"Mini Eaton Centre" planned for King Street West

[ChesterCopperpot]

http://www.bnn.ca/News/2012/11/8/Min...King-West.aspx

A "mini-Eaton Centre" is planned for the fashionable King West district in Toronto, according to a source familiar with the development.

The source confirmed to BNN that Riocan, Canada's biggest Real Estate Investment Trust in partnership with Allied Properties REIT, are close to finalizing a deal for the purchase of "the Globe lands," prime real estate at the corner of Front Street and Spadina Avenue.

The plan is to build "about 500,000 square feet of fairly unique and high end" retail. The source said the stores wouldn't be quite as exclusive as Bloor Street West, but more tony than Toronto's Queen Street West.
The King West area has rapidly become one of Toronto's most sought after addresses, with restaurants and condos targeted to a young and prosperous demographic.

According to the source, the retailers interested in leasing space in the new development are those from the United States and Europe, as well as Canadian. The project will also include office and residential buildings and possibly a boutique hotel given the success of the nearby Thompson Hotel. Zoning and plans are not yet in place, but the source says "they will both unfold next year."

The Globe and Mail reported earlier this week that Riocan and Allied Properties were in talks to buy the property after Mattamy Homes pulled out of an agreement to buy the lands, which had been targeted for a condominium development.

The Globe is moving to a new building being constructed nearby.

[AndrewJM3D]

Interesting, so this will be on Front street than? My office backs on the current Globe & Mail building and I know that our lease runs out in 3 years because (I believe) Minto has purchased the building and the parking lot next to us for a condo development. No doubt this will confuse the Ford brothers to how downtowners will most likely be all for this mall and not one where parkland is slated for. Hopefully the design will allow for streetlife and perhaps tie into the Globes modern design. I anxiously await renders for this proposal.

[Marcanadian]

This is a great idea. With Reve and the new Globe and Mail building going up, plus Cityplace and the bridge now connecting the two areas, there should be a definite demand for commercial space.

[isaidso]

I often wondered whether we'd start seeing the genesis of a high end shopping district in the King West neighbourhood. The Festival Tower and TIFF are now down there along with theatre. This might be just what's needed to get the ball rolling.

[AndrewJM3D]

There are already a ton of high end boutiques along there, it only makes sense.

[isaidso]

No big names yet though.

[AndrewJM3D]

Calphalon(sp?), Soma, Lee Valley, but your right not that many yet. But it's the perfect place for more.

[ONE HUMAN]

Originally Posted by AndrewJM3D

Interesting, so this will be on Front street than?

then

Originally Posted by AndrewJM3D

Calphalon(sp?), Soma, Lee Valley, but your right not that many yet. But it's the perfect place for more.

you're

Looks like your iPhone is having issues again. Hate when that happens.

[isaidso]

Originally Posted by AndrewJM3D

Calphalon(sp?), Soma, Lee Valley, but your right not that many yet. But it's the perfect place for more.

Good to point those out. It's a start. There are a ton that have no flag ship store in Toronto yet: Fortnum & Mason, Tom Ford, Donna Karan, Christian LaCroix, Christian Dior, Giorgio Armani, Versace, Missoni, Vivienne Westwood, Vera Wang, etc.

Maybe King West will focus on high end food and accessories while Yorkville will do clothing? Or maybe they'll both end up competing head on and we'll end up with 2 high end shopping districts.

We do have high end furniture on King West already.

[ACT7]

The only thing is that the article states it won't be as high end as Bloor but higher end than Queen West. To me that would signal that brands like Theory, Vince, APC, Rag & Bone, John Varvatos, and the likes would be the right fit for the area. Not complaining about that at all - I'd love to see those brands open free-standing stores in Toronto.

[Taller, Better]

I don't see the need for another neighbourhood attempting to be Bloor; high end is good enough without being ultra high end.

[AndrewJM3D]

Originally Posted by isaidso

We do have high end furniture on King West already.

I think you meant King East. Riverside is kind of turning into a high end foodie Mecca already but King West could become a high end bit of everything district like Yorkville only more accessible to the masses.

[isaidso]

Oops, yes King East.

[isaidso]

Originally Posted by Taller, Better

I don't see the need for another neighbourhood attempting to be Bloor; high end is good enough without being ultra high end.

Perhaps not now, but if Toronto keeps growing we migh eventually get another district like that. Another high end shopping district wouldn't necessarily mean another Yorkville either. There are tons of luxury brands out there. You could bring in 50 brands without any duplication whatsoever.

[Taller, Better]

As the market grows, yes. London has two high end couture streets that I can think of offhand.

But I don't think we are there yet.

[isaidso]

Originally Posted by Taller, Better

But I don't think we are there yet.

Agree, but I do think Toronto is at a size where we will start seeing the early formation of another one. As Andrew mentioned, there are already some high end names down on King West. This development could add 5-10 more notable brand stores. Within 15 years it might develop to the point that it could be considered a mini luxury retail alternative to Yorkville.

Things usually take decades to grow.