First Capital's Office Redevelopment Aims To Make Yonge And Lawrence A Destination
First Capital Realty has begun its redevelopment of 3080 Yonge St, adding 62k SF of new retail in a bid to turn the aging office tower at Yonge and Lawrence into a vibrant neighbourhood destination.
Bisnow visited the site, where we snapped First Capital leasing director James Boyd and rep Dana Schott, who tells us the firm's been eyeing a revamp of 3080 Yonge since it acquired the six-storey building in 2012. “We want to animate the corner and make this a landmark at Yonge and Lawrence,” she says, noting the complex's central courtyard will be filled with a 25k SF Loblaws City Market. A two-storey canopied entrance to Loblaws is being created at the tower's southeast corner, which will integrate a glass-lined TTC subway entrance, currently separate from the building.
Retail is being added along the complex's east- and south-facing sides. James says they’re seeking restaurants for spaces along Lawrence, filling a void in the area. “There’s nowhere to go for a business lunch.” A fitness studio would be a good fit, too, he says. There’ll be more retail space on the floor above this, enclosing an existing terrace with a sliding glass curtain wall that opens in warmer temps. Along Yonge will be grab-and-go QSR (coffee and sandwich shops). “If a new brand is coming to Canada,” says Dana, “we’d love to do a flagship for them.”
The goal is to make 3080 Yonge the "go-to destination" in the area, Dana explains, whether for commuters picking up groceries or a local family dining on evenings and weekends. This retail-office complex is in one of the GTA's most affluent neighbourhoods, James points out, “and we’re looking for complementary tenants.” But the redevelopment tagline is “Love Where You Work,” and Dana notes the aim is to give office tenants spots to grab food or drinks or take a yoga/spin class “and not have to leave the building when it’s minus 30 in winter.”
To be done by 2017, the redevelopment entails a refresh of lobbies, elevators and washrooms, and upgrades to electrical and mechanical systems to earn LEED EB:O&M. 3080 Yonge's office space won't be expanded, but there have been several recent tenant transactions. First Capital did a deal with Regus for 12k SF; and Baker Real Estate is relocating there from its Bloor Street HQ, taking 8k SF. They'll join NCL (16k SF), VisualSonics (13k SF) and Express Scripts (8k SF). No one likes living through construction, Dana says, “but there’s lots to look forward to here.”