Uli???????????????????????????????????? ????????? 2021???2???18???

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ULI???????????????????????????????????? ????????? 2021???2???18???

00:00:08 --> 00:00:14: Welcome everybody. Nick was slowly starting to trickle in. 00:00:16 --> 00:00:18: We'll just wait a few moments. 00:00:18 --> 00:00:20: I do. We have a few more people and then 00:00:20 --> 00:00:22: we've got a video to start to kick off this 00:00:22 --> 00:00:23: program. 00:00:31 --> 00:00:34: One of the staff members that you like Toronto came 00:00:34 --> 00:00:36: to speak at Ryerson University. 00:00:36 --> 00:00:38: And I just thought you know this is a great 00:00:38 --> 00:00:41: way to network and to meet people and to learn 00:00:41 --> 00:00:42: more about my city as well. 00:00:42 --> 00:00:45: 'cause they put on such great programming to me, 00:00:45 --> 00:00:48: you allies been a crucial part of my career development 00:00:48 --> 00:00:51: for years ago in Kensington Market there was a UI 00:00:51 --> 00:00:54: walking tour where I met a senior city planner and 00:00:54 --> 00:00:56: we developed a strong working relationship. 00:00:56 --> 00:00:59: That's a great thing about you alliance, 00:00:59 --> 00:01:02: the opportunity. To be with like minded people in the 00:01:02 --> 00:01:03: in the industry. 00:01:03 --> 00:01:06: I personally hired people from running into the manual I 00:01:06 --> 00:01:08: and led to a conversation and it grew in an 00:01:08 --> 00:01:10: opportunity to join our company. 00:01:10 --> 00:01:13: There are just so many opportunities for people of all 00:01:13 --> 00:01:16: ages to get involved as volunteers or just to attend 00:01:16 --> 00:01:18: the events and get involved. 00:01:18 --> 00:01:21: Great about you, alliance. If there's that someone you've been 00:01:21 --> 00:01:22: wanting to meet, 00:01:22 --> 00:01:25: you haven't had the opportunity to do so. 00:01:25 --> 00:01:26: The roster of members is open. 00:01:26 --> 00:01:28: Take a look at who the members are.

1 00:01:28 --> 00:01:30: If that person is on the list. 00:01:30 --> 00:01:32: Ask one of the UI staff and they will make 00:01:32 --> 00:01:35: the introduction conversations that are happening. 00:01:35 --> 00:01:39: Everything from the technology side of the business and incorporating 00:01:39 --> 00:01:41: utech into development on urban planning. 00:01:41 --> 00:01:43: That's rare to have that kind of an entity that 00:01:43 --> 00:01:47: can convene conversations from a whole variety of perspectives so 00:01:47 --> 00:01:49: that we can kind of push and challenge each other 00:01:49 --> 00:01:52: to think a little differently about the solutions that might 00:01:53 --> 00:01:55: make a lot of sense now that I've been a 00:01:55 --> 00:01:56: part of your life for seven years, 00:01:56 --> 00:01:58: and then a volunteer for you a lie, 00:01:58 --> 00:02:01: I hardly go by without going to an event and 00:02:01 --> 00:02:02: not knowing one person's actually. 00:02:02 --> 00:02:06: Find that there isn't enough time during the network portion 00:02:06 --> 00:02:09: of an event to talk to everybody that I know 00:02:09 --> 00:02:12: there join you Ally to connect with people in the 00:02:12 --> 00:02:15: industry to grow your career and to give back. 00:02:35 --> 00:02:37: Welcome everyone and good afternoon. 00:02:37 --> 00:02:39: My name is Kendra Fitz Randolph. 00:02:39 --> 00:02:42: I'm development manager at free developments in a long time, 00:02:42 --> 00:02:45: member of you will at Toronto and a member of 00:02:45 --> 00:02:47: both the UI Connect and Membership Committee. 00:02:47 --> 00:02:50: I'm very pleased to welcome you to today's session, 00:02:50 --> 00:02:54: annualize first Virtual tour of many more to come. 00:02:54 --> 00:02:57: Today Project Team will take you behind the scenes of 00:02:57 --> 00:02:59: one of Canada's largest developments. 00:02:59 --> 00:03:03: Before we get started as a Toronto region based organization, 00:03:03 --> 00:03:06: we acknowledge the land where meeting on virtually the traditional 00:03:06 --> 00:03:08: territory of the many nations, 00:03:08 --> 00:03:10: including the Mississaugas of the credit, 00:03:10 --> 00:03:12: the Anish Lobeck the Chippewa, 00:03:12 --> 00:03:15: the Hudna, Shoney, the Wendat peoples, 00:03:15 --> 00:03:18: and now home to many diverse First Nations, 00:03:18 --> 00:03:22: Inuit and Metis peoples. We also acknowledge that Toronto is 00:03:22 --> 00:03:26: covered by treaty 13 with the Mississaugas of the credit. 00:03:26 --> 00:03:28: And we are very grateful to have this opportunity to

