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RioCan, Allied unveil retail tenant list for Toronto's The Well

Construction, occupancy continue at 3M-sq.-ft., seven-tower downtown development

Toronto's The Well development has announced what it calls an initial roster of retail tenants. (Courtesy RioCan)
Toronto's The Well development has announced what it calls an initial roster of retail tenants. (Courtesy RioCan)

The developers of downtown Toronto’s massive multi-tower The Well have announced an initial roster of retailers and services which are, or will be, tenants in the three-million-square-foot mixed-use complex. 

Among the roster are anchors such as an Aisle 24 grocery store which is to be open 24/7, a Shoppers Drug Mart, several banks, an extensive list of restaurants and food and drink options, and a HealthOne Medical and Wellness hub.

Commercial components of The Well – which includes seven towers and is already partially completed with some areas occupied – are being developed and operated by RioCan REIT (REI-UN-T) and Allied Properties REIT (AP-UN-T).

The site is located at Front, Spadina and Wellington streets.

“RioCan and Allied are very excited to welcome retail tenants to The Well, our flagship mixed-use development in Toronto," Jonathan Gitlin, president and CEO of RioCan, said in Friday’s announcement and project update. 

"RioCan has carefully curated a mix of dynamic and diverse tenants that define The Well as an extension of the vibrant and thriving King West district.

“The ideal combination of location, thoughtful pedestrian-focused design and community building establishes The Well as a quintessential urban hub hosting office workers and residents and attracting many more as a popular destination for shopping, dining and special events.”

A look at The Well's retail tenants

The developers provided a breakdown, by retail sector, of its tenants:

  • Food: The 38th floor of The Well’s office tower features Aera restaurant, with an expansive rooftop patio offering views of the city and Lake Ontario. With over 55 food purveyors, The Wellington Market will offer everything from core essentials to the “adventurous,” including National, a beer market offering food, games, events and select craft beers. The Wellington Restaurants offers options from new concepts such as La Plume, The Dorset and Bridgette Bar; Montreal favourites Mandy’s Gourmet Salads and L’Avenue; as well as the debut of LuLu Bar.
  • Health and wellness: Health-focused amenities include fitness and wellness boutique Sweat and Tonic, Shoppers Drug Mart and HealthOne Medical & Wellness, a full-service medical clinic offering medical, dental, rehab, wellness, mental health, optometry and skin clinic.
  • Everyday conveniences: In keeping with its “open street and pedestrian-centred environment,” The Well also offers everyday conveniences including barista-style cafés such as De Mello Coffee; Fix Coffee + Bikes; and Quantum Coffee. Aisle 24, a fully automated, cashier-less grocery store will open a 24/7 location. Other services include Bank of Montreal, Royal Bank and Scotiabank branches, as well as beauty and grooming from Etiket, Room1six and Vie Nail & Beauty Salon.
  • Elevated retail: Recognizable brands in this category include Adidas; Indigo; Structube; The Bone & Biscuit; Bailey Nelson; and Le Creuset, as well as Sephora and Frank & Oak. Catering to The Well’s King West character are boutiques including Black Rooster Décor, Design Republic, Giotelli, Gotstyle, Groovy Shoes and Suetables.

Retail tenants are expected to physically open in phases through the remainder of 2023 and into 2024, with a ribbon-cutting event set for Nov. 17.

Further announcements to fill out the remaining space in The Well’s retail districts are expected in coming months.

The Well’s office and residential

Elsewhere at The Well, the 38-storey, 1.2-million-square-foot office space at The Well is stabilized at 98 per cent leased. This component is registered under the LEED green building rating system and is targeting LEED Platinum certification.

Residences at The Well comprise six buildings offering approximately 1,700 condominium and purpose-built rental housing units. 

FourFifty The Well, the residential rental tower, is owned by RioCan in partnership with Woodbourne Canada Partners. This 46-storey, 592-suite, luxury residential rental tower offers direct access to The Well’s commercial services through the retail podium. 

The building commenced pre-leasing in March and is 30 per cent leased. With tenant move-ins starting on Aug. 1, FourFifty The Well is now 21 per cent occupied.

Woodbourne owns the other two residential rental buildings, totalling 330 units, which are 65 per cent leased. 

For the three condominium buildings, developed by Tridel Builders Inc., occupancy has commenced for two of the buildings. 

About RioCan and Allied

RioCan is one of Canada’s largest REITs, owning, managing and developing retail- focused and mixed-use properties located in high-density transit-oriented areas across Canada. 

As at June 30, 2023, RioCan’s portfolio is comprised of 193 properties with a net leasable area of approximately 33.5 million square feet (at RioCan’s interest) including office, residential rental and 11 development properties. 

Allied went public in 2003 and is an owner-operator of urban workspace in Canada’s major cities.

The Toronto-based REIT owns and/or operates a portfolio of 199 rental properties valued at $8.4 billion according to its Q2 2023 financials (excluding assets held for sale valued at about $1.5 billion, and properties under development of $1.4 billion).

Among its key investment markets are the Toronto and Montreal areas, Calgary, Vancouver, Kitchener and Ottawa.

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