First Capital Realty has entered into a binding agreement to purchase the 85,000 square foot One Bloor Street East retail podium in Toronto for $189.2 million in cash. The deal also includes 52 commercial parking spaces on-site.
The property features three levels of retail space with 220 feet of frontage along Bloor Street East, and 270 feet of frontage along Yonge Street towards Hayden Street. The retail podium is located at the base of Great Gulf‘s 844 foot, 76-storey One Bloor East residential tower, which will contain about 760 units when finished. The tower is expected to see its first residential tenants in the fall of 2016, while the retail podium will see its first tenants towards the end of 2017.
The retail podium will house Canada’s first Nordstrom Rack store, which will measure about 38,600 square feet over two floors. About 10,000 square feet will be on street level, with the remainder to be on the second level. Neither Great Gulf nor First Capital Realty have released details on tenants in the remaining 46,000 square feet of retail space.
The retail podium will also boast a direct connection to the busy Bloor-Yonge subway station which is utilized by over 400,000 passengers daily.
Directly across the street is Sam Mizrahi’s proposed ‘The One‘ at 1 Bloor Street West, on the site of the former Stollery’s store and several smaller adjacent retailers. The One could see a tower soar to almost 1,000 feet in height with over 500 residential units, as well as a multi-level commercial podium with soaring ceiling heights.
First Capital Realty is a major landlord in the Yorkville area, owning the Yorkville Village shopping centre (formerly called ‘Hazelton Lanes’) as well as several freestanding buildings on nearby Yorkville Avenue. Chanel will relocate to First Capital Realty-owned 100 Yorkville Avenue from Bloor Street in early 2017, and will be one of several luxury retailers to open on the street over the next several years. First Capital Realty also recently purchased 50% of 101 Yorkville Avenue (with a non-managing partner) which houses a number of retailers including iconic denim retailer Over The Rainbow. The half-acre site is expected to be redeveloped in the future.
First Capital Realty has also entered into an agreement to purchase a property in midtown Toronto featuring Pusateri’s Fine Foods’ flagship, which will re-open after a devastating fire last year. First Capital Realty paid about $63.2 million for a 2.2 acre property assembly which includes Pusateri’s. Pusateri’s will reopen “bigger and better” after a major renovation that will see the addition of new departments and services, including a full-service restaurant.