Hot on the heels of their landmark Google lease at 65 King East, Carttera has announced that they’ve acquired a majority stake in Portland Commons at 530 Front Street West, a project that’s has been continuing through the planning approvals process by WolfeCorp for the past few years. Resubmitting the latest Site Plan Approval application in May, 2019, the project is not officially approved yet, but is very close given the purchase announcement. Carttera has also stated that they plan to build the project on-spec (without confirmed pre-leasing), with construction set to begin in Summer, 2020. Given that vacancy rates recently hit a record low in the Downtown Core and office pre-leasing is significantly up, the aggressive timeline is hardly surprising.

Looking south-east from Portland Street, image courtesy of Carttera Private Equities

The announcement brought to light new renderings of the 530,000 ft² Sweeny &Co-designed project, reflecting the design changes made in the latest planning application. Notable features include the grid of copper-toned metal panels surrounding the building’s podium, the south-facing elevation that allows for office terraces overlooking the rail corridor (potentially soon-to-be Rail Deck Park), and a pedestrian plaza and mews underneath a cantilevered portion of the office floorplate.

Looking north-east from Front Street, image courtesy of Carttera Private Equities

The office will be a stones-throw away from The Well, one of Toronto’s largest under-construction development projects, which will bring office, retail and residential spaces to the block. The low-rise Draper Street will see its Victorian heritage townhomes hemmed in between the two high-rise projects.

Portland Commons will be targeting LEED Gold Certification (measuring sustainability) and a Wired Gold Score (measuring digital infrastructure). The building’s unique massing also allows for multiple private lobbies and elevators, offering a truly customizable experience for prospective tenants. 

Additional information and images can be found in our Database file for the project, linked below. Want to get involved in the discussion? Check out the associated Forum thread, or leave a comment below.

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