2 00:03:28 --> 00:03:29: work on this land, 00:03:29 --> 00:03:32: and by doing so we give our respect to its 00:03:32 --> 00:03:33: first inhabitants. 00:03:33 --> 00:03:36: We will post a link in the chat to a 00:03:36 --> 00:03:39: program entitled 13,000 years of Indigenous history in the GTA 00:03:39 --> 00:03:42: and why it matters to planning and development. 00:03:42 --> 00:03:46: We recommend you watching it to learn the history and 00:03:46 --> 00:03:49: meaning behind the land acknowledgement. 00:03:49 --> 00:03:52: So before I begin, I would like to go through 00:03:52 --> 00:03:53: a few housekeeping items. 00:03:53 --> 00:03:58: Everyone will be automatically muted throughout the session to ensure 00:03:58 --> 00:04:00: there's no audience audience interference. 00:04:00 --> 00:04:03: If you have any questions for speakers, 00:04:03 --> 00:04:06: please use the Q&A function or upvote your questions by 00:04:06 --> 00:04:08: pressing the thumbs up button. 00:04:08 --> 00:04:11: This session is being recorded and it will be sent 00:04:11 --> 00:04:13: to you following the session. 00:04:13 --> 00:04:16: If you want to take the conversation online, 00:04:16 --> 00:04:20: please tag us with the handle at you like Toronto 00:04:20 --> 00:04:22: or Hashtag ask great questions. 00:04:22 --> 00:04:25: But please do note that we are asking viewers not 00:04:25 --> 00:04:26: to copy, 00:04:26 --> 00:04:30: reproduce, distribute, publish, display or record this webinar on your 00:04:30 --> 00:04:32: own or any assets within the presentation. 00:04:35 --> 00:04:39: I'd also like to extend my sincere appreciation to our 00:04:39 --> 00:04:40: sponsors. 00:04:40 --> 00:04:43: Today's event and all other UI programming would not be 00:04:43 --> 00:04:47: possible without the support of our annual sponsors. 00:04:47 --> 00:04:48: On behalf of you well, 00:04:48 --> 00:04:51: I I would like to thank them for their continued 00:04:51 --> 00:04:52: support. 00:04:52 --> 00:04:55: You will like. Toronto relies on the support of our 00:04:55 --> 00:04:58: sponsors to provide quality programming to help drive our mission 00:04:59 --> 00:05:01: of creating and sustaining thriving communities. 00:05:01 --> 00:05:05: To Allison, all of them we say thank you. 00:05:05 --> 00:05:07: Now let's get down to business. 00:05:07 --> 00:05:09: We have a tight one hour timeline to explore a 00:05:09 --> 00:05:13: very rich amount of content connected to our the future 00:05:13 --> 00:05:13: of our city.

3 00:05:13 --> 00:05:16: As I noted today, this is the first in and 00:05:16 --> 00:05:18: uul I webinar series. 00:05:18 --> 00:05:20: We've coined you alive virtual tours. 00:05:20 --> 00:05:24: This one up close and personal at the well. 00:05:24 --> 00:05:27: Personally, I'm very excited to introduce you to a few 00:05:27 --> 00:05:30: members of the team leading this ambitious and celebrated endeavour. 00:05:30 --> 00:05:36: Hugh Clark executive vice President of Development at Allied Properties 00:05:36 --> 00:05:36: REIT. 00:05:36 --> 00:05:41: Melissa Posey, assistant vice president of development at Ryokan and 00:05:41 --> 00:05:41: Tim Lowe, 00:05:41 --> 00:05:47: Senior vice president of Leasing at Allied Properties REIT. 00:05:47 --> 00:05:51: Hugh Clark is the executive vice President of Development and 00:05:51 --> 00:05:54: responsible for overseeing value creation projects for allied. 00:05:54 --> 00:05:58: Prior to joining Allied, he spent many years working for 00:05:58 --> 00:06:00: an award winning architectural firm in Toronto. 00:06:00 --> 00:06:03: He was worked as a licensed architect in both Ontario 00:06:03 --> 00:06:04: and Massachusetts, 00:06:04 --> 00:06:08: and he's a graduate of University of Toronto and Harvard 00:06:09 --> 00:06:09: University. 00:06:09 --> 00:06:13: Melissa Posey is an insistent vice president of development at 00:06:13 --> 00:06:14: Rio can. 00:06:14 --> 00:06:16: She is part of a team that is engaged in 00:06:16 --> 00:06:17: redevelopment, 00:06:17 --> 00:06:21: an intensification of Rio Can's existing assets. 00:06:21 --> 00:06:25: Prior to joining Ryokan she worked for large condominium developer 00:06:25 --> 00:06:28: and that afforded her the opportunity to be a part 00:06:28 --> 00:06:31: of the approvals of many high density residential sites in 00:06:31 --> 00:06:33: Toronto and the GTA. 00:06:33 --> 00:06:37: Tim Lowe is senior vice president of Leasing and responsible 00:06:37 --> 00:06:40: for Allied's National office and retail portfolio. 00:06:40 --> 00:06:43: Prior to joining Allied, he worked for a number of 00:06:43 --> 00:06:46: large commercial real estate and private equity firms, 00:06:46 --> 00:06:49: leasing office space across Canada. 00:06:49 --> 00:06:53: His extensive real estate karere he is least a variety 00:06:53 --> 00:06:58: of commercial properties including heritage properties and Class A bank 00:06:58 --> 00:06:59: towers. 00:06:59 --> 00:07:02: So first we'll hear from Hugh will get an overview

4 00:07:02 --> 00:07:03: of presentation. 00:07:03 --> 00:07:06: Then we will host a panel discussion and finally Richard 00:07:06 --> 00:07:09: Joy from you later on will field questions from the 00:07:09 --> 00:07:09: audience, 00:07:09 --> 00:07:11: so I pass it along to you here. 00:07:17 --> 00:07:20: Thanks Kendra alright, I'll switch into sharing my screen and 00:07:20 --> 00:07:22: go through the presentation. 00:07:33 --> 00:07:36: So just want to start by thanking you Ally for 00:07:36 --> 00:07:39: inviting us to participate in this tour. 00:07:39 --> 00:07:43: Really, do appreciate the interest you've taken in the well 00:07:44 --> 00:07:47: and I and I wanted to thank everyone for joining 00:07:47 --> 00:07:48: us here today. 00:07:48 --> 00:07:52: This is a pretty important project for both Allied and 00:07:53 --> 00:07:53: Riocan. 00:07:53 --> 00:07:57: I'm going to try and give a pretty high level 00:07:57 --> 00:08:01: overview of the project from its evolution to its current 00:08:01 --> 00:08:02: state, 00:08:02 --> 00:08:06: giving you a as best as possible virtual tour of 00:08:06 --> 00:08:08: the construction site. 00:08:08 --> 00:08:11: I apologize, we weren't able to do it in person, 00:08:11 --> 00:08:16: but will will do that in due course and then 00:08:16 --> 00:08:20: we'll switch to the question and answer. 00:08:20 --> 00:08:22: So to begin with, I just want to talk a 00:08:23 --> 00:08:27: little bit about the partnership and how it came together 00:08:27 --> 00:08:31: and then talk about this particular project and its evolution 00:08:31 --> 00:08:35: overtime and then follow up with a kind of a 00:08:35 --> 00:08:38: summary of where we've ended up. 00:08:38 --> 00:08:42: So to begin with, this is very much a allied 00:08:42 --> 00:08:44: and Riocan or ryokan allied, 00:08:44 --> 00:08:50: as they say, project. We're both very proud of it. 00:08:50 --> 00:08:53: It's a it's a third partnership that we've had together 00:08:53 --> 00:08:57: and I'll talk a little bit about how that partnership 00:08:57 --> 00:08:58: came together. 00:08:58 --> 00:09:02: The other two partnerships is our 555 college project and 00:09:02 --> 00:09:04: our King Portland Centre Project, 00:09:04 --> 00:09:07: which we did together. 00:09:07 --> 00:09:13: This is obviously a project that's involved innumerable consultants, 00:09:13 --> 00:09:16: plus a variety of other partners. 00:09:16 --> 00:09:21: To date we have tried Ellinwood born as well as 00:09:21 --> 00:09:25: real Cam living who make up the ownership group. 00:09:25 --> 00:09:30: Diamond Core remains part of that ownership group to a

