401 King Street (New Dev.)

Terracap owns neighboring properties 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 (13,500 square feet). 401-409 King underwent a modernization and refurbishment program, which included elevator cab enlargement, façade work, and lobby renovations, to maintain the site as a rental property until it was ready for demolition. To provide a modest return for investors during the interim approval process, an LCBO was constructed at 415 King. Approval was recently received for the construction of a 44-storey high rise to be composed of approximately 303,000 sf of residential, 46,000 sf of retail and a hotel of approximately 111,000 sq ft.