RioCan REIT, Allied Properties REIT, and Diamond Corp this morning announced an agreement to 410 Front St W for just over $37M. (Now they can call it the Three Amigos building.)
This property is adjacent to the 6.5-acre Globe and Mail site, acquired last year by the trio. Its the latest chapter in what RioCan CEO Ed Sonshine spoke about in a conference call a few weeks back--an expanded mixed-use redevelopment project for Torontos Downtown West. We want to build something very urban, that no one has seen the likes of, Ed said then. (Might we suggest a haunted castle?) The site, in part, will offer mid-point, luxury retail,a cross between the higher-end shops on Bloor Street and the more mainstream Sears and Bay offerings at the Eaton Centre. The purchase is expected to close next month.
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