Front and Spadina will soon be home to The Well, Toronto’s mixed-use project that Altus Group analysts expect will generate $4.2 billion in economic activity when it’s completed.
The 2019 economic impact report revealed that annual benefits from the ongoing construction of The Well’s 7.8-acre commercial and retail spaces will produce over 23,000 person-years of employment, and over $300 million in income by households.
The details of Altus Group’s new report were unveiled 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 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.”
According to Altus Group, the estimated total annual economic benefit from The Well’s operations add up to approximately $939 million in economic activity for the city.
Three towers named the Classic Series I and II, and the Signature Series, were revealed at The Well by Tridel’s launch of the residential condominium component.
Tridel’s spacious Signature Series residences will take the form of a 14-storey midrise with 98 suites along Wellington Street, while the Classic Series I and Classic Series II will be two 38 and 22 storey high-rise towers. Tridel Condominium residences at The Well are slated for occupancy to begin in late 2022.
The Well is a natural extension of King West comprised of mix shops, restaurants, workspaces and residences. In total, the site will offer space for 5,000 new office jobs, 1,200 new retail jobs, and over 750 new condominiums by Tridel, according to developers.
Pulling visual cues from the existing architecture along King Street West, materials used in the design of The Well were carefully considered to reflect its surrounding neighbourhoods.
Several architects and visions came together to tell a cohesive architectural story as The Well flows west to east towards the financial district.
“The Well is a transformational project and one of the most complex, multi-faceted developments Tridel has ever worked on,” said Andrew DelZotto, Executive Vice President, Tridel. “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.”