With the new year upon us, it’s time to turn our sights to the projects and properties expected to make waves in early 2017. Here are five we’ll be watching.
1. Bay Park Centre
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Location: 81 and 141 Bay St
Developers: Hines, Ivanhoé Cambridge
Scope: Two office towers (1.3M SF, 1.4M SF), a retail podium and a bus terminal. An elevated park over the rail corridor.
What’s doing: Market watchers await an anchor leasing deal for this centre-ice complex in 2017. With a host of major users actively eyeing the site, a deal here could have a domino effect on the leasing market.
2. Bramalea Logistics Centre
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Location: 307 Orenda Road, Brampton
Developers: First Gulf, OPTrust
Scope: 341k SF, 38-foot clear distribution centre
What’s doing: The facility, expected to start construction soon, will be built on spec, speaking to the confidence the developers have in strong demand for Class-A distribution space in GTA West.
3. 777 Bay
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Location: 777 Bay St
Owner: Canderel
Specs: 30-storey office tower with a two-level retail concourse at Bay and College streets.
What’s doing: Among the more high-profile sites currently up for sale. The tower, tied into College Park, was put through a retail revamp following Canderel’s 2006 acquisition, with Sobeys and LCBO added.
4. The Well
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Location: Front and Spadina
Developers: RioCan REIT, Allied Properties REIT, Diamond Corp
Scope: 1M SF of office, 450k SF of retail, 1,500 residential units. The office tower, 410 Front, is 36 storeys.
What’s doing: The JV has approval to develop over 3M SF on the now-vacated Globe and Mail site and expects to begin excavation in early 2017. The residential component was sold to Tridel and Woodbourne.
5. CF Promenade Shopping Centre
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Location: 1 Promenade Circle, Thornhill
Owner: Cadillac Fairview
Specs: 879k SF mall has 117 tenants, including Sears, T&T Supermarket and Rainbow Cinemas.
What’s doing: Promenade is still on the block after nearly a year. Its sale, which could come in 2017, will pave the way to a residential-focused redevelopment of the site. The mall got a $25M facelift in 2009.
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