Developers of Art Shoppe Lofts & Condos Lease Approximately 70,000 S.F. of
Prime Retail Real Estate
TORONTO, March 18, 2019 /CNW/ - Real estate industry leaders Capital Developments and Freed Developments today announced commercial lease agreements with leading brand West Elm for the ground floor level of the developer's mixed-use development at 2131 Yonge Street, in Toronto, the former site of the iconic Art Shoppe furniture store. Today's agreement, along with securing the 2nd floor space for a national grocer, represents approximately 90% of the available commercial square footage in the development's first two floors.
With its prime location on the east side of Yonge, just south of Eglinton, the project marketed as Art Shoppe Lofts + Condos is recognized as one of the Toronto's real estate market's fastest selling residential developments. The award-winning project – launched in 2015 – earned global headlines, for its exclusive partnership with the late style icon Karl Lagerfeld, contracted to design the development's residential lobbies.
"At 2131 Yonge, we've made a commitment to creating a project of distinction," says Capital Developments' Jordan Dermer. "It's a commitment we maintained through the residential design of the project, and a commitment we're maintaining throughout the commercial component. Our development demanded we take a selective and careful approach to identifying our commercial partners, and that we remained committed to working only with the best.
"With West Elm, we could do no better," adds Dermer.
Considered to be among the most coveted commercial tenants, West Elm will open a 14,000 square foot location on the ground floor of the podium level, with a large frontage along Yonge Street. Well-regarded as a retail brand dedicated to transforming people's lives and spaces through creativity, style, and purpose, the retailer's presence within a modern, lifestyle-oriented residence, according to Jordan Dermer, "is just the perfect fit."
When designing the project, Capital Developments and Freed Developments were determined from the initial launch of the project to ensure that the retail spaces in Art Shoppe Lofts + Condos not only contributed to the neighbourhood, but served as an amenity for the residents living in the development's 624 condominium suites.
Today's announcement represents a significant piece of the available commercial space at 2131 Yonge, and the developers anticipate leasing the remaining 9,500 square feet quickly.
SOURCE Capital Developments
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