smably said:
A bit more context on the sale of 485: https://www.bisnow.com/archives/newsletter/toronto/2825-why-485-king-west-has-sat-dormant/

I work across the street from this property and have long wondered how a brick and beam warehouse in such a desirable area could have sat dormant for so long.
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Obviously, Allied has been interested in this property for a long time. My understanding of the situation - the owner was a private individual, an older man, and he just did not want to sell. The building was still in some at least minimal amount of use - there were a very small number of people in there on a daily basis.

The overall situation is similar to that of the print shop owner with the property adjoining the lot for the Minto 775 King West building - an older individual who just refused to sell - so Minto ended up building around (beside and behind) his shop.
 
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After an initial period in which 485 King Street West was being leased back to its former owner, the building is now vacant, and this afternoon, the windows were being boarded up prior to the start of renovation.

Mods - As of Allied's last public statements, 485 is to be renovated for rent on at least an interim basis, while long term plans for the redevelopment of this stretch of King Street are being developed. The original plans for 489, 495, and 499 are going to be revised due to the purchases first of 485 King, and more recently, the properties from 511 to 539 King Street West. Up to you as to whether separate threads should be set up for the three areas: 485 King / 489, 495 and 499 King / 511 - 539 King, or whether the title of this thread should be updated to encompass all these properties, at least on an interim basis until the site specific redevelopment plans are announced.
 
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Bisnow reported on 5 May 2015 about this aquisition, including the Westbank partnership:

Allied will be redeveloping 511-539 King St W in collaboration with Westbank Corp. It’s already JVing with the Vancouver-based firm on a revamp of 19 Duncan St, acquired earlier this year, which will see a purpose-built rental tower built atop the existing 1908 structure. (Westbank is also redeveloping the Honest Ed’s site). Allied plans to operate 511-539 King West as a rental property in the near term, including it in its “growing pool of unencumbered assets.” The firm will work immediately on obtaining municipal approval for a mixed-use intensification of the property that includes preservation and continued operation of 511 and 519-525 King West. The deal is expected to close June 30.

Read more at: https://www.bisnow.com/toronto/news...45554?utm_source=CopyShare&utm_medium=Browser
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Recall Diamondcorp said their next huge deal is expected to close end of June?
 
Diamondcorp also functions through equity funds having closing dates that don't really support long term rental investment and which Westbank is clearly in that market. Find out soon.
 
For Allied other development properties

i.e.

QWC phase 2
Union tower
Duncan tower
... anything else ...
?

Are any 100% approved ?
 
taal said:
For Allied other development properties

i.e.

QWC phase 2
Union tower
Duncan tower
... anything else ...
?

Are any 100% approved ?
Click to expand...

Unless I am mistaken, QRC West Phase 2 and the Union Tower are both fully approved. QRC West was approved at the last City Council meeting prior to last fall's election, and is listed in the UrbanToronto article regarding the batch of approvals that were made at that meeting. The URL for the article is:

http://urbantoronto.ca/news/2014/09/council-greenlights-many-new-developments-across-toronto

The QRC West Phase 2 was opposed by the City, but was approved at the OMB - listed as an approved development in the Allied Reit reports.

The Duncan tower has not been approved - it is still very early in the approval process, as far as I know it has only been presented to its first Community Consultation meeting - but the subsequent approval stages are in process.
 
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Bisnow seems to be late with reporting things. I'm sure it was the last day in April this was announced. As I mentioned over on The Well thread it's at least 620ft of frontage on King St and 3.5 acres of properties that includes their site on Wellington. Don't get on UT much anymore being so busy, but it's nice to hear that some people are keeping track of things going down here in our 'hood! As we predicted 5 years ago, the King and Spadina area will be either the bee's knees or the cat's meow this decade.
 
taal said:
For Allied other development properties

i.e.

QWC phase 2
Union tower
Duncan tower
... anything else ...
?

Are any 100% approved ?
Click to expand...

Allied received OMB approval for 544 King Street West some years back.
 
Finally - a BIG Project:

ALLIED PROPERTIES REIT ANNOUNCES JOINT VENTURE WITH WESTBANK IN TORONTO’S DOWNTOWN WEST Toronto, August 4, 2015 -- Allied Properties REIT (TSX:AP.UN) announced today that it has established a joint-venture arrangement with Westbank (the “King & Spadina JV”) to redevelop 489-539 King Street West in Toronto (the “Property”). Allied will retain full ownership of the existing buildings on 511-529 King West (the “Heritage Component”) and sell to Westbank an undivided 50% interest in the remainder of the Property (the “Intensification Site”) based on current appraised value. The sale to Westbank will close once site-plan approval is obtained for the Intensification Site. In the interim, Allied will own and operate the Property as part of its rental portfolio, and Allied and Westbank will share the predevelopment costs on an equal basis. Allied will continue to own and operate the Heritage Component in its entirety once it is severed from the Intensification Site. The King & Spadina JV intends to pursue a mixed-use project comprised of office, retail and residential uses, with the residential component being sold as a condominium.

It has retained Bjarke Ingels Group (BIG) as the design architect for the project and intends to initiate the approval process expeditiously. Westbank will be the development manager for the project, and Allied will manage the office and retail components of the project on completion. “This is another good example of our expanding opportunity set,” said Michael Emory, Allied’s President & CEO. “With a proven and compatible partner in Westbank, we’ll be able to realize the value inherent in this site sooner and on a risk-appropriate basis. We’ll also be able to ensure that the site makes an optimal contribution to King & Spadina, one of Toronto’s most extraordinary downtown neighbourhoods.” “What is so exciting here is that Allied has over time assembled 620 feet of frontage on what is fast becoming one of the most interesting streets in Toronto,” said Ian Gillespie of Westbank. “With this scale, we have a unique opportunity for world-class city building.”
 
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