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RioCan REIT, Allied Properties REIT and Diamond Corp have reached a deal to sell the residential component of The Well to Tridel and Woodbourne Canada Partners III for $180M. The JV said this morning it's received Official Plan approval to develop over 3M SF on the Globe and Mail site at Front and Spadina, a proposal the city's Design Review Panel has referred to as “enlightened urbanism.” About 1.43M SF of that density will be residential, a mix of condos and rental apartments. (RioCan will remain a 50% co-owner of one of the rental buildings, 400k SF.)
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The remainder of the site will be divided between office and retail (at a 2:1 ratio) and will be retained by The Well JV, which is optimistic a lead tenant for the office tower will be secured "in the near term." Existing buildings on-site will be vacated by year’s end and excavation begins early next year. With Tridel and Woodbourne as partners, the JV said the plan is to complete the project in one continuous construction period, versus a phased approach. The residential component sale will close upon completion of underground parking and building podiums, slated for 2020.
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