Terracap owns neighbouring 401-409 and 415 King Street West in Toronto, Ontario. The company purchased 401-409 in 1994 for $850,000 (45,000 square foot office building and 6,800 square feet of ground floor retail), and 415 in 2007 for $6.3 million (13,500 square feet). 401-409 King underwent a a modernization / refurbishment program which included elevator cab enlargement, façade work, and lobby renovations,in order to maintain the site as a rental property until such time as the site would be ready for demolition. In order to provide for a modest return for investors during the interim approval process, a LCBO was constructed at 415 King. Approval was recently received for the construction of a 44 story high rise to be composed of approximately 303,000 sf of residential, 46,000 sf of retail and a hotel of approximately 111,000 sf.