SpadinaBus
Active Member
The construction hoarding is down, the property has now been fluffed and a for lease sign is in the windows. So, the prophecy of Michael Emory is true once again.
Toronto 540 King West | 50.66m | 15s | Allied | Hariri Pontarini
- Thread starter canarob
- Start date
The construction hoarding is down, the property has now been fluffed and a for lease sign is in the windows. So, the prophecy of Michael Emory is true once again.
carturo15
Active Member
I would be good to know for how long is the lease available? I don't think that too many firms are interested in short term leases.
gristle
Senior Member
This proposal includes the brick building on Morrison - which was still hoarded off to the best of my knowledge. I wonder if Allied will tear that down soon or leave it to waste away? It looks pretty worn down.
carturo15
Active Member
I was told that there would be a 10-year maximum Term allowed by the landlord. That does not seem to be a short-term. good news for the east-facing units at 10 Morrison and Fashionhouse!
cabeman
Active Member
Demolition has commenced on the 7-9 Morrison site (first photo is from summer 2007).
urbandreamer
recession proof
Hmm, iirc, the guy that behind those Ohm parties had a loft there, I think I went to some crazy parties here about a decade+ ago.
gristle
Senior Member
The building coming down is to be replaced by a parking lot. I'm going to guess that it'll either be a very private parking lot, or be very short-lived if set up as a pay parking lot.
The surface parking on King (where Fashion House will eventually go) was shut by the city as no new surface parking lots are allowed in the area.
The surface parking on King (where Fashion House will eventually go) was shut by the city as no new surface parking lots are allowed in the area.
carturo15
Active Member
does anyone know what's the status on this project? the 7-9 morrison site has been already demolished and surfaced. it seems there will be a private parking lot there, but what happened with the Offices project?
gristle
Senior Member
For the time being, Allied is trying to rent 544 King Street. The lot behind the building (where 7 Morrison was) is intended to be private parking for whoever rents 544 King.
I doubt anything will replace this building very soon. Allied is supposed to proceed with its Peter Street project first.
I doubt anything will replace this building very soon. Allied is supposed to proceed with its Peter Street project first.
taal
Senior Member
Yep I heard this too ... any idea how the Peter street project is going btw?
gristle
Senior Member
Not much is happening there either. A few of the smaller associated structures were torn down to make way for parking spaces. I believe a nightclub is using part of the building. I'm going to guess and say that they are still trying to secure some tenants.
urbandreamer
recession proof
^Sounds like a perfect location for a night club or two with parking at the rear.
It's interesting how all the hype around A.P. in the local media failed to mention they're actually knocking down historic buildings to put up parking lots...sound familiar??
It's interesting how all the hype around A.P. in the local media failed to mention they're actually knocking down historic buildings to put up parking lots...sound familiar??
taal
Senior Member
Oh yea, I'm sure they're no where near ready to start, I actually meant if you had any info on the leasing front
It's still la fairly large building they need to fill 300,000 square feet (maybe more).
And UD, yes that's a good point - although there are long term plans for the site.
Ziggy
Active Member
Here's a tidbit from Allied's quarterly press release:
"In the second quarter, Allied leased 544 King Street West in Toronto
to The Hive for a term of five years commencing December 1, 2010. The
Hive is a marketing firm that currently operates from 425-439 King
Street West. It will move to make way for Loblaw Properties’ expansion
later this year, at which time 544 King will become a rental property
for accounting purposes."
Source: http://www.alliedpropertiesreit.com/documents/APREIT_2010_08_04_Press_Release_2010_Q2Results.pdf
"In the second quarter, Allied leased 544 King Street West in Toronto
to The Hive for a term of five years commencing December 1, 2010. The
Hive is a marketing firm that currently operates from 425-439 King
Street West. It will move to make way for Loblaw Properties’ expansion
later this year, at which time 544 King will become a rental property
for accounting purposes."
Source: http://www.alliedpropertiesreit.com/documents/APREIT_2010_08_04_Press_Release_2010_Q2Results.pdf
taal
Senior Member
arg... nothing about QRC (the new office development) http://www.qrcwest.com/
Guess they haven't managed to lease a lead tenant yet.