News
Subway Delay Hits KPMG, Calloway
February 19, 2013
KPMGs new Vaughan Metropolitan Centre tower wont open until 2016, and Calloway REIT can make like most Torontonians and blame the TTC. Nobody pressed a passenger-assistance alarm and there's no smoke at track level, but construction delays on the Vaughan extension mean the line won't open until Q3 '16. KPMG has told Calloway it doesn't want the building until the trains are running. That delay is making it harder for Calloway to get tenants committed to the 15-storey, 300k SF tower in The City Above Toronto. Calloway, with a 99% portfolio occupancy rate for 12 straight quarters, will also study the $600M in properties RioCan plans to sell, but CFO Bart Munn has indicated many won't pass Calloway's market-size and growth-potential tests.
