[Edward Skira]

Globe Lands Redevelopment, 444 Front Street West (RioCan / Allied / Diamond Corp)

[h=1]http://www.bnn.ca/News/2012/11/8/Mini-Eaton-Centre-come-to-Torontos-King-West.aspx
Toronto's King West to get 'mini Eaton Centre'[/h]

​

Howard Green, BNN anchor
9:45 AM, E.T. | November 8, 2012
Canadian, Real Estate

Tags: Real Estate

A "mini-Eaton Centre" is planned for the fashionable King West district in Toronto, according to a source familiar with the development.
The source confirmed to BNN that Riocan, Canada's biggest Real Estate Investment Trust in partnership with Allied Properties REIT, are close to finalizing a deal for the purchase of "the Globe lands," prime real estate at the corner of Front Street and Spadina Avenue.
The plan is to build "about 500,000 square feet of fairly unique and high end" retail. The source said the stores wouldn't be quite as exclusive as Bloor Street West, but more tony than Toronto's Queen Street West.
The King West area has rapidly become one of Toronto's most sought after addresses, with restaurants and condos targeted to a young and prosperous demographic.
According to the source, the retailers interested in leasing space in the new development are those from the United States and Europe, as well as Canadian. The project will also include office and residential buildings and possibly a boutique hotel given the success of the nearby Thompson Hotel. Zoning and plans are not yet in place, but the source says "they will both unfold next year."
The Globe and Mail reported earlier this week that Riocan and Allied Properties were in talks to buy the property after Mattamy Homes pulled out of an agreement to buy the lands, which had been targeted for a condominium development.
The Globe is moving to a new building being constructed nearby.

 

[Ramako]

Well, this (and the new Globe headquaters) will certainly bring some activity and energy to the neighbourhood. I wonder if this will increase the appeal of living in CityPlace.

 

[canarob]

If both this and the retail component of the Oxford MTCC proposal get built, Front Street will become quite the retail destination.

 

[junctionist]

Well, this (and the new Globe headquaters) will certainly bring some activity and energy to the neighbourhood. I wonder if this will increase the appeal of living in CityPlace.

A neighbourhood with quality amenities like shopping always has a better chance of keeping its vitality over time versus one that is lacking in amenities. So if this project happens, it would be great for CityPlace.

 

[grey]

Riocan's involvement makes me nervous.

 

[gristle]

Riocan's involvement makes me nervous.

That's only because of all the god-awful big box centres they are responsible for. But as the article indicted, this would be an upscale big box centre.

 

[Xray_Crystal_Junkie]

Thanks for that laugh gristle. Spot on.

No way both this and the Oxford proposal get build. There just can't be that much retail space demand.

And can this have it's own thread already? Clearly the confusion from a few posters is because people are referencing both projects.

 

[T.0.isthebest]

Well, this (and the new Globe headquaters) will certainly bring some activity and energy to the neighbourhood. I wonder if this will increase the appeal of living in CityPlace.

I think it'll increase the appeal of all the projects in the King Street West and Waterfront Community areas, including CityPlace, because it'll be easy to access and enjoy.

 

[Automation Gallery]

No way both this and the Oxford proposal get build. There just can't be that much retail space demand.

Why not, there are well over 100 new towers built, under construction, or proposed in the vicinity with very little new retail.........thats 35.000-50.000 new residents added to this area looking for a half decent place to shop

 

[Edward]

There's a lot of unmet demand for retail in the area. Yes both will work.

 

[gristle]

There isn't unending "unmet demand" for two upscale shopping areas. Nothing gets built without leases in place. Riocan can likely attract some of their consistent clients to the area, and many of them are hardly "upscale."

 

[Automation Gallery]

hardly "upscale."

The same could be said about the neighbourhood area

 

[gristle]

The same could be said about the neighbourhood area

Obviously Allied and Riocan think otherwise. Maybe you should give them a heads-up about their plan.

 

[Automation Gallery]

Obviously Allied and Riocan think otherwise. Maybe you should give them a heads-up about their plan.

Well, upscale as they say here might not necessarily mean Yorkville, but a bit better than what is in existence

 

[gristle]

I'd prefer to see retail spread around a bit given how walkable the area is. It would also serve to distribute the automobile traffic. The shopping centre model still leaves huge questions concerning traffic issues, and feeding onto Spadina and Front at rush hour will make a bad situation worse. The idea of Wellington as a linear park will possibly die as the developer may view it as a feeder street to their mini-mecca-mall. And adding to all of this, malls have a nasty history of having a negative impact on nearby retail.

My guess is that Allied, as a major property owner in the area, will be planning more big projects. They view this place as a product of their efforts and their playground for redevelopment. While they have a reputation for preserving old warehouses and similar types of building, it's unclear what kind of developer they are. They might suddenly view their warehouse inventory as nothing more than building potential. Their recent proposal on King suggests this possibility.