RioCan REIT, Allied Properties REIT and Diamond Corp. have gone in together on 1.2 acres of land at 410 Front Street West in Toronto for $37.25 million, with each of RioCan and Allied having an undivided 40 per cent interest and Diamond having an undivided 20 per cent interest. The property is on the northwest corner of Front and Spadina, adjacent to the 6.47 acres of land acquired late last year by RioCan, Allied and Diamond on the same proportionate basis.
The property is currently zoned for commercial use, and the joint-venture partners intend to develop the property as a retail and office complex that will integrate with, and complement, the mixed-use redevelopment planned for the larger site acquired last year. RioCan, Allied and Diamond will act as joint development managers. Upon completion, RioCan will act as property manager for the retail component and Allied will act as property manager for the office component of the redevelopment.