to be determined - it may be reasonable for it to proceed somewhat sooner. At minimum, bringing residential into the mix would require a trip back through the City planning and approval processes.
 
I realize that two other pending developments by Allied in downtown Toronto were missed in the above list - both probably more likely to proceed prior to Allied's 388 King Street West project:
So - all told, unless there is a change in direction to redevelop the 388 King site into mixed use of primarily residential, I think that the east view from 11 Charlotte should be safe for a while.
 
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