Queen & Portland Condos & Lofts (585 Queen St W & 156 Portland St) | T/O | 9 st | ??? m | Downtown / Queen West

[current]

November 9

Site is fenced off, looking southwest from Queen.
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Shoring beams. Luna at CityPlace is rising in the background.
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Trench at the northwest corner of the site.
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Looks like there will be car access on the west side of the building.
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Increasing rents on Queen West are causing another retailer to close.
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[current]

November 16

Archeological dig.
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[current]

December 7

From the corner of Richmond and Portland looking north. Shoring beams are being installed.
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Looking west.
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[urban 2.0]

"raising rents is causing another retailer to close" ... that's a good thing.

They'll move into another neighbourhood that needs redevelopment... this is what keeps Toronto healthy.

[KGB]

While it isn't an architectural masterpiece, it sure is a great project for that nasty gap on Queen. Plus, we all need a Home Depot hit occasionally, and to be honest, I'm getting tired of going to Keele & St Clair.

"raising rents is causing another retailer to close" ... that's a good thing.

As long as it's the lame shoe store, and not Central Billiards. To be honest, that building, plus the Taco Bell/KFC. plus the parking lot behind them would be another great location for a small scale infill project.



KGB

[Robin155]

Is there going to be a supermarket in this development?

[current]

Article from today's Globe:

Home Depot pulls out of RioCan project

January 22, 2009 at 10:00 AM EST

TORONTO — — Home Depot Canada [HD-N] is paying an unspecified amount in cash to terminate its lease on a site along Queen Street West in Toronto being developed by RioCan Real Estate Investment Trust [REI.UN-T].

RioCan said Thursday it intends to continue with the Queen and Portland development project, which has caused discomfort among artists and others in the trendy district uneasy about a big-box store.

Canada's largest REIT said it is "reviewing the possibility of repositioning the retail portion of the development to reflect a new retail footprint."

It added that there is no change in plans for the five-storey residential portion of the project, where construction has not yet begun on a one-acre site which now is a parking lot.

Original plans called for 91,000 square feet of retail space on three floors, of which 75,000 square feet was to be occupied by a single retail anchor.

"As a result of this change, we have an opportunity to reposition the retail portion of this project to reflect a more 'traditional' retail model, and are currently in discussions with several potential replacement tenants," stated RioCan CEO Edward Sonshine.

"We are optimistic that we will re-lease this part of the retail component and do not expect construction of the project to be delayed."

RioCan said 55 of the 90 residential condominium units have been sold.

http://business.theglobeandmail.com/...l_gam_mostview

[isaidso]

I'm surprised that Home Depot is backing out. Usually big box stores clamour to gain approval to set up in city cores. Perhaps, Canadian Tire will take Home Depot's place.

[GridSky]

^ Better to have a Canadian retailer, imo.

[ScrapeTheSky]

Home Depot was a good choice in my opinion. Maybe RONA will take it's place. Or Lowe's.

[monkeyronin]

"As a result of this change, we have an opportunity to reposition the retail portion of this project to reflect a more 'traditional' retail model, and are currently in discussions with several potential replacement tenants," stated RioCan CEO Edward Sonshine.

I like the sound of this.

[Taller, Better]

I think Home Despot is making a big mistake, what with all the condos and increased population downtown. Maybe Home Hardware (Home of the Handyman) will fill the shoes!

[isaidso]

I agree. Home Depot aren't thinking long term, but a Canadian Tire store would be better any way. They have more varied product categories and more of it's supporting high quality head office jobs in Toronto rather than Atlanta.

Originally Posted by GridSky

^ Better to have a Canadian retailer, imo.

I'd rather have a Canadian Tire, RONA, or Home Hardware in there as well.

[KGB]

Cdn Tire is pretty useless...it's more of a Walmart with shitty Barcelona chair knock-offs, than a "hardware" or building supplies store, and the quality of their merchandise & customer service has gone right down the shitter.

RONA is probably the best replacement, and being Canadian makes people feel a little better.

But I think the real problem is the backlash of any big box store on Queen. It would be nice if the space could be filled with retailers more in tune with the Queen West vibe (arts supply store, fabrics, independents, etc), but due to the nature of the project, rents will unfortunately be restricted to the big corporate chains. Didn't Ikea express interest in a downtown location?



KGB

[Tuscani01]

Originally Posted by KGB

Cdn Tire is pretty useless...it's more of a Walmart with shitty Barcelona chair knock-offs, than a "hardware" or building supplies store, and the quality of their merchandise & customer service has gone right down the shitter.

Its only the Bay/Dundas Canadian Tire that is 'watered down'. The furniture is exclusive to the store. Blame Debby Travis for the lack of hardware and building supplies. She is good friends with the owner and the owner has put aside way too much space to promote her stuff.

