A JV between Allied Properties REIT and Westbank Corp for the redevelopment of 489-539 King St W will see Allied retain full ownership of recently acquired heritage buildings at 511-529 King St W (above) and sell to Westbank a 50% stake in the remainder of the property. Plans call for an mixed-use intensification project, designed by Bjarke Ingels Group, with office and retail, plus a condo. Vancouver-based Westbank will manage the development, and Allied, which has now assembled 620 feet of frontage on King West, will oversee the office and retail once complete. “With this scale,” says Westbank’s Ian Gillespie, “we have a unique opportunity for world-class city building.”
Allied has also reached a deal to acquire the retail and office component of 560 King St W, aka Fashion House, for $28M. Allied CEO Michael Emory notes the acquisition will extend a near-uninterrupted stretch of property the trust owns from 460 to 560 King West. “It will enhance our ability to merchandise most of the storefront retail space along King West between Spadina Avenue and Portland Street.” Built by Freed Developments, 560 King West, with a 12-storey condo building, incorporates a fully restored heritage structure that has 11k SF of retail (The Keg) and 7k SF of office on two levels, plus a new component with 5k SF of retail at grade. Both are fully leased.
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