Nordstrom's exit from Canada left a major retail hole in one of Toronto's most important intersections, but First Capital REIT quickly solved its leasing dilemma.
The prominent retail space at One Bloor East at the base of the 76-storey condominium tower, has become a focal point for innovation, design and revitalization on the Bloor Street corridor.
First Capital's leasing team's ability to fill a space of this size on such a short turnaround and with no notice is somewhat unprecedented. Its lease for the new Avant concept introduced by Altea is a groundbreaking approach to retail space. It blends a cutting-edge design with wellness features, creating an environment beyond traditional retail settings.
The spacious layout was designed to cater to the modern consumer's desire for a holistic, immersive exercise experience. This is the first of this concept's kind in Canada.
Recognizing the importance of accessibility, the location includes a direct connection to the Yonge-Bloor subway station, as well as considerations for bike lanes and parking solutions.
Altea's Avant concept not only revitalized the space left vacant by Nordstrom but also sparked a domino effect of leasing adjacent units. This diverse mix of tenants has transformed One Bloor East into a dynamic and multifaceted destination, attracting a broad range of customers.
Altea's new concept introduces a high-design luxury wellness destination to the Yorkville neighbourhood, spanning 31,000 square feet. The facility will feature industry-leading studio fitness offerings, state-of-the-art strength and cardio equipment, private and small-group training options, and an array of ultra-luxurious amenities.
The lease successfully overcame unique challenges, including filling a large vacancy, addressing the short turnaround time and creating a concept suitable for the retail site's size and location.
It has been selected as the winner of the 2024 CoStar Impact Award for lease of the year in Toronto, as judged by a local team of real estate professionals familiar with the market.
About the Project: A transformative lease for Altea's Avant concept, an unprecedented move not only filled a significant vacancy left by Nordstrom but is also expected to set new standards for design, wellness, sustainability, and community impact.
What the Judges Said: "Revitalizing Centre Ice in Toronto at Bloor and Yonge is impactful!" said Allen Grinberg, principal of Avison Young.
They Made It Happen: Eric Sherman, head of national operations at First Capital REIT, and Jeff Flemington, senior vice president, director and broker with Avison Young. Mackenzie Kohl is a sales representative of Avison Young's retail leasing.