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

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From Allied REIT's annual report:

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.

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.
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source: http://www.alliedpropertiesreit.com/documents/APREIT_2010_12_31_Annual_Report_.pdf
 
urbandreamer said:
Didn't I predict that that SDM would be going highrise sooner or later!? Next up: MEC.

800,000SF here is gonna be massive--25s-35s office buildings with a large floorplate?
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Which building is this ? I can't quite picture it.


That's good news regarding QRC though! I thought they were struggling to attract tenats.
 
It is the Shoppers Drug Mart right at the corner. WOW, this is going to be one massive project at 800000sq ft!! I'm quite happy to hear that more office space is being planned for the area. This and QRC West is really going to have a major impact on the ability to work close to where you live. I was at a community meeting this evening for 263 Adelaide, and this very point was brought up a number of times...the need to replace whatever office space we sacrifice for new residential development, and then some.

Would a lot of that size and a building of that square footage be on par with Telus Tower or PWC Tower?
 
mysteryman said:
Sounds like the Shopper's Drug Mart at King and Peter.
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I guess Adam Vaughan predicted this for this location..

20110123-KingPeter_NWcorner1.jpg


Is King and Peter Toronto's next hub intersection?
Right now, looking north at least, the area is remarkably well-preserved, at least compared with a 1949 Toronto Archives photo, with the most notable continuity at the intersection provided by the low, curving moderne building on the northwest corner, which seems to have been in the drug business for at least fifty years. It's hard to believe that this two-storey low rise will survive the next wave of redevelopment.

"I've been told, and you'd have to check with Shoppers Drug Mart, that that's the highest-grossing store, on the sales per square foot basis, in the Shoppers chain, which means it could stay that way for a long time," Adam Vaughan tells me. "It's unlikely that it'll stay that way for a long time. It's probably gonna be a redevelopment site - most of the sites of that nature in the neighbourhood are."

More...http://www.blogto.com/city/2011/01/is_king_and_peter_torontos_next_hub_intersection/
 
Atlantis said:
It is the Shoppers Drug Mart right at the corner. WOW, this is going to be one massive project at 800000sq ft!! I'm quite happy to hear that more office space is being planned for the area. This and QRC West is really going to have a major impact on the ability to work close to where you live. I was at a community meeting this evening for 263 Adelaide, and this very point was brought up a number of times...the need to replace whatever office space we sacrifice for new residential development, and then some.

Would a lot of that size and a building of that square footage be on par with Telus Tower or PWC Tower?
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I can't comment on the lot but 800K is larger then telus and PWC I believe ... it's just about the same.

But with a large lot you can build a massive building - take the CBC building about 1.8 million square feet - I think it's probably the 3rd largest building in Toronto!
 
Atlantis said:
Thanks for the info on the CBC building taal, I had no idea it had that much square footage!
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np!

This is a great site to find out such information and how much space is for lease in commercial buildings - it also happens to list the size as well among a few other things.
http://www.realinsite.com/

It's fairly accurate as well - they don't update the leasing information instantaneously so it can lag behind a month or two.
 
Looks like they are serious about developing this lot for office space. But gee, i'd like to see this development with a little more height than the mish mash of 157 meter condo towers..maybe even 38 storeys/175 meters might look OK.:)
 
This might be a good time to invest in Allied REIT.
 
I'm also reviving this one.....i would assume on that last paragraph, taal means this one by Allied at King and Peter
...strange they would want to get rid of the ground-level retail.


taal said:
But here are some interesting bits:

Apparently the 171 front development is 3 weeks away ! From marketing that is. They have slighly resdisgned the project so we should see renderings soon.
They were planning on holding off on this development for sometime, but due to the 'hot market' want to push it aggresively now.

The big compontent in the project is the 200,000 square feet expansion of the 'internet data center' apparently there are tenants lining up for such space ... I can actually imagine this much. The rest of the space, 500,000 wold be new offices.

They also discussed a 'automated parking' as a solution for acodmate that.

Moreover, they indicated they are moving ahead with the Front and Peter propety which is about 700,000 square feet, apparently all the retail has been taken off and it is now completely commerical space.
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