Allied PropertiesREIT and RioCan Real EstateInvestment Trust will move forward with their development of the King-Portland Centre at 602-620 King St.West in Toronto.
The development site comprises 61,608 square feet of land withfrontage on King Street West, Portland Street and Adelaide Street West.
The site includes a restored-heritage rental property at 602-606King St. West and an adjacent development property extending from King Street Westthrough to Adelaide Street West, according to an April 11 statement. The rentalproperty is fully leased and will remain so during the entire development process.
The companies will develop a new structure on the site and mergeit with the rental property. The new structure will comprise 255,565 square feetof office GLA, 13,035 square feet of retail GLA fronting on King Street West andan estimated 116 residential units fronting on Adelaide Street West.
Shopify Inc. will lease roughly 112,000 square feet of officeGLA as anchor tenant of the King-Portland Centre.
Each of Allied and RioCan owns an undivided 50% interest in theproperty. Allied will manage the office section, and RioCan will manage the retailand residential sections following the completion of the center.
Development of the center is expected to be completed in early2019.