Toronto King Portland Centre and Kingly Condos | 57.6m | 15s | Allied | Hariri Pontarini
AHK
Senior Member
smably
Senior Member
innsertnamehere
Superstar
The SPA doc should be relied on more than renders on HPAs website. SPA docs are what is approved for actual construction.
Edit: the SPA docs have it too, but with the white cladding still on the office portion.
Edit: the SPA docs have it too, but with the white cladding still on the office portion.
smably
Senior Member
True! I just assumed the SPA docs had also been updated.
smably
Senior Member
So it seems the residential portion is being marketed as Kingly Condos: https://www.buzzbuzzhome.com/ca/kingly-condos
Bunch of new renders at that page:
If the brick turns out looking anywhere near as good as those renders, this will be fantastic.
Bunch of new renders at that page:
If the brick turns out looking anywhere near as good as those renders, this will be fantastic.
Attachments
innsertnamehere
Superstar
Another rental conversion to condos.
innsertnamehere
Superstar
Apparently, E condos and one on Sheppard.
E Condos 15 Roehampton is just a rumour so far though, isn't it? And if you remember which one on Sheppard, please let me know. We should probably set up a thread somewhere to track those that switch.
42
42
innsertnamehere
Superstar
Parkside Square was apparently going to all rentals originally, I think they have switched it now so that only the first tower is rentals and the rest are condos.
http://urbantoronto.ca/database/projects/parkside-square
http://urbantoronto.ca/database/projects/parkside-square
PMT
Senior Member
Press release from Allied and RioCan:
RIOCAN AND ALLIED ANNOUNCE SHIFT IN RESIDENTIAL STRATEGY AT KING PORTLAND CENTRE
Toronto, September 19, 2017 -- RioCan REIT (TSX:REI.UN) and Allied Properties REIT (TSX:AP.UN) today announced that they have finalized plans that will allow the co-owners to improve the return on the development of King Portland Centre. The co-owners had originally intended to develop the residential portion of the project as rental apartments and now intend to sell the residential portion as condominium units.
King Portland Centre is located at the northwest corner of King Street West and Portland Avenue in Toronto’s downtown neighbourhood of King West. In addition to the strength of its location, the site is unique, in that it will incorporate the restored heritage structure of 602-604 King West into the property. The project includes four components at 100% as follows:
- Approximately 59,000 square feet of office and retail GLA that is currently income producing from the heritage structure, which is fully occupied;
- Approximately 256,000 square feet of incremental office GLA, which is under development and is 93% pre-leased to Shopify and Indigo;
- Approximately 13,000 square feet of incremental retail GLA fronting on King West; and
- Approximately 133 residential condominium units fronting on Adelaide West at the north side of the project.
The condominium portion is in the early stages of marketing with the units expected to be offered for sale in the fourth quarter of this year and residents taking possession in early 2019. The timing is subject to completion of registration with Tarion Warranty Corporation.
“Our overall investment strategy into rental residential mixed-use developments has not changed. However, in certain circumstances, based on the project’s relative size and the strength of the surrounding market for condominium units, we will, as in this case, review our options and shift course if needed to pursue the option that we believe is in the best interest of our partners and unitholders,” said Edward Sonshine, CEO of RioCan. “The decision to sell the residential portion as condominium accelerated following the recent regulatory changes to the rental residential market in Ontario. We fully expect that the sale of these units, that are already under construction, will be very well received in the market and generate significant gains for the venture.”
Each of Allied and RioCan owns an undivided 50% interest in King Portland Centre, and on completion Allied will manage the office component and RioCan will manage the retail component.
Construction on the project is underway with completion expected in the third quarter 2018.
RIOCAN AND ALLIED ANNOUNCE SHIFT IN RESIDENTIAL STRATEGY AT KING PORTLAND CENTRE
Toronto, September 19, 2017 -- RioCan REIT (TSX:REI.UN) and Allied Properties REIT (TSX:AP.UN) today announced that they have finalized plans that will allow the co-owners to improve the return on the development of King Portland Centre. The co-owners had originally intended to develop the residential portion of the project as rental apartments and now intend to sell the residential portion as condominium units.
King Portland Centre is located at the northwest corner of King Street West and Portland Avenue in Toronto’s downtown neighbourhood of King West. In addition to the strength of its location, the site is unique, in that it will incorporate the restored heritage structure of 602-604 King West into the property. The project includes four components at 100% as follows:
- Approximately 59,000 square feet of office and retail GLA that is currently income producing from the heritage structure, which is fully occupied;
- Approximately 256,000 square feet of incremental office GLA, which is under development and is 93% pre-leased to Shopify and Indigo;
- Approximately 13,000 square feet of incremental retail GLA fronting on King West; and
- Approximately 133 residential condominium units fronting on Adelaide West at the north side of the project.
The condominium portion is in the early stages of marketing with the units expected to be offered for sale in the fourth quarter of this year and residents taking possession in early 2019. The timing is subject to completion of registration with Tarion Warranty Corporation.
“Our overall investment strategy into rental residential mixed-use developments has not changed. However, in certain circumstances, based on the project’s relative size and the strength of the surrounding market for condominium units, we will, as in this case, review our options and shift course if needed to pursue the option that we believe is in the best interest of our partners and unitholders,” said Edward Sonshine, CEO of RioCan. “The decision to sell the residential portion as condominium accelerated following the recent regulatory changes to the rental residential market in Ontario. We fully expect that the sale of these units, that are already under construction, will be very well received in the market and generate significant gains for the venture.”
Each of Allied and RioCan owns an undivided 50% interest in King Portland Centre, and on completion Allied will manage the office component and RioCan will manage the retail component.
Construction on the project is underway with completion expected in the third quarter 2018.
ProjectEnd
Superstar
![IMG_7346[1].JPG](http://cdn.skyrisecities.com/forum/data/attachments/113/113385-d17767023fbc5320db4ec4a9f28e310e.jpg)
Red Mars
Senior Member
Pics taken Sept 22, 2017
Kingly hoarding in place.
Kingly hoarding in place.