AHK
Senior Member
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:
“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.
RIOCAN AND ALLIED ANNOUNCE RESULTS OF CONDO MARKETING PROGRAM
AT KING PORTLAND CENTRE IN TORONTO’S DOWNTOWN WEST
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.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.
“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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