TORONTO, Feb. 1, 2022 /CNW/ – Fitzrovia is pleased to announce the acquisition of 260 King East, where it will develop a mixed-use community occupying a full city block in the heart of the King East office corridor in Downtown Toronto. The development will serve as a world-class example of urban design which promotes a vibrant, pedestrian-first environment while preserving the rich heritage of the Old Town of York.
The site is currently occupied by several low-rise office buildings including four designated heritage buildings and surface parking. The property is located within the King-Parliament Secondary Plan which is comprised of a grid of public streets, lanes, parks and open spaces, some of which date back to 1815.
“We are thrilled to be leading such an exciting development in Toronto’s oldest neighborhood with unique heritage and cultural significance,” says Adrian Rocca, CEO, Fitzrovia. “King East is quickly establishing itself as one of the fastest growing employment areas in Canada with leading firms across the business services, film, media, design and technology sectors all choosing to grow here. The area is undersupplied with housing, and we believe rental units will be well received by this submarket.”
The community will be named the The Grainger and The Sanderson, and will include:
- Approximately 850 residential rental suites targeting a diverse resident base including young families, downsizers and young professionals;
- Approximately 50,000 square feet of restored and refurbished brick-and-beam office space;
- Approximately 20,000 square feet of ground floor retail targeting a variety of entertainment, food and beverage, and essential retail uses;
- A new 5,000 square foot public park; and
- Retention of heritage components across the site.
“This acquisition represents an exciting and important expansion of our portfolio. We are bringing high quality rental housing to one of Toronto’s top 24/7 districts with employment, housing and entertainment all at your front door,” notes Corey Pacht, Senior Director of Investments, Fitzrovia. “Our team is focussed on designing a complete community that will not only improve the lives of our residents but enhance the entirety of the surrounding neighbourhood.”
The development will benefit from regular TTC streetcar access along King East and Sherbourne and the future Ontario Line’s Corktown Station, which is expected to be built one block east of the site.
SOURCE Fitzrovia Real Estate Inc.
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