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A "mini-Eaton Centre" is planned for the fashionable King West district in Toronto, according to a source familiar with the development.
The source confirmed to BNN that Riocan, Canada's biggest Real Estate Investment Trust in partnership with Allied Properties REIT, are close to finalizing a deal for the purchase of "the Globe lands," prime real estate at the corner of Front Street and Spadina Avenue.
The plan is to build "about 500,000 square feet of fairly unique and high end" retail. The source said the stores wouldn't be quite as exclusive as Bloor Street West, but more tony than Toronto's Queen Street West.
The King West area has rapidly become one of Toronto's most sought after addresses, with restaurants and condos targeted to a young and prosperous demographic.
According to the source, the retailers interested in leasing space in the new development are those from the United States and Europe, as well as Canadian. The project will also include office and residential buildings and possibly a boutique hotel given the success of the nearby Thompson Hotel. Zoning and plans are not yet in place, but the source says "they will both unfold next year."
The Globe and Mail reported earlier this week that Riocan and Allied Properties were in talks to buy the property after Mattamy Homes pulled out of an agreement to buy the lands, which had been targeted for a condominium development.
The Globe is moving to a new building being constructed nearby.