RioCan REIT, Allied Properties REIT and Diamond Corp. together will be filing plans with the City of Toronto for a new neighbourhood to be known as The Well. 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.
“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.