5 00:09:30 --> 00:09:31: certain extent, 00:09:31 --> 00:09:36: and we've actually been. We've partnered with a number of 00:09:36 --> 00:09:38: community groups. 00:09:38 --> 00:09:43: As well as private organisations to bring it all together. 00:09:43 --> 00:09:45: So I wanted just well. 00:09:45 --> 00:09:47: I play this timelapse in the background. 00:09:47 --> 00:09:51: I'm just going to be a very high level review 00:09:51 --> 00:09:53: of how this project all came together. 00:09:53 --> 00:09:55: 2012 The Globe Mail site, 00:09:55 --> 00:09:58: as it used to be called, 00:09:58 --> 00:10:00: was put on the market. 00:10:00 --> 00:10:06: Initially, a private residential developer had the property under contract, 00:10:06 --> 00:10:11: but they realized that they this was a very large 00:10:11 --> 00:10:17: undertaking and there was worried that the market couldn't handle 00:10:17 --> 00:10:22: the amount of product residential product that this would would 00:10:22 --> 00:10:26: call for. So they dropped they. 00:10:26 --> 00:10:32: They dropped the project and allied Real can. 00:10:32 --> 00:10:33: Decided to pick it up, 00:10:33 --> 00:10:36: not started by interesting enough, 00:10:36 --> 00:10:40: but just a conversation between Ed Sunshine an I believe 00:10:40 --> 00:10:41: it was Jonathan Gitlin, 00:10:41 --> 00:10:45: the future CEO of Ryokan where they looked at a 00:10:45 --> 00:10:48: property on College Street and they said that they owned 00:10:49 --> 00:10:52: and there was an empty parking lot next to it 00:10:52 --> 00:10:54: and they said who owns that? 00:10:54 --> 00:10:56: Anne Anne Jonathan told Ed, 00:10:56 --> 00:10:58: that's Allied's and had said I, 00:10:58 --> 00:11:02: I know Mike Emery. I'm gonna give him a call. 00:11:02 --> 00:11:05: So add jumps on a call with Mike. 00:11:05 --> 00:11:10: Emery says, hey, do you want to sell us your 00:11:10 --> 00:11:13: parking lot an Michael as is his way? 00:11:13 --> 00:11:16: No, but I'll partner with you. 00:11:16 --> 00:11:20: Anne and that was the start of the College Street 00:11:20 --> 00:11:21: joint venture. 00:11:21 --> 00:11:25: About a month later. The King Portland Center property came 00:11:26 --> 00:11:29: up for sale and they said let's do this together 00:11:30 --> 00:11:30: too, 00:11:30 --> 00:11:34: alright? And then the globe comes up for sale about 00:11:34 --> 00:11:36: 7 1/2 acres site and they say,

6 00:11:36 --> 00:11:39: you know we can't do this all by ourselves. 00:11:39 --> 00:11:41: Let's bring in Diamond core. 00:11:41 --> 00:11:46: Who's a residential expert. Also an expert on approvals and 00:11:46 --> 00:11:48: said let's do this as one team. 00:11:48 --> 00:11:52: So at that point, within a span of one year, 00:11:52 --> 00:11:57: we went from Mike and Eddie knowing each other because 00:11:57 --> 00:12:03: they sat on panels together to this partnership and the 00:12:03 --> 00:12:05: start of the well. 00:12:05 --> 00:12:08: As you can see, sorry as you can see, 00:12:08 --> 00:12:12: this has been a long time coming so 2012. 00:12:12 --> 00:12:15: It'll probably be done at the end of. 00:12:15 --> 00:12:19: Well, it should be done at the end of 2022. 00:12:19 --> 00:12:23: So all told it'll be just over 10 years in 00:12:23 --> 00:12:24: the undertaking, 00:12:24 --> 00:12:30: very complicated project, multiple ownership groups. 00:12:30 --> 00:12:33: Different program uses one on top of the other and 00:12:34 --> 00:12:37: it's really taking a long time to get to where 00:12:37 --> 00:12:38: we are. 00:12:38 --> 00:12:42: And this actually changed quite dramatically. 00:12:42 --> 00:12:45: So when we started off the project, 00:12:45 --> 00:12:49: it started with a trip trip to England by some 00:12:49 --> 00:12:53: of the senior members of Ryokan and some of the 00:12:54 --> 00:12:56: senior members of Allied. 00:12:56 --> 00:13:00: They came across this property which is on the teams 00:13:00 --> 00:13:01: in London School. 00:13:01 --> 00:13:06: Butlers Wharf is this beautiful old historic district where you 00:13:06 --> 00:13:11: have these two buildings and this alleyway in between them 00:13:11 --> 00:13:15: with bridges that bridge the buildings together. 00:13:15 --> 00:13:19: And they said this is the inspiration that we want 00:13:19 --> 00:13:21: to take back to the well. 00:13:21 --> 00:13:23: They then said what are? 00:13:23 --> 00:13:28: What are the design qualities that we can pick up 00:13:28 --> 00:13:32: on that'll make that or give the same sense of 00:13:32 --> 00:13:33: place at the well. 00:13:33 --> 00:13:38: So David Contarini was brought on board and David is 00:13:38 --> 00:13:42: an amazing architect and he started to pick up on 00:13:43 --> 00:13:48: some of these architectural details as well as some details 00:13:48 --> 00:13:52: about King West, because the way we see the well. 00:13:52 --> 00:13:55: Is as an extension of King West. 00:13:55 --> 00:13:59: It's basically the completion of King last going southward. 00:13:59 --> 00:14:02: And so we started picking up on some of these 00:14:02 --> 00:14:04: very important details.

