Carttera has acquired a majority interest in a 530K office development at 530 Front St. W. currently known as Portland Commons.
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The property, located in the King West neighbourhood at Front and Portland Street, will focus on technology, wellness and sustainability, Carttera said in a news release.
Financial details were not released. The site was initially rezoned and developed by WolfeCorp prior to enterting a joint venture partnership with Carttera.
“Planning approvals are in place, meaning speculative construction will commence this summer, allowing for tenant occupancy in 2023,” Carttera partner Dean Cutting said.
Planned amenities for the complex include floor plates ranging from 19K to over 56K SF, 230 underground vehicle parking stalls and 221 bike stalls.
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The transaction follows Carttera’s recent long-term leasing deal with Google, which plans to consolidate its Toronto operation in a 400K SF, 18-floor building at 65 King East that is currently under construction.
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