TORONTO — Allied Properties Real Estate Investment Trust recently provided an update on the pending completion of the final two ground-up developments in its development pipeline.
One such project is the M4 of Main Alley Campus, located at 108 East Fifth Avenue in Vancouver and the other is KING Toronto at 489-539 King Street West.
Here’s a breakdown of the projects.
M4 of Main Alley Campus, 108 East Fifth Avenue, Vancouver
The Main Alley Campus is in the Mount Pleasant neighbourhood of Vancouver and was conceived and developed by Westbank, explains a release.
It will consist of five buildings.
M1 is a two-storey office building owned by Westbank and a partner and located at 2015 Main Street; M2 is an eight-storey office building now owned by San Francisco-based Spear Street and located at 114 East 4th Avenue; M3 is a three-storey office building with data-centre potential. It is also owned by Westbank and a partner and is located at 111 East 5th Avenue; M4 is a nine-storey office building with 204,000 square feet of GLA to be fully owned by Allied by the end of the third quarter; and M5 is a planned 25-storey mass timber rental tower on what is currently the surface parking lot of M1.
ALLIED — M4 is a nine-storey office building with 204,000 square feet and is part of the Main Alley Campus that is in the Mount Pleasant neighbourhood of Vancouver.
Netflix is the principal tenant of M4 with 110,600 square feet of workspace currently being built-out for active occupancy, the release continues.
M4 is now 77 per cent leased and Allied expects to finalize a lease-expansion agreement before closing that will bring M4 to 90 per cent leased. Rent from M4 is scheduled to commence in early 2026.
KING Toronto, 489-539 King Street West, Toronto
KING Toronto was conceived and developed by Allied and Westbank and will consist of 440 residential condominium units over 16 storeys, 80,000 square feet of office space on the second and third storeys and 120,000 square feet of retail space at and below grade.
Allied and Westbank expect to complete the development by the end of 2026, the release adds.
The two companies have recently finalized a 20-year lease with Whole Foods Market for 28,291 square feet of retail space below grade and 4,587 square feet at grade.
A neighbourhood-specific leasing plan for the commercial component of KING Toronto is also now underway.
Allied expects KING Toronto to become a focal-point of King West Village along with The Well to the southeast, the commercial component of which is owned and operated by Allied and RioCan; the property on the northwest corner of King and Brant to be developed by Allied at a future date (currently operating as Allied Flex); and the property on the northwest corner of King and Spadina to be developed by Allied at a future date.
