Picture-perfect skies served as the backdrop to this week’s special event and launch of the residential condominium component at The Well by Tridel. Situated on the northwest corner of Front Street West and Spadina Avenue, The Well is a master-planned community now under construction that will transform the former Globe & Mail site with a diverse mix of shops, restaurants, workspaces and residences.
The ambitious development project is the largest of its kind in Toronto at 7.8 acres and is expected to generate $4.2 billion in economic activity upon full completion, according to a new report by Altus Group. The details of the report were unveiled Monday afternoon by Toronto Mayor John Tory alongside Tridel Executive Vice-President Andrew DelZotto, Tridel Director and Executive Vice-President Andrea DelZotto, RioCan President and COO Jonathan Gitlin, and Woodbourne President Jake Herman, who, together with Allied Properties, make up the development team behind The Well.
“The Well is a transformational project and one of the most complex, multi-faceted developments Tridel has ever worked on,” said Andrew DelZotto. “This is choreographed city building, and it’s an honour and privilege to know that together with our collaborators at RioCan, Allied and Woodbourne, we are generating billions of dollars in economic activity and contributing directly to the growth of Toronto and the GTA as a whole.”
A large portion of the annual economic benefits of The Well stem from its commercial spaces, retail stores and overall management of the property. When completed, the development will be comprised of seven mixed-use towers and mid-rise buildings, space for 5,000 new office jobs, 1,200 new retail jobs, and over 750 new condominium units by Tridel.
Designed as an extension to the urban vibrancy and feel of King West, The Well is anticipated to become an exciting lifestyle and entertainment hub in the heart of downtown Toronto. Residents of the condominiums and rental suites will have access to world-class food markets, innovative retailers, globally-inspired restaurants, and modern office spaces all within a pedestrian and public transit-friendly neighbourhood.
Multiple architectural teams and visions came together to tell a cohesive story characterized by modern structures that pay homage to the neighbourhood by pulling visual cues from the existing architecture along King Street West. In addition to the gleaming glass towers and brick-clad podiums, The Well boasts a soaring glass canopy and centre atrium, sheltering pedestrians as they move along the multi-level shopping concourse and verdant green spaces.
“The Well has the ability to transform the downtown core and create an entirely new community,” said Mayor John Tory. “Investments like this are a reflection of the growth we are experiencing in Toronto and the confidence that businesses have in our city.”
Three purpose-built rental buildings will be developed by Rhapsody Property Management Services and RioCan Living, while the three condominiums, named the Classic Series I, II and the Signature Series are by Tridel. Classic I and II will take the form of two high-rise towers standing at 38- and 22-storeys tall , and the Signature Series will be a 14-storey midrise facing Wellington Street. Suites will offer thoughtfully-designed layouts, stunning views of the city and streetscapes, and expansive windows allowing for abundant natural light. The first occupancies at The Well are slated for late 2022.