Update from the Joint Venture partners - Allied and RioCan Reits:

RioCan and Allied Provide Progress Update for The Well(TM)​

GlobeNewswire
RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN) and Allied Properties Real Estate Investment Trust ("Allied") (TSX: AP.UN) today provided an update on progress at The Well, including successful retail leasing activity and ongoing development progress. This mixed-use community, developed jointly by RioCan and Allied (collectively "The Well JV"), continues to take shape as an extension of the vibrant King West area, combining an elevated retail experience, distinctive office space and modern residential space in an amenity-rich urban neighbourhood. The Well's authentic urban and pedestrian-focused design is perfectly suited to the technology, media, creative and digital enterprises that define King West.

Situated at Front, Spadina and Wellington and spanning more than three million square feet, The Well will be a vital component of King West. This interconnected mixed-used development will introduce, along with new residential housing, a relevant urban streetscape of retail experiences and concepts in approximately 340,000 square feet of indoor and outdoor space. It will also offer workspace solutions for thousands of users across 1.2 million square feet of office.

"We are very pleased to announce retail leasing activity that defines the character of The Well. The property itself is the best model of what The Well has to offer and with ongoing construction momentum, prospective tenants are now able to tour and see for themselves the scale and dynamic architecture of this true mixed-use community," said Jonathan Gitlin, President and Chief Operating Officer of RioCan. "The ideal combination of location, thoughtful design, and community building at The Well has attracted forward-thinking tenants. Our growing list of innovative tenants will provide a host of meaningful experiences and everyday needs that will serve the neighbourhood and its visitors."

To date, RioCan has executed leases for approximately 110,000 square feet of space dedicated to exciting new opportunities to eat, shop and experience at The Well. This represents more than a third of the conventional retail space, excluding the Wellington Market at The Well. Signed leases include experiential, necessity-based and service-oriented tenants.
Negotiations and discussions with prospective tenants that will also contribute to the overall character of The Well continue to make progress. First possession of retail space is anticipated for 2022.

"Our partners at RioCan have completed foundational retail leasing at the optimal point in time and in a manner that compliments the amenity-rich King West neighbourhood," said Michael Emory, President and Chief Executive Officer of Allied. "Now that prospective users can tour the different components of the retail environment at The Well, the remaining retail leasing will unfold according to a comprehensive merchandising plan developed by RioCan and Allied that will further enrich the neighbourhood."

The office space at The Well is now 85% leased to Shopify, Intuit, Finance IT, Index Exchange, Spaces, Quadrangle and Konrad Group, among others. Initial tenant possession remains on track for third quarter 2021. With increasing momentum, the remaining office space is expected to be leased up promptly. The main office building has reached its height of 36 storeys and is on track to be topped off in May 2021.

As announced in 2016, The Well JV has agreed to sell approximately 1.3 million square feet of air rights to Woodbourne Canada Partners ("Woodbourne") and Tridel Builders Inc. ("Tridel") for the development of the six residential towers at The Well with RioCan retaining a 50% interest in the residential rental tower, FourFifty The Well (Building F, 46-storey and ~600 units). In December 2020, The Well JV completed the sale and received the sale proceeds for the first portion of air rights for the residential and podium space at Building A and B to Woodbourne. With ongoing construction progress, air right sales for the four remaining residential buildings remain on track to be conveyed in 2021.

The six residential buildings, including the towers that Tridel and Woodbourne will develop on their own, will be home to 1,700 condominium and purpose-built rental suites. Construction of the residential buildings are well underway. With housing options for young professionals, growing families and empty nesters, Tridel has already pre-sold 83% of its condo inventory, further underscoring the desirability and demand for this mixed-use community.

About RioCan
RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at December 31, 2020, our portfolio is comprised of 223 properties with an aggregate net leasable area of approximately 38.3 million square feet (at RioCan's interest) including office, residential rental and 14 development properties. To learn more about us, please visit www.riocan.com.

About Allied
Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada's major cities and (ii) network-dense urban data centres in Toronto that form Canada's hub for global connectivity. Allied's business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.
 
Update from the Joint Venture partners - Allied and RioCan Reits:

RioCan and Allied Provide Progress Update for The Well(TM)​

GlobeNewswire
RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN) and Allied Properties Real Estate Investment Trust ("Allied") (TSX: AP.UN) today provided an update on progress at The Well, including successful retail leasing activity and ongoing development progress. This mixed-use community, developed jointly by RioCan and Allied (collectively "The Well JV"), continues to take shape as an extension of the vibrant King West area, combining an elevated retail experience, distinctive office space and modern residential space in an amenity-rich urban neighbourhood. The Well's authentic urban and pedestrian-focused design is perfectly suited to the technology, media, creative and digital enterprises that define King West.

Situated at Front, Spadina and Wellington and spanning more than three million square feet, The Well will be a vital component of King West. This interconnected mixed-used development will introduce, along with new residential housing, a relevant urban streetscape of retail experiences and concepts in approximately 340,000 square feet of indoor and outdoor space. It will also offer workspace solutions for thousands of users across 1.2 million square feet of office.

"We are very pleased to announce retail leasing activity that defines the character of The Well. The property itself is the best model of what The Well has to offer and with ongoing construction momentum, prospective tenants are now able to tour and see for themselves the scale and dynamic architecture of this true mixed-use community," said Jonathan Gitlin, President and Chief Operating Officer of RioCan. "The ideal combination of location, thoughtful design, and community building at The Well has attracted forward-thinking tenants. Our growing list of innovative tenants will provide a host of meaningful experiences and everyday needs that will serve the neighbourhood and its visitors."

