TORONTO — Tridel has announced the launch of sales for the residential component of the mixed-use Toronto project The Well and at the same time the firm and its development partners have released a report documenting expected future economic spinoffs related to the project.
The details of the new report by Altus Group were unveiled June 3 at the 7.8-acre site at Front Street and Spadina Avenue 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, whose firms, together with Allied Properties, make up the development team behind The Well.
The report said benefits from construction and development of The Well, upon completion, include approximately $4.2 billion in economic activity, about $2.3 billion in net contribution to GDP, about 22,295 person-years of direct, indirect and induced employment, about $1.5 billion in personal income tied to the creation of direct, indirect and induced jobs, approximately $767 million in business operating earnings, and $747 million in tax revenues generated across all levels of government.
The residential component of The Well will consist of three structures, named the Classic Series I and II and the Signature Series. Tridel’s 98 Signature Series residences will take the form of a 14-storey midrise along Wellington Street, while the Classic Series I and Classic Series II will be two high-rise towers standing 38 and 22 storeys respectively.
Other components of The Well will include retail, restaurants and office spaces. It’s planned there will be space for 5,000 new office jobs and 1,200 new retail jobs.
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