Gotta say though, those Barcelona chairs are pretty good quality for the price. They are selling like crazy.

Ikea... now that would do amazing downtown!

[KGB]

Its only the Bay/Dundas Canadian Tire that is 'watered down'.

No...that's just a watered down version of a watered down version.

Cdn Tire is trying to play Walmart's game, and it's a losing proposition. Two ways...first, you can't really beat them, and will probably kill yourself in the process. Second...you end up with service and merchandise that's exclusively very low end junk.

*Small appliances...poor selection, non-competitive pricing and all low-end brands.
*electronics...poor selection, non-competitive pricing and all low-end brands.
*lighting...poor selection, non-competitive pricing and all low-end junk.
*Paint...so so
*Plumbing/kitchen/bathroom...almost pointless
*electrical...ok for DIY minor homeowner stuff, but pretty useless to the trades.
* "furniture"...total junk
* gardening...half-assed bland

Where they always had an edge (tools, automotive, sporting goods) they have let slip. The only that's still great with them is their "money"...clever handy marketing tool that has great Canadian iconic value.

Their return policy is still good, but not so great if you are a Cdn Tire vendor (I used to work for one).



KGB

[current]

Toronto Star article:

Home Depot buys its way out of project

Pays $11.5 million fee to walk away from lease on Queen West strip

Jan 23, 2009 04:30 AM
Tony Wong
Dana Flavelle
Business Reporters

Home Depot Canada has paid a $11.5 million break-up fee, equivalent to four years rent, to get out of a deal that would have seen it open its first downtown home improvement store in Toronto, the developer of the site says.

Citing deteriorating economic conditions, Home Depot confirmed yesterday that it reluctantly walked away from a deal to build a store on Queen St. W. at Portland St., ending its sometimes-controversial 10-year quest for space in downtown Toronto.

The developer, RioCan Real Estate Investment Trust, said the multi-use project that includes 91,000 square feet of retail space and a five-storey residential condominium would still go ahead.

RioCan said space earmarked for Home Depot likely would be taken up by a grocery store and a second large retailer, such as a Winners or Future Shop.

"The phone has been ringing off the hook. It's hard to get retail space in the Queen St. area," Fred Waks, RioCan's chief operating officer, said in an interview. He heard from three grocery chains as soon as the word got out, he said.

Home Depot's decision was based on its experience at some other urban sites, Waks said.

"They weren't doing quite as well operationally as they anticipated for their urban sites, so they asked us if we would consider foregoing the lease."

The two sides worked out an agreement yesterday to terminate the 20-year lease.

"We have a long-term working relationship with Home Depot and they are concentrating on their suburban sites at the moment," added Waks, noting the pullout was not a general trend, but specific to Home Depot.

Home Depot's decision is further proof some Canadian retailers are paying a high price for the economic woes south of the border, some observers said.

"They're (Home Depot Canada) definitely getting pressure from their U.S. parent just because things are so bad in the U.S.," said Michael McLarney, editor and publisher of the Canadian online home improvement retail magazine, Hardlines.

"It doesn't surprise me that they've pulled out of some new projects," said Adam Vaughan, the city councillor representing the area.

"My understanding is the home renovation market in the United States has just disappeared. This was one of the last stores to get approval. They're revisiting even decisions they made six months ago."

However, a spokesperson for Home Depot Canada said the decision to scrap the project was made in Canada, noting Canadians are buying fewer new homes and scaling back renovation projects in existing homes.

"It really is because of the context of the current economic environment. It's just not the right time to open in that location, although we really want to be part of that community," said Home Depot's Tiziana Baccega.

The retailer, which used to open 10 to 15 stores a year, so far has announced only three new stores this year. Baccega said it planned to focus on investing in its existing stores this year.

Rivals are also curbing expansion plans. Home Depot's main U.S. competitor, Lowes Cos. Inc., announced last July it would open three additional Canadian stores before Feb. 1 this year, bringing the total to 10 since it entered the country. It has not announced plans for any more.

Last year, Canadian-owned Rona Inc. said it would close some underperforming stores and sell some land earmarked for future expansion as sales slowed.

Home Depot's search for a downtown location had been controversial in the past as residents fought the arrival of large, suburban style warehouse stores. Over the years, the retailer modified its plans and was proposing its first "urban" store, a two-storey concept roughly two-thirds the size of a typical big- box store that was more acceptable to local residents.

Even at that size, it would be too big for a market expected to show no growth this year, Hardlines' McLarney said.

The market for warehouse-style superstores is saturated in Canada, he added.

http://www.thestar.com/Business/article/575867

[Mollywood]

This project seems to be going ahead. I saw them working away, digging up sand today.

[smokiboy]

Any updates for this site? Has excavation/construction actually begun?

[FelixMadero]

nice!