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 - Jan 29, 2014) - 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.
Media ProfileSusan Reisler(416)
342-1843Susan.Reisler@mediaprofile.comDiamond Corp.Stephen
DiamondCEO(416) 324-5409Info@thewelltoronto.comRioCanEdward
Sonshine O.Ont., Q.C.Chief Executive Officer(416)
866-3018www.riocan.comAllied PropertiesMichael R. EmoryPresident
and Chief Executive Officer(416)
977-0643memory@alliedreit.comwww.alliedreit.com
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