7 00:14:04 --> 00:14:08: David used to be in the building and the bottom 00:14:08 --> 00:14:10: left here his head office there. 00:14:10 --> 00:14:15: So he's very familiar with the neighborhood and he started 00:14:15 --> 00:14:19: picking up on these ideas that through block connections this 00:14:19 --> 00:14:24: kind of masonry base industrial buildings really focusing on the 00:14:24 --> 00:14:26: urban realm. So it it's, 00:14:26 --> 00:14:29: you know, the King West neighborhood. 00:14:29 --> 00:14:31: If you're familiar with it. 00:14:31 --> 00:14:37: Is characterized by these alleyways that are populated by restaurants 00:14:38 --> 00:14:40: and it's live all the time. 00:14:40 --> 00:14:44: So we wanted to take all of those qualities and 00:14:44 --> 00:14:49: see how we could create a new development that embodies 00:14:49 --> 00:14:50: those qualities. 00:14:50 --> 00:14:54: We started the design with David Contarini acting as the 00:14:54 --> 00:14:58: master Plan Architect and then we brought in a design 00:14:58 --> 00:15:03: architect for the corner building the building right at the 00:15:03 --> 00:15:06: corner of Front and Spadina. 00:15:06 --> 00:15:10: But design architect was affirmed by the name of Schickard 00:15:10 --> 00:15:10: felt. 00:15:10 --> 00:15:14: Check Schickard Hilton, apologize for that. 00:15:14 --> 00:15:19: Um and they they came up with this design. 00:15:19 --> 00:15:21: We took that to the planning. 00:15:21 --> 00:15:24: We took that to the community and we took that 00:15:24 --> 00:15:28: to the design review panels and divine design review panel 00:15:28 --> 00:15:31: and there was number feedback that we got from. 00:15:31 --> 00:15:37: One is that there wasn't a sense of place. 00:15:37 --> 00:15:41: That this this building at the corner in particular. 00:15:41 --> 00:15:43: Didn't seem like it belonged here. 00:15:43 --> 00:15:45: It could have been anywhere. 00:15:45 --> 00:15:49: There was also concerned that it was providing shadow on 00:15:49 --> 00:15:49: the park. 00:15:49 --> 00:15:53: That's just the North East of here or at the 00:15:53 --> 00:15:55: bottom of your screen there. 00:15:55 --> 00:15:59: And that all this Massey on Front Street was cutting 00:15:59 --> 00:16:03: off light through the site and on to Wellington. 00:16:03 --> 00:16:07: And then they had some programmatic questions they said can 00:16:07 --> 00:16:11: conquer concourse and 2nd floor retail actually work. 00:16:11 --> 00:16:14: How are you guys going to make that work? 00:16:14 --> 00:16:18: 'cause we'd imagine multi floors of retail multi floors of 00:16:18 --> 00:16:21: office and then residential towers on top?

8 00:16:21 --> 00:16:23: So we took all this thing back. 00:16:23 --> 00:16:25: All this feedback and said OK, 00:16:25 --> 00:16:28: we need to change this design. 00:16:28 --> 00:16:32: In fact, one of the first things we need to 00:16:32 --> 00:16:36: do is we need to elevate David from the master 00:16:36 --> 00:16:41: Plan Architect to the design architect of the tower. 00:16:41 --> 00:16:44: He was able to kind of shape the building to 00:16:45 --> 00:16:48: to reduce the impact on Clarence Square. 00:16:48 --> 00:16:52: Shadow impact on the square he was able to reorient 00:16:52 --> 00:16:57: some of the towers on Front Street to promote light 00:16:57 --> 00:16:58: through. 00:16:58 --> 00:17:01: Um, he was able to convince the city that they 00:17:01 --> 00:17:04: don't actually need a through block St. 00:17:04 --> 00:17:09: They wanted to actually break the site up into multiple 00:17:09 --> 00:17:09: parts. 00:17:09 --> 00:17:13: And then sculpted some of the other buildings like the 00:17:13 --> 00:17:17: buildings on Wellington and the building on the West Side 00:17:17 --> 00:17:19: which we call building D. 00:17:19 --> 00:17:23: To the lesson there. 00:17:23 --> 00:17:28: Um the Draper Street, as well as Wellington. 00:17:28 --> 00:17:31: So we ended up with this building that you see 00:17:31 --> 00:17:32: before you here. 00:17:32 --> 00:17:34: You know it's a massive site. 00:17:34 --> 00:17:36: It's I always call at 6 1/2 acres, 00:17:36 --> 00:17:39: but it's a large seven half acres, 00:17:39 --> 00:17:42: a little bit more than that is really made up 00:17:42 --> 00:17:43: of seven towers, 00:17:43 --> 00:17:47: two of which are connected by a podium base. 00:17:47 --> 00:17:54: Be the primary goal was to really enhance the pedestrian 00:17:54 --> 00:17:56: experience. 00:17:56 --> 00:18:03: To create a High Street and narrow alleyways that mimics 00:18:03 --> 00:18:04: King Street. 00:18:04 --> 00:18:09: And then obviously to create an office building that. 00:18:09 --> 00:18:13: Would be appropriate for the kind of tenants that we 00:18:13 --> 00:18:15: target the knowledge base, 00:18:15 --> 00:18:17: tenants that we target. 00:18:17 --> 00:18:21: One of the other goals that the city and and 00:18:21 --> 00:18:26: the ownership group favored was this kind of mixture of 00:18:26 --> 00:18:27: use, 00:18:27 --> 00:18:30: both in terms of absolute program use, 00:18:30 --> 00:18:35: so the split between office and retail and residential is 00:18:35 --> 00:18:37: basically 5050 office,

