RioCan (TSE: REI.UN) embarks on a mixed-use project considered one of the most ambitious in Canada
RioCan (TSE: REI.UN) is developing a huge real estate project in the heart of Toronto called Well. The $ 1 billion Well project will span a 7.8-acre multi-development area that includes residences, offices and commercial space. A total of 1,800 residential units and 420,000 square feet of pure retail and food space and 1 million square feet of office space. The project will create an indirect development of 10,000 residential and office units in surrounding neighborhoods. The Well project will consist of 7 laps in total in the King West area of Toronto. Work began last October and spaces dedicated to merchants are due by 2021. A second phase will include the addition of residential space.
An unknown Quebec, yet RioCan is the second largest real estate group in Canada with a value of up to $ 14 billion. RioCan owns, manages and develops multi-use properties with an increasingly retail focus. The RioCan team wants to create spaces where it is good to work, live and buy. The group owns 250 buildings with a net area of approximately 40 thousand square feet. On January 15, RioCan announced a distribution of 12 cents per share unit for the month of January.
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The Star (20 october 2018) Digging deep: a look at the Well and the massive hole at Spadina and Front [Online]. Available https://www.thestar.com/news/gta/2018/10/20/digging-deep-a-look-at-the-well-and-the-massive-hole-at-spadina-and-front.html
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