Vancouver’s Westbank has partnered with Toronto-based Allied Properties REIT to spend $47 million to buy a downtown Toronto property.
The companies’ joint venture, dubbed Duncan and Adelaide JV, plans to retain and restore most of the 62,000-square-foot building, which is at the southeast corner of Adelaide Street West and Duncan Street.
The companies will then integrate the building with a new structure that is expected to include retail and office space on at least five lower floors. Rental apartments would then be built above that.
“[The site] represents an opportunity to invest in a neighbourhood in which, like Allied, Westbank already has a significant stake, with our Shangri-La Hotel, Soho House and Momofuku [restaurant] businesses,” Westbank principal Ian Gillespie said in a release.
“What we are most excited about is contributing to the area's vibrant densification in an architecturally distinct and beautiful manner.”
The two companies previously partnered to build the Telus Sky project in Calgary.
Westbank’s biggest current Vancouver projects include the Telus Garden mixed-use project on West Georgia Street and Vancouver House, which is a 52-storey, twisty tower slated for the corner of Granville and Howe streets. Past projects have included iconic Vancouver buildings such as the Shangri-La Hotel Vancouver.