9 00:18:37 --> 00:18:43: retail and residential. Tenureship is also mixed use in the 00:18:43 --> 00:18:49: in the residential side where it's about half rental rez 00:18:49 --> 00:18:51: half for sale res. 00:18:51 --> 00:18:55: And then there was a kind of a focus on 00:18:55 --> 00:18:58: having a variety of size units. 00:18:58 --> 00:19:03: We have some buildings that have very very large units. 00:19:03 --> 00:19:09: They're they're on Wellington and then we have others that 00:19:09 --> 00:19:10: are more. 00:19:10 --> 00:19:13: A more standard for the markets. 00:19:15 --> 00:19:18: The The real focus though, 00:19:18 --> 00:19:23: was on this idea of the public realm. 00:19:23 --> 00:19:28: And how we can turn these three levels of retail? 00:19:28 --> 00:19:31: Into an experience that is enjoyed by all and that 00:19:31 --> 00:19:35: people will actually go down to the lower level and 00:19:35 --> 00:19:37: go up to the lower level. 00:19:37 --> 00:19:40: Um, that was one and the other was to make 00:19:40 --> 00:19:43: sure that it fit in with the neighborhood. 00:19:43 --> 00:19:45: We have a huge investment in King West, 00:19:45 --> 00:19:50: and so we're very much interested in making sure that 00:19:50 --> 00:19:53: we we keep the flavor or the feeling of King 00:19:53 --> 00:19:57: West with this very massive development. 00:19:57 --> 00:20:00: So there was a few key public realm ideas that 00:20:00 --> 00:20:01: we came up with. 00:20:01 --> 00:20:05: One was the idea that we needed to create a 00:20:05 --> 00:20:05: Plaza. 00:20:05 --> 00:20:09: We need a place for people to congregate. 00:20:09 --> 00:20:11: Where you could have farmers markets, 00:20:11 --> 00:20:14: you can have people sitting out at lunch time. 00:20:14 --> 00:20:16: You have a variety of opportunities, 00:20:16 --> 00:20:18: maybe even a skating rink. 00:20:18 --> 00:20:22: The other was to restore Wellington St to what it 00:20:22 --> 00:20:24: was supposed to be back in the day, 00:20:24 --> 00:20:26: which is a linear park. 00:20:26 --> 00:20:32: It was combining the two Draper sorry Victoria Memorial Square 00:20:32 --> 00:20:34: and Clarence Square. 00:20:34 --> 00:20:39: Wellington was always seen as kind of a linear park. 00:20:39 --> 00:20:42: And last it was to connect up to King Street. 00:20:42 --> 00:20:45: This thing refers to Draper St. 00:20:45 --> 00:20:50: There's actually an important park across the street on Wellington 00:20:50 --> 00:20:54: that connects through our project at King Toronto up to 00:20:54 --> 00:20:58: King Street and really enhanced that public realm.

10 00:20:58 --> 00:21:02: So here's a here's an idea of how we anticipate 00:21:02 --> 00:21:06: Wellington to look once we're all done in about a 00:21:06 --> 00:21:08: year and a half time. 00:21:08 --> 00:21:11: Really, focusing on the retail streetscape, 00:21:11 --> 00:21:15: the linear park with the patios flowing unto it. 00:21:15 --> 00:21:19: Anyone that's been on Wellington on the North side is 00:21:19 --> 00:21:19: known. 00:21:19 --> 00:21:24: There's there's a number of very fun restaurants there in 00:21:24 --> 00:21:28: Wellington is a kind of bucolic St and we want 00:21:28 --> 00:21:32: to make sure that that's that's maintained. 00:21:32 --> 00:21:36: 2nd is this this Plaza this very flexible Plaza that 00:21:36 --> 00:21:41: brings people down to the lower level but also allows 00:21:41 --> 00:21:45: for multiple uses and activity during the day. 00:21:47 --> 00:21:51: Obviously there's the main entrance into the site at front 00:21:51 --> 00:21:52: and Spadina. 00:21:52 --> 00:21:56: We want to draw people coming from City Place to 00:21:56 --> 00:22:00: the South where there wasn't as much emphasis on public 00:22:00 --> 00:22:04: realm and retail experience as we anticipate to have here. 00:22:04 --> 00:22:10: Bring people up here and bring them into the site. 00:22:10 --> 00:22:14: At the heart of this project is something we call 00:22:14 --> 00:22:16: Wellington Market. 00:22:16 --> 00:22:18: It's on the lower level, 00:22:18 --> 00:22:22: it's about 75,000 square feet of marketplace. 00:22:22 --> 00:22:28: Think of Saint Lawrence market on the West side. 00:22:28 --> 00:22:31: This is going to be a place where people can 00:22:32 --> 00:22:34: come grocery shop they can. 00:22:34 --> 00:22:37: They can buy ready made food, 00:22:37 --> 00:22:41: will have small merchants come for a variety of other 00:22:41 --> 00:22:43: kinds of things, 00:22:43 --> 00:22:47: and it's really going to be the most from our 00:22:47 --> 00:22:48: perspective. 00:22:48 --> 00:22:51: The heart of the well. 00:22:51 --> 00:22:54: These are some initial concepts, 00:22:54 --> 00:22:58: sketches and renderings done by. 00:22:58 --> 00:23:05: I did Johnny Petricani Architects are architects for this part 00:23:05 --> 00:23:07: of the project. 00:23:07 --> 00:23:10: The other main component of the building is our. 00:23:10 --> 00:23:12: This site is the office tower, 00:23:12 --> 00:23:15: so this is this is a space that has been 00:23:15 --> 00:23:19: designed to accommodate the needs of the tiny tenants we 00:23:19 --> 00:23:20: anticipate to occupy. 00:23:20 --> 00:23:24: The space here this is an artist's rendition of the

