Triovest Represents Greystone Managed Investments Inc. in the Acquisition of a $260 Million Development on Toronto’s Waterfront Anchored by the LCBO
May 06/16 Triovest is pleased to announce its involvement in an exciting development along Toronto’s Waterfront. The substantial urban mixed-use community will include residential, park land, schools and commercial space.
Triovest will act as an investment advisor to Greystone Managed Investments Inc. in their partnership with Menkes Developments Ltd. and will work alongside Menkes as a project monitor and co-preleasing manager for the development’s retail commercial space.
“We are pleased to play a role in creating this new relationship between one of our longstanding clients and one of Toronto’s leading developers.” said David Robins, CIO of Triovest. “When completed, this new development will be a landmark project on Toronto’s Waterfront.”
The proposed development will include a 24-storey, 600,000 square foot office tower, 300,000 square feet of commercial retail space, and a new residential community. This new community will be anchored by a two-acre park providing a green space for the Lower Yonge Precinct.
The development site is an 11.5-acre property, located at the northeast corner of Queens Quay East and Freeland Street, one block east of Yonge Street. Currently the Liquor Control Board of Ontario (LCBO) occupies several buildings on the site, including a retail store, a four-storey office building, and a 376,000 square foot warehouse.
LCBO will continue to be a major tenant of the proposed Class “AAA” office tower located at 100 Queens Quay East, occupying approximately 200,000 square feet, or 33% of the building. The ground floor of the building will also feature a 25,000 square foot flagship LCBO retail store, which will replace the current Queens Quay store. The existing LCBO warehouse operation on the property will be moved off-site.
Construction on the office tower is projected to start in Fall of 2017, with completion expected in the first quarter of 2021.