5 Toronto CRE Projects to Watch in 2016
The new year promises big things on the development front in The Six. Here are five key projects we’ll be tracking.
1. The One
Location: Yonge and Bloor
Developer: Mizrahi Developments
Why it matters: Plans should be moving forward in 2016 for TO's most high-profile empty lot. But The One's not the only thing going on at Yonge and Bloor, with Great Gulf’s One Bloor nearing completion—and a retail announcement expected soon—and Kingsett Capital buying a 50% stake in both 2 Bloor W and Cumberland Terrace.
2. Bay Park Centre
Location: Union Station
Developer: Ivanhoé Cambridge & Hines
Specs: Two office towers, retail and a new GO Transit bus terminal on a 3M SF campus. The first tower, 81 Bay, will have 49 floors and 1.5M SF of office.
Why it matters: Boasting one of the few remaining Bay Street addresses, Bay Park Centre will literally bridge the old financial core with the bustling South Core, via a one-acre elevated park spanning the railway tracks and connecting the two towers. Expect a significant pre-leasing announcement and start of construction this year.
3. The Well
Location: Front and Spadina
Developer: Allied Properties REIT, RioCan REIT and Diamond Corp
Specs: To be built on a 7.75-acre site, the project will include 1.4M SF of residential, 500k SF of retail and 1.1M SF of office.
Why it matters: This game changing redevelopment of the Globe and Mail site—the newspaper is moving ops to King Street East later this year—will bring significant momentum to downtown’s western flank. As will King Portland Centre, a mixed-use project, and another RioCan-Allied JV, with office and rental apartments.
4. Saks & Nordstrom @ Eaton Centre
Location: Yonge and Queen
Developer: Cadillac Fairview
Specs: Saks Fifth Avenue (165k SF) opens in the Hudson’s Bay building in February; Nordstrom (213k SF) follows in September, in the former Sears.
Why it matters: It's the long-awaited arrival of Saks and Nordstrom. Nordstrom's already set up shop in Vancouver, but the CF Toronto Eaton Centre location will be the TO flagship. Nordstrom is also coming to Yorkdale Shopping Centre this fall. And Saks opens at CF Sherway Gardens in February; Nordstrom follows in 2017.
5. Montgomery Square
Location: Yonge Street and Montgomery Avenue
Developer: Rockport Group
Specs: Old post office on the site of historic Montgomery’s Tavern will house 20k SF of retail; behind it rises a 27-storey rental apartment building, with 230-plus units.
Why it matters: It’s part of the surge in purpose-built rental, and also one of seemingly countless developments occurring at Yonge and Eg ahead of the completion of the Crosstown LRT. Next door, Lifetime Developments and Knightstone Capital Management have launched Whitehaus Condos, with a 70k SF retail podium.