602-620-King-Portland-Centre-Allied-RioCan Rendering: Allied Properties REIT

More big things are in store for a stretch of King Street West in Toronto’s Fashion District as Allied Properties REIT builds on its real estate foothold in the area.

Last summer, the urban property manager and developer announced a partnership with Westbank that will bring the first Bjarke Ingels Group-designed building to the city.

And now, this morning, Allied and RioCan REIT have confirmed intentions to redevelop part of a nearby site at 602-620 King Street West, with Canadian e-commerce company Shopify as the future anchor tenant.

The entire 61,608-square-foot site includes an existing restored heritage building at 602-606 King Street West, which Allied and RioCan already operate together as rental office and retail space, as well as adjacent lots on which a new mixed-use development is being constructed.

Together, the properties will come to form the King-Portland Centre.

New elements of the King-Portland Centre include a 13-storey office tower, a 15-storey apartment building, and a podium to link the new structures to the old, according to Hariri Pontarini Architects’ website, which says the firm has been enlisted to handle the project’s design.

620-King-West-Aerial Rendering: Allied Properties REIT

“A true mixed-use project, the King-Portland Centre assembles a complex block of disparate buildings and functions into a cohesive development,” reads a statement on the architect’s website.

Construction on the new mixed-use component got underway earlier this month and is scheduled to be finished by early-2019. The existing brick-and-beam commercial building, built in 1912, will remain open throughout, Allied expects.

Once complete, King-Portland Centre will include office space spread across 255,565 square feet — Shopify alone will occupy 112,000 square feet, Allied said — retail space amounting to 13,035 square feet, and 116 apartment units.

Allied sold 50-per-cent of its interest in 602-606 King Street West to RioCan in 2012, according to the property listing on its website. Each trust will have evenly split stakes in the new development as well.

Allied, which today leases out nearly 60 million square feet of office space from Quebec City to Victoria, will oversee office rentals. RioCan, whose portfolio is made up of ownership interests in 305 commercial properties in Canada, will be in charge of the retail and residential leasing.

“This project involves the integration of new construction with a preserved heritage structure, a format that we believe has durable appeal to office, retail, and residential users,” says Michael Emory, Allied’s president and CEO, in a statement issued today.

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