11 00:23:24 --> 00:23:28: what it will be an amazing space for Shopify once 00:23:28 --> 00:23:31: they move in in about a years time. 00:23:31 --> 00:23:35: And then the tower obviously has amazing views of the 00:23:35 --> 00:23:40: downtown core and the lakefront that they'll be able to 00:23:40 --> 00:23:40: enjoy. 00:23:40 --> 00:23:44: One of the amazing things about this project from my 00:23:44 --> 00:23:48: perspective or the opportunities that we get from this size 00:23:48 --> 00:23:50: of projects is what you can do with it. 00:23:50 --> 00:23:56: So during the initial conversations during the planning we have 00:23:56 --> 00:23:59: a long term relationship with Enwave, 00:23:59 --> 00:24:04: an important energy company in thermal Energy Company an in 00:24:04 --> 00:24:07: Canada and we started talking to them. 00:24:07 --> 00:24:12: Or they started talking to us about expanding their network 00:24:12 --> 00:24:16: and using the well to do that expansion. 00:24:16 --> 00:24:20: So this because of the size scale and the mixture 00:24:20 --> 00:24:20: of uses, 00:24:20 --> 00:24:25: we were actually able to create a whole new node 00:24:25 --> 00:24:29: at the well that they're using in order to expand 00:24:29 --> 00:24:30: to the West. 00:24:30 --> 00:24:33: You can see in this image which is a wonderful 00:24:33 --> 00:24:35: aerial image of the whole site. 00:24:35 --> 00:24:38: There's this little round in this case, 00:24:38 --> 00:24:41: it's Oval looking. It's round in real life, 00:24:41 --> 00:24:44: which is the. It's actually the well it is the 00:24:44 --> 00:24:46: thermal storage tank. 00:24:46 --> 00:24:49: I think it's like 60,000 gallons or something like that. 00:24:49 --> 00:24:52: I've stood in the bottom of this thing. 00:24:52 --> 00:24:55: It is massive. It is an incredible thing and now 00:24:56 --> 00:24:59: it's all set up and it's actually being filled up 00:24:59 --> 00:25:00: as we speak. 00:25:00 --> 00:25:03: And it will actually be the. 00:25:03 --> 00:25:08: It's like a little make Lake Ontario on site. 00:25:08 --> 00:25:09: Now for the fun stuff, 00:25:09 --> 00:25:13: I'm going to give you a little video that shows 00:25:13 --> 00:25:15: you that progress and this is the. 00:25:15 --> 00:25:18: This is the on site tour and then we'll switch 00:25:18 --> 00:25:20: to questions that question. 00:27:33 --> 00:27:37: Over to you Kendra. Thank you hear that was wonderful. 00:27:37 --> 00:27:40: So now we'll move on to a few questions. 00:27:40 --> 00:27:43: For points of discussion and let's start with Melissa Melissa.

12 00:27:43 --> 00:27:47: What has been your approach to community engagement and what 00:27:47 --> 00:27:49: examples can you provide the audience today? 00:27:52 --> 00:27:57: Thanks Kendra Ann and thanks you a lie for inviting 00:27:57 --> 00:28:00: me to be part of this panel. 00:28:00 --> 00:28:03: I think from a community engagement standpoint, 00:28:03 --> 00:28:05: definitely been a big part of the project. 00:28:05 --> 00:28:08: You know from the beginning as he touched upon. 00:28:10 --> 00:28:15: We've gone through numerous iterations of the design. 00:28:15 --> 00:28:19: The Design review panel. You know we worked with stakeholders 00:28:19 --> 00:28:24: such as neighborhood associations to addressing us the comments that 00:28:24 --> 00:28:26: we got back and sort of how to how to 00:28:26 --> 00:28:29: work it. Sort of more better into the project. 00:28:29 --> 00:28:33: Draper Park, for instance. We went through a design process, 00:28:33 --> 00:28:37: pretty iterative one held visioning sessions with the community. 00:28:37 --> 00:28:40: I think something that's been really unique here that we've 00:28:41 --> 00:28:44: done in the last little while is we actually hired 00:28:44 --> 00:28:46: a general manager for the project. 00:28:46 --> 00:28:49: And who is essentially the face of the project you 00:28:49 --> 00:28:49: know, 00:28:49 --> 00:28:52: moving forward with the community and he'll be kind of 00:28:52 --> 00:28:55: the guy on site running the day-to-day operations of everything. 00:28:55 --> 00:28:57: And we sort of transferred all of the, 00:28:57 --> 00:29:02: you know, engagement community engagements at him. 00:29:02 --> 00:29:06: And he's establishing newsletter that goes out quarterly or more 00:29:06 --> 00:29:07: frequently if required, 00:29:07 --> 00:29:10: that just provides updates to everybody. 00:29:10 --> 00:29:13: As to you know what they can expect to happen 00:29:13 --> 00:29:15: with regards to construction updates. 00:29:15 --> 00:29:18: You know, we had Wellington. 00:29:18 --> 00:29:20: Closed or partially closed for quite some time while we 00:29:20 --> 00:29:22: were building the water main and just, 00:29:22 --> 00:29:24: you know, keeping everybody up to date with that in 00:29:24 --> 00:29:27: the neighborhood and updates on the park design. 00:29:27 --> 00:29:28: And I think one of the outcomes of that is 00:29:29 --> 00:29:30: we've had very little you know, 00:29:30 --> 00:29:31: noise complaints on the site, 00:29:31 --> 00:29:34: for instance, which you know we're all really happy about.

