RioCan & Allied Purchase Globe & Mail Site for $136 Million

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It has been confirmed that RioCan and Allied Properties have purchased the site 444 Front Street West (Front & Spadina, the current home of Globe & Mail) with the intent to build 500,000 sq.ft. of retail space.

Mattamy Homes had previously been interested in purchasing the site for residential purposes.

While official plans have not yet been released, it is understood that a "mini Eaton Centre" is being planned with high-end shopping.  This would give the neighbourhood a huge lift but early concerns about traffic on and around Spadina have already been mentioned.

The site will officially transfer over to RioCan and Allid on December 12th, but there is no time line available for the new retail space.

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By Roy Bhandari. [Written 695 articles for TalkCondo]

Roy loves condos. If he isn't spending time browsing BuzzBuzzHome.com he is out looking at and analyzing condos. Working very closely with investors, Roy has a keen eye for analyzing the numbers of Real Estate to determine which development will maximize the returns for his clients.

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