Carttera has acquired a majority interest in a block of property at 530 Front St. W. Toronto, slated to become the site of a 530,000-square-foot office development currently known as Portland Commons.
The property is in the King West neighbourhood at the intersection of Front Street West and Portland Street and backs onto Wellington Street West. The proposed development will focus on technology, wellness and sustainability, according to a release from Carttera Monday.
Carttera said in the release the project will proceed though no anchor tenant is yet in place.
“Building on our recent successful leasing transaction with Google at 65 King Street East, we are thrilled to announce another downtown Toronto acquisition at 530 Front Street West,” said Dean Cutting, partner at Carttera.
“Planning approvals are in place, meaning speculative construction will commence this summer, allowing for tenant occupancy in 2023.”
Financial details of the acquisition were not released. The project was originally proposed about two years ago by Portland Property Group.
The Portland Commons development
Among the features of the campus-style Portland Commons development are shared outdoor collaborative gathering spaces and courtyards, multiple elevator lobbies and entry points, 12 outdoor terraces ranging from 227 to 9,500 square feet, a raised-floor HVAC system with individual controls and floor-to-ceiling windows.
The complex will feature floor plates ranging from 19,000 to over 56,000 square feet. Other amenities include 230 underground vehicle parking stalls, 221 bike stalls and front-of-house shower and change room facilities, and connectivity to public transit, Union Station, Billy Bishop Airport and the Gardiner Expressway.
The location also offers easy access to the financial, entertainment and waterfront districts.
Architects Sweeny & Co., led the design of the buildings.
The neighbourhood itself offers world-class restaurants, coffee shops and boutique retail. Portland Common’s courtyards and terraces, along with surrounding parks, will provide outdoor green space environments for tenants.
Carttera is a Canadian real estate investment fund manager and developer.
The firm invests in innovative urban intensification development projects and is a leader in environmental sustainability in the Canadian development industry. Carttera’s expertise is in originating, structuring and executing complex development projects.
Carttera has developed projects extending to over $3.3 billion in total value since its inception in 2005, with primary holdings concentrated in the GTA and in Montreal.
The firm’s projects include a wide range of product types including office, mixed-use, industrial, condominiums and rental apartments.