Toronto QRC West (Queen Richmond Centre West) | 71.93m | 17s | Allied | Sweeny &Co

Some interesting new from their Q3 results:
http://www.alliedreit.com/documents/APREIT_2012_11_12_Q_Report_Q3_2012.pdf

We’ve entered into a nonbinding letter of intent with a US-based organization for approximately 50,000 square feet of space comprising two floors of the new component for a term of 10 years commencing in the second quarter of 2015 at net rental rates that escalate at three intervals over the term. The letter of intent is conditional upon finalization and execution of a formal lease document, which we expect to occur by late November or early December of this year. The tenant will be the Canadian head office of the US-based organization and, as such, will qualify for the IMIT grant available to head office tenants in newly constructed office buildings in Toronto. We’re also in discussion with five prospective tenants having requirements between 50,000 and 100,000 square feet.
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I guess they're doing some major stuff behind the main fascade or in the middle of the building somewhere but from the south side it just feel like nothing at all has changed in months and months and months.
 
hawc said:
I guess they're doing some major stuff behind the main fascade or in the middle of the building somewhere but from the south side it just feel like nothing at all has changed in months and months and months.
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Brick Restoration shoud start soon, ie more scaffolding, as well windows should be going in, think they will try and get this building watertight
 
I finally got around to asking a question today that I should have asked ages ago… and the answer means that I can unequivocally state that the full phase one is going ahead here, as many have suspected, but which we had not confirmed around here. Those fantastic x-beams are being fabricated now offsite, and construction should move towards the upward extension of the complex in a short while. We hope to have a front page story/hard hat tour for you all in the coming weeks.

So, pretty good news I'd say. This could be the most dramatic lobby space in town. (Head on over to the dataBase if you don't remember the renderings.)

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Did they secure a tenant ? If so are they revealing who ... just curious.
 
taal said:
Did they secure a tenant ? If so are they revealing who ... just curious.
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Here is some info...

Allied Properties Real Estate Investment Trust Commences Full Construction of Phase I of QRC West
First Phase of Large-Scale Intensification Project to become Canadian Head Office of Sapient Corporation


TORONTO, ONTARIO--(Marketwire - Dec. 12, 2012) - Allied Properties REIT (TSX:AP.UN) today announced that it has initiated the full construction process for Phase I of QRC West, an intensification project in Toronto's rapidly transforming downtown area. Extending along the west side of Peter Street, from Queen Street to Richmond Street, QRC West is an office-retail development that Allied will complete in two phases. The first phase ("Phase I") will integrate a restored brick-and-beam building, 134 Peter Street, with a new, 11-storey office structure having approximately 250,000 square feet of rentable area that Allied plans to complete to a LEED Gold Standard. Completion of the first phase is scheduled for early 2015. The second phase, which is now well advanced in the municipal approval process, is expected to include a large retail component on the southwest corner of Queen and Peter Streets.

"In our view, QRC West is the next step in the evolution of inner-city office space," said Michael Emory, President & CEO of Allied. "By integrating a distinctive part of Toronto's built legacy with new, LEED-certified structures, it will provide business tenants with creative, efficient and environmentally responsible workspace in one of the most vibrant, mixed-use areas of downtown Toronto."

Allied also announced that it has entered into a lease with Sapient Corporation for approximately 50,000 square feet of office space comprising the 8th and 9th floors of Phase I for a term of 10 years commencing on March 1, 2015. This space will serve as the Canadian head office of Sapient Corporation upon completion.

"We're pleased with all aspects of this initial lease transaction," continued Mr. Emory. "As importantly, we're in discussions with several other high-calibre office tenants having requirements between 50,000 and 100,000 square feet, which should assist us in completing the lease-up of the new component with an optimal tenant-mix. We don't plan to lease the space in the restored component, which includes the most valuable retail space in the project, until the lease-up of the new office component is closer to completion."
More......http://www.marketwire.com/press-rel...onstruction-phase-i-qrc-tsx-ap.un-1737042.htm
 
Think the next step is structural steel frame requiring a different crane. Should start moving again soon.
 
All the structural steel framing around the original brick building is gone now. I'll take a pic tomorrow.
 
Picture from Jan 10/2013

IMG_9590.JPG
 
Application: Partial Permit Status: Not Started

Location: 134 PETER ST
TORONTO ON M5V 2H2

Ward 20: Trinity-Spadina

Application#: 12 296759 STR 00 PP Accepted Date: Jan 25, 2013

Project: Office Partial Permit - Structural Framing

Description: Part Permit - Construction of additions above and to the north and west walls of the existing building located at 134 peter street for the purposes of a new office development having an overall height of 17 stories. Included is the incorporation of the easterly exterior wall of 364 Richmond street West into the development.
 
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