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Allied Reveals Plans For Extensive King West Intensification Project


Allied Properties REIT has closed on the acquisition of 511-539 King St W, a property immediately west of a lengthy stretch the REIT owns from 469 through to 499 King St W. Allied says it will operate 511-539 King as a rental property in the near term and is negotiating a JV with Westbank Corp that would see Allied retain full ownership of the heritage buildings at 511-529 King St W and sell to Westbank a 50% stake in the remainder of the property and adjacent sites at 489-499 King W. The plan calls for a mixed-use intensification of this broad swath. The two firms are already JVing on a revamp of 19 Duncan St.