145 Wellington St. W. could do much more to reflect the dynamism of the Entertainment District and Financial District neighbourhoods, as well as update the quality and features of our office space to meet the modern demands of tenants.
Our aim with the redevelopment of 145 Wellington St. W. is to weave together a mix of commercial, residential and amenity uses, in order to become truly reflective of its vibrant surroundings, and to take the next step in the evolution of our property to reflect the incredible changes our City and this neighbourhood have seen since it was originally developed.
H&R REIT is the developer submitting this proposal. They are one of Canada's largest fully integrated real estate investment trusts. H&R REIT has ownership interests in a North American portfolio of high quality office, retail, industrial and residential properties comprising over 42 million square feet. H&R has one of the longest and strongest performance track records among Canadian REIT's.
At this time we are at the very beginning stages of a Zoning Application to the City to consider if and how we could incorporate residential uses on the site where our 145 Wellington office building currently sits. The City of Toronto has a rigorous process for these types of applications, including both a Zoning Application, which must be approved by City Council, and following that, a Site Plan Application process. We expect these approvals to take approximately 2-3 years to resolve themselves and, at that point, we would then be looking to review our long-term plan for 145 Wellington St W. Until then, we have no plans to change anything substantive to our 145 Wellington St W property, other than to make improvements to support the office tenants of the building. We will keep tenants of the building informed as we continue through the process.