TORONTO, Aug. 5, 2015 /CNW/ – Choice Properties Real Estate Investment Trust (“Choice Properties”) (TSX: CHP.UN), in a joint venture partnership with Wittington Properties Limited, today unveiled its plans to revitalize and restore the original Loblaw Groceterias building to create West Block, an urban community that combines retail shops anchored by a Loblaws Great food store, with office space and two residential towers.
The property is comprised of approximately 3.5 acres of land located on the northeast corner of Lake Shore Boulevard and Bathurst Street in Toronto, Ontario. The historical building was established in 1928 and served as the Loblaw head office and warehouse until the company relocated in the 1970s. The exterior façade of this heritage building will be dismantled brick by brick, stone by stone, cleaned and preserved, then put back together again to restore the building to its original glory.
“In preserving the original façade of the building, we are honouring the proud heritage of this important piece of Toronto real estate,” said John Morrison, President and CEO of Choice Properties. “We’re very excited to share our modern vision for the future West Block using the building blocks of the past.”
The West Block redevelopment makes use of a building that has been out of service since the Daily Bread Food Bank relocated operations in 2000. This historic building will be rejuvenated to offer seven storeys totalling approximately 245,000 square feet of gross leasable area for retail and office space, including a 50,000 square foot Loblaws Great food store. Integrating with the social fabric of its local environment, West Block will provide connectivity through common spaces that will showcase the culture and vibrancy of Toronto. With places to live, shop, work and play, the West Block redevelopment will bring Lake Shore and Bathurst back to prominence as one of Toronto’s most vibrant intersections for people, community and commerce.
Developer Concord Adex has entered into an agreement to acquire the air rights and will be constructing the residential component of the project, which includes two residential condominium towers of 37 and 41 storeys that will contain a total of 876 dwelling units with a residential gross floor area of approximately 575,000 square feet.
“We’re delighted to partner with Concord Adex on the historic West Block redevelopment,” said Tony Grossi, President, Wittington Properties Limited. “West Block marks Concord Adex’s third project on Wittington lands, our partnership will bring greater value to this iconic site by combining a long history with a shared vision for the future.”
“As community builders, we are proud to join with Choice Properties and Wittington Properties to transform West Block into a place where Toronto’s history becomes its future,” said Terry Hui, Chief Executive Officer of Concord Pacific Group of Companies, the parent company of Concord Adex. “I am confident the renewal of this landmark site will establish West Block as a destination of choice for Torontonians and will be embraced by the neighbouring Concord Cityplace community.”
West Block Quick Facts:
- Property spans an entire city block, consisting of approximately 3.5 acres of land;
- The seven storey commercial building will be approximately 245,000 square feet of gross leasable area, fronting onto Lake Shore Boulevard West;
- The commercial building will include a 50,000 square foot Loblaws Great food store, complementary retail and office space;
- Concord Adex, which has entered into an agreement to acquire the air rights to the property, will be constructing two residential towers which will be 37 and 41 storeys in height, containing 876 dwelling units in total with a residential gross floor area of approximately 575,000 square feet;
- Under the Gardiner Expressway, a common space will showcase the culture and vibrancy of Toronto through a display of public art;
- Three levels of underground parking is proposed with a total of approximately 600 parking spaces;
- West Block is projected to open by Spring 2019;
IMAGE: West Block Development Launch and First Brick Preservation Event. From right to left: Tony Grossi, President, Wittington Properties Limited; Joe Cressy, Ward 20 City Councillor; His Worship John Tory, Mayor of Toronto; Galen G. Weston, President and Executive Chairman, Loblaw Companies Limited; W. Galen Weston, Executive Chairman, George Weston Limited; Terry Hui, CEO, Concord Pacific Group of Companies; John Morrison, President and CEO, Choice Properties REIT (CNW Group/Choice Properties Real Estate Investment Trust)