The Well in Downtown Toronto Announces Major Retail Tenants
The Well in downtown Toronto is about a year out from completion, and several new commercial tenants have been announced since our feature article about the project was published in February.
A range of new tenants will span categories including fashion, food, health, wellness, fitness and other concepts, some highly experiential. The total retail area in The Well will span about 320,000 square feet over three levels.
The entire project is massive — the 7.8-acre site will also be home to about 1.2 million square feet of office space and 1.5 million square feet of residential space including 1,700 condominium and purpose-built rental units. At the base of the project is a retail and foodservice offering that will also include a massive 70,000 square foot multi-tenant food market that is expected to become a significant attraction.
Jeff Ross, Senior VP at RioCan REIT said “The Well is a transformational project and one of the most complex, multi-faceted developments Toronto has ever seen. This is choreographed city-building, and this carefully curated retail mix will play a vital role in establishing The Well as a vibrant, lively destination for residents and visitors to Toronto. We’re excited to reveal a selection of our new tenants and will continue to make announcements throughout the year as we work toward our Spring 2023 opening.”
The Well is a joint venture between RioCan REIT and Allied Properties REIT.
Retail space at The Well is now about 79% leased or in advanced negotiation, while office space is about 90% leased. Shopify will relocate its headquarters from Ottawa to Toronto and could occupy more office space at The Well than originally planned.
Several new tenants have been announced for The Well. Aussie eyewear retailer Bailey Nelson is a confirmed tenant to occupy a corner space at The Well — the brand has been aggressively expanding in Canada with stores now across the country.
The first Canadian location for New York City-based Prince Street Pizza will open — the concept is known for its spicy square slices of pizza with an airy and crispy crust.
Arcadia Earth will open its first Canadian location — the experiential concept is described as being “an immersive exhibition powered by augmented reality that takes visitors on a mind-bending, multi-sensory journey through planet earth, featuring underwater worlds, mystical forests, and underground caves.” Arcadia Earth also has locations in New York City and Las Vegas.
Toronto-based fitness and wellness hub Sweat and Tonic will open in a 24,000 square foot space featuring immersive Yoga, HIIT and Ride group fitness studios, a cocktail bar, café, and lounge spaces, as well as spa services such as massage, facials, nail services, hot-cold therapy and a 50-foot lap pool. The space will boast 20 foot ceiling heights and natural light through ample windows.
Carrying the health and wellness offerings will be HealthOne, which is described as being “a premier Medical and Wellness centre that is reinventing the way healthcare is delivered in Canada by combining a comprehensive set of services under one roof.” Services will include family medicine, rehab services such as physiotherapy and osteopathy, dental services (including cosmetic & Invisalign), optometry and optical services, mental health support with virtual and in-person psychotherapy, and wellness services such as naturopathy and a full-service skin clinic.
Foodservice will be significant at The Well. The 70,000 square foot Wellington Market will house over 50 vendors and will also have full-service catering via a commissary and ghost kitchen. The entire space will have a liquor license for 4,200 people with hours into the evening. The concept is well thought out and will serve office workers and residents in the area with a mix of sit-down, grab-and-go and grocery options. Confirmed tenants at the market include: La Cubana, Hooky’s, Ren Sushi, a new to market Korean-focused concept, Chun Yang Tea, Lobster Burger Bar, Rosie’s Burgers, Isabella’s Mochi Donuts and Sweetie Pie among others.
Various other restaurant concepts at The Well will include an upscale French Bistro as well as a two-level British-inspired tavern with an Old World-inspired wood bar with wood panelling and checkered tile floors, a fresh English farmhouse-inspired dining room, a stately private dining room, and a manicured streetside patio.
Crowning the project will be a restaurant on the 36th floor of the west office tower. The restaurant will feature a 360 degree view of the city and the lake featuring a mix of seating options and guest experiences, including a luxuriously appointed dining room, bar, sushi counter and chef’s rail. We took a tour last week and saw the view from the 32nd floor and it’s stunning.
Retail Insider has been provided confidential lease plans of tentative tenants in negotiations — we won’t name them at this time, but we can confirm that the mix includes local and Ontario-based retail and foodservice concepts as well as national and international brands, some of which are household names. We’ll announce some of these when permitted.
The Well will serve the rapidly growing residential population in the area as well as workers in and near the mixed-use project. About 5,000 office workers and an additional 1,200 retail workers are expected for The Well, not to mention over 1,700 new residential units that are under construction on site. Homes will range from purpose-built rental housing to multi-million dollar condominium apartments, depending on the building.
We’ll follow up on this story and announce more tenants when permitted in the months to come before The Well is completed in the spring of 2023.
SOURCE: Retail Insider