13 00:29:34 --> 00:29:36: Very proud of the fact that you know we've never 00:29:36 --> 00:29:38: had to deal with the shut down or anything like 00:29:39 --> 00:29:39: that, 00:29:39 --> 00:29:41: and I think it has to do in large part 00:29:41 --> 00:29:43: with just the fact that we've been really transparent with 00:29:43 --> 00:29:46: the community and really engaging them and letting them know 00:29:46 --> 00:29:47: what's going on on site. 00:29:47 --> 00:29:49: We even undertook a survey. 00:29:49 --> 00:29:52: You know just to get that engagement from people in 00:29:52 --> 00:29:56: the local and broader area to understand what people were 00:29:56 --> 00:29:59: looking for with regards to retail and tenants and things 00:29:59 --> 00:30:02: like that so. 00:30:02 --> 00:30:03: Yeah, so that's that. 00:30:05 --> 00:30:06: So I realized I was still on mute. 00:30:06 --> 00:30:08: Thank you. 00:30:08 --> 00:30:11: And yes, I do encourage anyone to post your questions 00:30:11 --> 00:30:14: or upvote your questions if you see them on the 00:30:14 --> 00:30:17: question and answers as I know that's something that a 00:30:17 --> 00:30:20: lot of people have been very interested in and thank 00:30:20 --> 00:30:21: you very much. 00:30:21 --> 00:30:23: Melissa next question that I have anyone to answer, 00:30:23 --> 00:30:25: but I do. But for Tim to start, 00:30:25 --> 00:30:30: perhaps, how did you introduce the project to the commercial 00:30:30 --> 00:30:31: market? 00:30:31 --> 00:30:33: Thanks Kendra, work to be here. 00:30:33 --> 00:30:36: It's a pleasure and this is such an exciting project, 00:30:36 --> 00:30:39: not only for outlook there really from myself, 00:30:39 --> 00:30:42: but really we wanted to create that and start a 00:30:42 --> 00:30:43: buzz in the community. 00:30:43 --> 00:30:47: You know, the downtown West is really in our world 00:30:47 --> 00:30:50: that leads world has been known as King's banana, 00:30:50 --> 00:30:53: but we knew that the well was going to represent 00:30:53 --> 00:30:55: the gateway to downtown West. 00:30:55 --> 00:30:57: So what we did to start it off is really 00:30:57 --> 00:31:00: introduced it through the brokerage community. 00:31:00 --> 00:31:04: And the commercial real estate brokers we invited 405 hundred 00:31:04 --> 00:31:06: brokers to our marketing suite, 00:31:06 --> 00:31:09: which we built rate at the corner of King's Vagina 00:31:09 --> 00:31:12: and at the same time we created this this video 00:31:12 --> 00:31:16: and until that told the story of people coming to

14 00:31:16 --> 00:31:19: work in downtown Toronto. And whether you're an executive, 00:31:19 --> 00:31:24: whether your millenial, whether you're living in the neighborhood we 00:31:24 --> 00:31:26: wanted to build on that downtown Westin, 00:31:26 --> 00:31:30: QS, Medina, community, 'cause this is going to represent the 00:31:30 --> 00:31:31: community. 00:31:31 --> 00:31:35: Within an existing community, so was. 00:31:35 --> 00:31:37: It was just a way to sort of kick start 00:31:37 --> 00:31:41: property and that got the buzz going into the neighborhood. 00:31:44 --> 00:31:48: Thank you very much Tim and moving on to the 00:31:48 --> 00:31:50: next question. 00:31:50 --> 00:31:52: Sorry this one's more back to Melissa. 00:31:52 --> 00:31:55: We spoke about our who spoke about this earlier where 00:31:55 --> 00:31:58: we are all fascinated by the formation of the partnership 00:31:58 --> 00:32:01: that makes up the well an with this extensive partnership 00:32:01 --> 00:32:04: you must have had some interesting challenges and we were 00:32:04 --> 00:32:07: very interested to hear what stories that you can share 00:32:07 --> 00:32:11: with the in the construction process that you've experienced with 00:32:11 --> 00:32:15: regards to the differing priorities between the partners. 00:32:15 --> 00:32:18: Thanks Kendra, yes definitely he touched upon it. 00:32:18 --> 00:32:22: There's a lot of. Interest here and use is kind 00:32:22 --> 00:32:25: of built on top of one another an I think 00:32:26 --> 00:32:29: the important thing that I want to just touch upon 00:32:29 --> 00:32:33: is. The success that we've had to date on this 00:32:33 --> 00:32:37: project really is because we've encouraged right from the beginning, 00:32:37 --> 00:32:41: an environment of alignment, and we got that from everybody, 00:32:41 --> 00:32:44: you know. From the commercial owners to the residential owners, 00:32:44 --> 00:32:47: to you know, everybody's consultants, 00:32:47 --> 00:32:49: and from a construction standpoint, 00:32:49 --> 00:32:52: you know the fact that we have multiple construction managers 00:32:52 --> 00:32:53: on site. 00:32:53 --> 00:32:56: You know, just making sure that they are aligned amongst 00:32:56 --> 00:32:59: each other in terms of schedule and scope of work. 00:32:59 --> 00:33:02: And even like the simple fact that they get along 00:33:02 --> 00:33:05: like they're they're working beside each other all the time. 00:33:05 --> 00:33:07: And it's it's it's huge, 00:33:07 --> 00:33:10: and it's very complicated and so it's tough to quantify 00:33:10 --> 00:33:10: it.

