Welcome!

News Feed Item

Visionary Mixed-Use Neighbourhood Planned for Toronto's Downtown West

RioCan, Allied and Diamond join forces to create The Well, a brilliantly designed urban experience where we can live, work and shop well

TORONTO, ONTARIO -- (Marketwired) -- 01/29/14 -- RioCan REIT (TSX:REI.UN), Allied Properties REIT and Diamond Corp. announced today they will be filing plans with the City of Toronto for a new neighbourhood to be known as The Well. The project will be one of the few truly integrated mixed use projects under review by the City offering a meaningful mix of residential, retail and office space. Spread over seven and a half acres, The Well will extend the revitalization of Toronto's Downtown West, south of King Street and west of Spadina Avenue.

The name speaks to what the developers aspire to achieve -- a welcoming gathering place in Toronto's rapidly expanding city centre where people can live, work and shop well. The Well will introduce shops, offices and residences that flow together, creating a much sought after quality of life for city dwellers.

The Well unites the common vision of three of Toronto's most highly regarded urban developers in a one-of-a-kind partnership that brings together the residential, retail and office expertise necessary to deliver a truly integrated mixed use project.

"It is rare that developers have the opportunity to shape a mixed urban space that links us to all that is essential in our lives," said Stephen Diamond, President and CEO of Diamond Corp. "The Well will be a world class mixed development that expands and enhances the experience of downtown living while integrating seamlessly with all of our neighbours, adding to Toronto's attraction as a great city."

"Our vision for this community is that those who come to The Well, whether to shop, work, live or all three, will discover opportunities to connect and engage in ways that are often missing from urban life," said Edward Sonshine, RioCan's CEO. "Each element of The Well -- retail, commercial and residential interspersed with pedestrian friendly walkways and open space -- will flow together synergistically to create a vital and vibrant community. The Well captures our energy and creativity and provides us with a new landmark."

"For two and a half decades, Allied has been renovating, developing and managing office space to meet the changing needs of businesses and their employees who want to work in Toronto's vibrant downtown core," said Michael Emory, President and CEO of Allied. "Our joint venture with RioCan and Diamond allows us to bring complementary expertise to bear in creating an urban environment where everyone will be connected. Knowledge workers, shoppers, residents and neighbours will enrich the urban experience for one another on an ongoing basis. The common spaces in The Well will significantly enhance the sense of community that exists in the area."

To breathe life into this vision and do the master planning, the developers have chosen three world-renowned architects and urban designers: David Pontarini, founding partner Hariri Pontarini Architects, Jon Pickard, partner Pickard Chilton and Claude Cormier, founder Claude Cormier Landscape Architects.

As the planning process moves through its many stages, the development partners will continue discussion with local residents, municipal politicians and planning authorities. In addition to the ongoing dialogue, The Well has a dynamic website where visitors can find the developers' vision for this exciting project as well as the latest news about the project.

About The Well

The Well is a new, open and vibrant mixed-use community in downtown Toronto where people can live, work, and shop well. Spread over seven and a half acres, The Well borders Wellington, Spadina and Front Streets. Visitors, employees and residents will be drawn to its robust retail mix, dynamic amenities, premium office space, entertainment and cultural events. The Well will become a gathering place, reflecting the heart and soul of Toronto, inspiring us and improving our quality of life.

Diamond, RioCan and Allied share a vision for The Well. We believe that working well is how important things get done. We believe having places to shop well creates a lively destination. We believe that a vibrant community is well mixed. We believe design can contribute to a well balanced life. We believe a great community is connected to its city. We believe a well built and sustainable neighbourhood is our legacy.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $13.6 billion as at September 30, 2013. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 346 retail properties containing more than 83 million square feet, including 51 grocery anchored and new format retail centres containing 14 million square feet in the United States as at September 30, 2013. RioCan's portfolio also includes 15 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.

About Allied

Allied is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada's major cities. Allied's objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth. For further information, please refer to Allied's website at www.alliedreit.com.

About Diamond

Diamond, a Toronto real estate development company with a strong commitment to developing high-quality, innovative and award-winning residential and mixed use projects, has established itself as a leader in the development industry in the Greater Toronto Area. Diamond is a part of the Whitecastle group of companies and acts as the manager of the Whitecastle New Urban Fund 1 and 2. Diamond is committed to progressive city building rooted in a legacy and tradition of quality and innovation. For further information, please refer to Diamond's website at www.diamondcorp.ca.

Cautionary Statements About Forward-Looking Information

This News Release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning RioCan's, and Allied's intention to develop The Well in accordance with their intensification joint-venture arrangement, as well as other statements concerning each company's objectives, its strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements. These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on current estimates and assumptions, which are subject to risks and uncertainties, which could cause actual events or results to differ materially from the forward-looking statements contained in this News Release.

Important factors that could cause Allied's actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in Allied's Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied's behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this News Release and neither Allied or persons acting on Allied's behalf have any obligation to update such statements.

For a list of risk and uncertainties effecting the operations of RioCan, refer to the caption "Risk and Uncertainties" in RioCan's latest financial statements and management's discussion and analysis for the quarter ending September 30, 2013 and in RioCan's annual information form dated March 28, 2013, which could cause actual events or results to differ materially from the forward-looking statements contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity and general market conditions, tenant concentrations, occupancy levels and defaults, access to debt and equity capital, interest rates, joint ventures/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, environmental matters, legal matters, reliance on key personnel, unitholder liability, income taxes, United States of America ("US") investment and currency risk, and RioCan's qualification as a real estate investment trust for tax purposes. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification in high growth markets; access to equity and debt capital markets to fund, at acceptable costs, the future growth program to enable the Trust to refinance debts as they mature; the availability of purchase opportunities for growth in Canada and the US. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this News Release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this News Release.

The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts (the "SIFT Provisions"). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a real estate investment trust ("REIT"). RioCan currently qualifies as a REIT and intends to continue to qualify for future years. Should this not occur, certain statements contained in this News Release may need to be modified.

Except as required by applicable law, RioCan under takes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts:
Media Profile
Susan Reisler
(416) 342-1843
[email protected]

RioCan
Edward Sonshine O.Ont., Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com

Allied Properties
Michael R. Emory
President and Chief Executive Officer
(416) 977-0643
[email protected]
www.alliedreit.com

Contacts:
Diamond Corp.
Stephen Diamond
CEO
(416) 324-5409
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...