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King Portland Centre and Kingly Condos 
620 King St W, Toronto
Developer: Allied Properties REIT, RioCan REIT


King Portland Centre and Kingly Condos | 58m | 15s | Allied | Hariri Pontarini

AHK

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Looks like the King Portland Centre condominium units sold well this past weeked. From the press release:


RIOCAN AND ALLIED ANNOUNCE RESULTS OF CONDO MARKETING PROGRAM
AT KING PORTLAND CENTRE IN TORONTO’S DOWNTOWN WEST

Toronto, October 17, 2017

RioCan REIT (TSX:REI.UN) and Allied Properties REIT (TSX:AP.UN) today announced that the residential condominium units at King Portland Centre are substantially sold out, subject to customary closing conditions and rights of rescission. RioCan and Allied expect the profitability of these units to exceed initial expectations.

King Portland Centre is located at the northwest corner of King Street West and Portland Avenue in the heart of Toronto’s King West neighbourhood. In addition to the strength of its location, the development is unique, in that it will incorporate a restored heritage structure, 602-604 King West, with a substantial new mixed-use structure. The combined structures (at 100%) will be comprised of the following:

i. approximately 59,000 square feet of office and retail GLA in the heritage structure, which is fully occupied;

ii. approximately 256,000 square feet of additional office GLA in the new structure, which is 93% pre-leased to Shopify and Indigo and under construction;

iii. approximately 13,000 square feet of incremental retail GLA in the new structure with frontage on King West; and

iv. approximately 133 residential condominium units in the new structure with frontage on Adelaide West.
Having obtained registration with Tarion Warranty Corporation, RioCan and Allied offered the condominium units for sale on October 14, 2017. They expect purchasers to take possession in early 2019.

“The strong response to the sales launch of Kingly this past weekend affirmed the decision by RioCan and Allied to convert the project from rental to condominium. Our ability to effectively execute on the sale of the 133 condominium units in such a short time frame at favourable pricing illustrates the importance of good strategy, design and location. The higher than expected sales proceeds from Kingly have added to the economic success of King Portland Centre, and have further proven the capabilities of the joint venture between RioCan and Allied,” said Edward Sonshine, CEO of RioCan.

Each of Allied and RioCan owns an undivided 50% interest in King Portland Centre, and on completion Allied will manage the commercial component. Completion of the development is scheduled for early 2019.
 
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smably

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Here's an awkward question: with RioCan handling the retail leasing, what are the chances that we'll see any remotely interesting retail tenants? Have a look through RioCan's leasing portfolio and tell me if there's a single business you'd want to see occupying this prominent space on King West: http://riocan.com/leasing-portfolio
 

interchange42

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And from the 17th, more shots than absolutely necessary:

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AHK

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Much activity on the King Portland Centre site today (Saturday, December 2nd). Both tower cranes working all day. Multiple flat bed truck deliveries of window glazing sections, hoisted up and stored on site - from morning through late afternoon- a flat bed was pulling into the site at the King Street entrance at 3:30 PM. Concrete deliveries and pouring also taking place all day - at 3:30 PM, one truck was backed up into the stub lane off Portland, discharging concrete, and four more 'cement' trucks were lined up on the west side of Portland, waiting their turns.

Allied and RioCan appear to be really pushing the schedule on this one.
 

TheKingEast

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HP is killing it with the curved corners on some of their projects. Going to go check this out for myself.