To date, RioCan has executed leases for approximately 110,000 square feet of space dedicated to exciting new opportunities to eat, shop and experience at The Well. This represents more than a third of the conventional retail space, excluding the Wellington Market at The Well. Signed leases include experiential, necessity-based and service-oriented tenants.
Negotiations and discussions with prospective tenants that will also contribute to the overall character of The Well continue to make progress. First possession of retail space is anticipated for 2022.

"Our partners at RioCan have completed foundational retail leasing at the optimal point in time and in a manner that compliments the amenity-rich King West neighbourhood," said Michael Emory, President and Chief Executive Officer of Allied. "Now that prospective users can tour the different components of the retail environment at The Well, the remaining retail leasing will unfold according to a comprehensive merchandising plan developed by RioCan and Allied that will further enrich the neighbourhood."

The office space at The Well is now 85% leased to Shopify, Intuit, Finance IT, Index Exchange, Spaces, Quadrangle and Konrad Group, among others. Initial tenant possession remains on track for third quarter 2021. With increasing momentum, the remaining office space is expected to be leased up promptly. The main office building has reached its height of 36 storeys and is on track to be topped off in May 2021.

As announced in 2016, The Well JV has agreed to sell approximately 1.3 million square feet of air rights to Woodbourne Canada Partners ("Woodbourne") and Tridel Builders Inc. ("Tridel") for the development of the six residential towers at The Well with RioCan retaining a 50% interest in the residential rental tower, FourFifty The Well (Building F, 46-storey and ~600 units). In December 2020, The Well JV completed the sale and received the sale proceeds for the first portion of air rights for the residential and podium space at Building A and B to Woodbourne. With ongoing construction progress, air right sales for the four remaining residential buildings remain on track to be conveyed in 2021.

The six residential buildings, including the towers that Tridel and Woodbourne will develop on their own, will be home to 1,700 condominium and purpose-built rental suites. Construction of the residential buildings are well underway. With housing options for young professionals, growing families and empty nesters, Tridel has already pre-sold 83% of its condo inventory, further underscoring the desirability and demand for this mixed-use community.

About RioCan
RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at December 31, 2020, our portfolio is comprised of 223 properties with an aggregate net leasable area of approximately 38.3 million square feet (at RioCan's interest) including office, residential rental and 14 development properties. To learn more about us, please visit www.riocan.com.

About Allied
Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada's major cities and (ii) network-dense urban data centres in Toronto that form Canada's hub for global connectivity. Allied's business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.

Here's a map of what's been leased so far and some leasing stats (Via the Allied and RioCan leasing brochure):
1616594700875.png


The Wellington Market (this is early stages so not much info is given):

1616594815361.png


Leasing

1616595065831.png


You can look at the rest of the leasing brochure here.
 
Interesting, 3 large spaces (16000ft2++) leased; 1 in discussion.

So the 'anchors' are locked down mostly.
 
I am stupidly excited to see what the tenant makeup is going to be here. Very happy to see many of the restaurant spaces on Wellington being leased and even moreso that there are discussions with someone to take over the event space!

I think RioCan and Allied are hyper conscious of curating a particular set of tenants here so I'm hopeful we don't see the run of the Shoppers/Rexalls here.
 
I wonder what brewery they are negotiating with? An actual local brewery or something like Belgian Moon from Stackt? Also great that they are getting a liquor license for the entire food hall.
 
Interesting, 3 large spaces (16000ft2++) leased; 1 in discussion.

So the 'anchors' are locked down mostly.

A grocery store, a gym and a Shoppers' drug mart type of things probably
There was some rumours about Whole Foods, Walmart Express and a Cineplex movie theater being here but who knows
 
I wonder who ' one of Canada's leading hospitality companies' is in this context? Seems they leased several spaces at once and will curate who goes where.

It's possible, it's a well known (in Toronto), Toronto-based restaurant group. ;)
 
LMAO I spoke too soon and played myself (from here).

View attachment 307689

Though Sweat and Tonic is a cool tenant and I'm happy to see the top floor restaurant has been leased! I wonder who ' one of Canada's leading hospitality companies' is in this context? Seems they leased several spaces at once and will curate who goes where.

View attachment 307690
Surprised there isn't a grocery store yet for the anchors!
The "banking" is probably one of the Big 5
The barista style coffee is probably Sbux LOL
' one of Canada's leading hospitality companies' : This could probably be The Keg, Cactus Club kinda family of brands?
 
A grocery store, a gym and a Shoppers' drug mart type of things probably
There was some rumours about Whole Foods, Walmart Express and a Cineplex movie theater being here but who knows
The cinema space was reconfigured for offices, and that has been leased, so please stop repeating that rumour!

42
 
I'm not surprised by the absence of a large grocery store on the site. There is the new Farm Boy just west on Bathurst, and such a store would have been a competitor to the food stalls within the development. Shoppers offers food, but on a much smaller scale.

A better location for any new supermarket-size store would be east of Spadina - like in the eventual development of the block defined by Wellington, Blue Jay's Way and Front.

It'll be interesting to see what happens with the event space. TIFF might become cinema-challenged in the next few years, so it will be interesting to see if any of the event space can be tied in with the festival.
 
It's possible, it's a well known (in Toronto), Toronto-based restaurant group. ;)
Hmmm, my bet is on Gusto 54 Restaurant Group though I'm not sure they'd have the financial standing to pull something like that off. Other than that maybe Terroni or Overbudget Inc.?

So many options! 🤔
 

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