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Taylor, The | 121m | 36s | Tricon House | Diamond Schmitt

AlexBozikovic

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And here comes that development on the property at 57 Spadina, now Winners.

ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
ANNOUNCESJOINT-VENTURE WITHDIAMOND CORP.
FOR 57 SPADINA AVENUE,TORONTO
Toronto, October 22, 2012 -- Allied Properties REIT (TSX:AP.UN) today
announced that it has entered into a joint-venture with Diamond Corp.
to develop a mixed-use buildingat57 Spadina Avenuein Toronto.
“In an effort to augment and accelerate the return to our unitholders
from our overall intensification activity, we have begun to
collaborate with strong organizations that have complimentary
capability
,” said Michael Emory, President & CEO. “As in the case of
our ongoing intensification joint venture with RioCan REIT, we want to
work with ‘best-in-class’ organizations for each project. We believe
Diamond is just that in relation to the project contemplated at 57
Spadina
.”
57 Spadina is one of five properties acquired by Allied as part of a
portfolio acquisition in April of this year. It is located on the east
side of Spadina, just south of the intersection with King Street West.
The current building on the property is comprised of 33,302 square
feet of GLA and the land component is comprised of 18,115 square feet
of areawith 84 feet of frontage on Spadina.
Allied has agreed to sell an undivided 50% interest in the property to
Diamond for $6.25 million, effectively creating a 50/50 joint venture.
Diamond will oversee the re-zoning of the property for residential,
office and retail use. During the re-zoning and predevelopment phase,
to a maximum of five years, Allied will receive 100% of the net rental
revenue from the property. On completion of the re-zoning, Allied and
Diamond intend to engage a partner with condominium development
expertise tooversee the development of the property.
This press release may contain forward-looking statements with respect
to Allied, its operations, strategy, financial performance and
condition. These statements generally can be identified by use of
forward looking words such as “may”, “will”, “expect”, “estimate”,
“anticipate”, intends”, “believe” or “continue” or the negative
thereof or similar variations. Allied’s actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in
government reg
ulations and the factors described under “Risk Factors”
2
in the Allied’s Annual Information Form which is available at
www.sedar.com. The cautionary statements qualify all forward-looking
statements attributable to Allied and persons acting on its behalf.
Unless otherwise stated, all forward-looking statements speak only as
of the date of this press release, and Allied has no obligation to
update such statements.
Allied Properties REIT is a leading owner, manager and developer of
urban office environments that enrich experience and enhance
profitability for business tenants operating in Canada’s major cities.
Its objectives are to provide stable and growing cash distributions to
unitholders and to maximize unitholder value through effective
management and accretive portfolio growth.
-30-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael R. Emory
President and Chief Executive Officer
(416) 977-9002
memory@alliedreit.com
 
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AlbertC

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57 Spadina Avenue (Allied REIT/Diamond Corp)

From the Daily Commercial News:

http://dcnonl.com/nw/32362/re

Allied Properties Real Estate Investment Trust Announces Joint-Venture With Diamond Corp. for 57 Spadina Avenue, Toronto

Real Estate — October 22, 2012


TORONTO, ONTARIO--(Marketwire - Oct. 22, 2012) - Allied Properties REIT (TSX:AP.UN) today announced that it has entered into a joint-venture with Diamond Corp. to develop a mixed-use building at 57 Spadina Avenue in Toronto.
57 Spadina is one of five properties acquired by Allied as part of a portfolio acquisition in April of this year. It is located on the east side of Spadina, just south of the intersection with King Street West. The current building on the property is comprised of 33,302 square feet of GLA and the land component is comprised of 18,115 square feet of area with 84 feet of frontage on Spadina.

Allied has agreed to sell an undivided 50% interest in the property to Diamond for $6.25 million, effectively creating a 50/50 joint venture. Diamond will oversee the re-zoning of the property for residential, office and retail use. During the re-zoning and predevelopment phase, to a maximum of five years, Allied will receive 100% of the net rental revenue from the property. On completion of the re-zoning, Allied and Diamond intend to engage a partner with condominium development expertise to oversee the development of the property.
 

balenciaga

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Good news. King/Spadina needs some update. Spadina south of China needs more retail activities. It is too quiet right now and doesn't have any identity.

I always hope the NW corner Hostel could be developed. It looks weird right on the intersection. I took a look at the map and it seems there are several lots/gas stations/two story concrete buildings waiting to developed (Between King and Queen).
 

ChesterCopperpot

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This is the Winners building, right?
 

SpotX

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I agree the spot is good for intensification but the area already has major traffic problems. Has anybody been floating any ideas on improving the flow of traffic?
 

Xray_Crystal_Junkie

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With Allied involved could we expect the building facade to be retained and restored as the podium of any development? It's a little short at only two storeys but it would be a shame to lose a brick building along that stretch, as modest as it is.
 

drum118

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It should be part of the development next to it.

It maybe a good chance for the group to take over that project based on the fact that the current developer wants to flip it for a profit from my point of view.

It also needs a 2nd entrance and this building would provide it.

I agree with retaining the brick facade as there needs to be more of them including the one next to it, since I am not a supporter of all glazing & current walls.
 

drum118

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Meeting

Date:
Tuesday April 30 , 2013

Time:7:00 –9:00 pm

Location:
Metro Hall, 55 John St, Room 314

 

drum118

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Love the design and the use of the lane way. No formal application has been submitted to the city at this time.

I see Diamond Corp have being working with Core on 401-415 King St W building to the point they balance each other as well the Hudson. The King building is a vast improve building, but still need a few more changes. The LBCO is to be on the 2nd floor now.

The ideas put forth tonight could see the lane way between these 2 project being used by both of then jointly. They will review it as well the city.

378 unites with 178 parking spots. Main entrance will be in a new wider lane way. Sidewalks will be wider for both projects than what there on on Spadina

Too many parking spots. I proposed that the lane way be dug up if both projects go ahead at the same time and build parking levels there to be used jointly for visitors and commercial. The lane way would be rebuilt as plan.

Mod's Note:: 37 floors




 
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AlbertC

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Janet's laneway design is conceptually intriguing, love the Berlin inspirations. Although being a dead end passage, it may not end up having much lasting appeal for the casual passerby. Councillor Vaughan brought up an interesting point about potentially combining the rears of the Clarence Sq rowhouses into a public piazza but that may be more theoretic than realistic. Building design is rather pedestrian though, typical of DSAI to be safe and conventional but overall unremarkable.
 

TCW

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Charlie, M5V, Bisha, Charlotte St, going to be a lot of density in that area.
 

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