15 00:33:10 --> 00:33:13: But it was crucial to the success and sort of 00:33:13 --> 00:33:14: where we've come. 00:33:14 --> 00:33:17: To this point. 00:33:17 --> 00:33:21: And you know just thinking about the scale and the 00:33:21 --> 00:33:23: magnitude of this project. 00:33:23 --> 00:33:26: Like everybody just takes so much pride in it and 00:33:26 --> 00:33:29: they make decisions on behalf of the project, 00:33:29 --> 00:33:32: not not their individual components, 00:33:32 --> 00:33:34: which is another really big part. 00:33:34 --> 00:33:37: So if I think back to pretty much the better 00:33:37 --> 00:33:41: part of maybe two years where all of the teams 00:33:41 --> 00:33:45: grew the retail and like all the different ownerships and 00:33:45 --> 00:33:49: their consultant teams sitting in a room for pretty much 00:33:49 --> 00:33:49: like. 00:33:49 --> 00:33:54: At some points it was for five hours every Wednesday 00:33:54 --> 00:33:57: going through the design of the project. 00:33:57 --> 00:34:00: You know in all the agreements and it's working things 00:34:00 --> 00:34:03: out and that sometimes it was retail that would shift 00:34:04 --> 00:34:06: things on it to make residential work a little bit 00:34:06 --> 00:34:10: more efficiently. Or you know residential which shifts on the 00:34:10 --> 00:34:13: behalf of the office and everybody kind of it was 00:34:13 --> 00:34:16: a give and take from all kind of standpoints. 00:34:16 --> 00:34:18: And again, just coming back to the fact that, 00:34:18 --> 00:34:22: you know we had the alignment and just everybody focused 00:34:22 --> 00:34:25: on making what was the right decision for the project, 00:34:25 --> 00:34:28: even though you know their own individual components, 00:34:28 --> 00:34:31: maybe. You know they had to sacrifice something on it. 00:34:33 --> 00:34:37: And you know, like interesting things like you know we 00:34:37 --> 00:34:39: designed the the P4 level. 00:34:39 --> 00:34:42: Acute talks about the market being the heart of the 00:34:42 --> 00:34:43: project, 00:34:43 --> 00:34:46: which is definitely is, I think the other. 00:34:46 --> 00:34:48: If a project has two hearts, 00:34:48 --> 00:34:51: maybe the second one would be the the kind of 00:34:51 --> 00:34:55: P4 level that was designed to basically service the entire 00:34:55 --> 00:35:00: project from loading and garbage collection and storage and back 00:35:00 --> 00:35:02: of house for all the retail and. 00:35:02 --> 00:35:06: I think there's something like 29 loading bays in the 00:35:06 --> 00:35:06: P4 level, 00:35:06 --> 00:35:08: so everything comes and goes. 00:35:08 --> 00:35:12: Pick up, drop off everything in that level to make

16 00:35:12 --> 00:35:15: everything above kind of work so cohesively, 00:35:15 --> 00:35:18: and that was a pretty interesting thing and just took 00:35:19 --> 00:35:20: a lot of a lot of work, 00:35:20 --> 00:35:24: but. Again, just. 00:35:24 --> 00:35:26: You know, there's certainly was challenges. 00:35:26 --> 00:35:29: I think we we pretty much overcame many of it 00:35:29 --> 00:35:30: because of that. 00:35:30 --> 00:35:33: The principle of alignment that we all agreed to from 00:35:33 --> 00:35:34: the very beginning. 00:35:34 --> 00:35:37: Thank you, Melissa, thank you Hugh. 00:35:37 --> 00:35:40: You spoke about Enwave and the system known as the 00:35:40 --> 00:35:41: the well beneath the well. 00:35:41 --> 00:35:45: And what are some interesting opportunities that you found from 00:35:45 --> 00:35:47: including and wave in this project? 00:35:47 --> 00:35:49: Similar to what ask Melissa, 00:35:49 --> 00:35:53: what are the interesting stories you can share? 00:35:53 --> 00:35:58: That was definitely I. I echo everything Melissa said about 00:35:58 --> 00:35:59: the partnership. 00:35:59 --> 00:36:03: It has been a pleasure working with the whole Rio 00:36:03 --> 00:36:04: Cantina, 00:36:04 --> 00:36:08: including Melissa. I'm not sure she would say the same 00:36:08 --> 00:36:09: in return, 00:36:09 --> 00:36:13: but on the call she probably would you anyway, 00:36:13 --> 00:36:17: as I said it, we had this unique opportunity because 00:36:17 --> 00:36:21: you rarely have seven and a half acres of site 00:36:21 --> 00:36:25: that you're digging down four to six stories below grade. 00:36:25 --> 00:36:29: Um, to create anything unique that you rarely have that 00:36:29 --> 00:36:31: kind of opportunity. 00:36:31 --> 00:36:33: In this case, you know it was. 00:36:33 --> 00:36:37: It really was Enwave who came to us and said, 00:36:37 --> 00:36:40: hey guys, you know we think this is an important 00:36:40 --> 00:36:44: part of the city of Toronto's infrastructure. 00:36:44 --> 00:36:47: This district energy system. 00:36:47 --> 00:36:51: And you guys have the opportunity here to be an 00:36:51 --> 00:36:53: integral part of it. 00:36:53 --> 00:36:57: So, quite Interestingly, the first lease that was signed for 00:36:57 --> 00:37:01: the well wasn't negotiated by Tim Tim's done many many 00:37:01 --> 00:37:03: leases since this point, 00:37:03 --> 00:37:06: but it was the lease with Enwave for that little 00:37:06 --> 00:37:09: circle and the you know that whatever. 00:37:09 --> 00:37:13: How many 1000 square feet at the bottom?

17 00:37:13 --> 00:37:16: How many square? How many feet below is like 200 00:37:16 --> 00:37:21: feet below the surface that we signed on the development 00:37:21 --> 00:37:21: side. 00:37:21 --> 00:37:25: It was really this is this is a unique opportunity. 00:37:25 --> 00:37:30: Take advantage of it and subsequent to that the establishment 00:37:30 --> 00:37:34: of that node there for enwave we've now allowed them 00:37:34 --> 00:37:37: to expand straight up to King Street in order to 00:37:37 --> 00:37:42: serve our project on King another one with great golf 00:37:42 --> 00:37:44: that we're doing on King. 00:37:44 --> 00:37:47: And there I know they're expanding to the West, 00:37:47 --> 00:37:49: so you know you you have. 00:37:49 --> 00:37:52: These is a rare opportunity to say, 00:37:52 --> 00:37:55: hey, let's seize it and make sure that we can 00:37:55 --> 00:37:59: actually give back to City by allowing Enwave system to 00:37:59 --> 00:38:01: expand outwards to blessed, 00:38:01 --> 00:38:05: which they wouldn't normally be able to do if it 00:38:05 --> 00:38:08: was just done Piece Meal project after project. 00:38:08 --> 00:38:13: Definitely definitely Anna. This is a great great test. 00:38:13 --> 00:38:16: Segue into a few questions for Tim. 00:38:16 --> 00:38:19: In not notwithstanding the lease for the Enwave sister, 00:38:19 --> 00:38:21: now what was your leasing strategy? 00:38:21 --> 00:38:24: What goals were you trying to achieve? 00:38:24 --> 00:38:27: Well, great question. Don't they see it? 00:38:27 --> 00:38:30: It was 3/4. I mean if you look at our 00:38:30 --> 00:38:34: lights tenant base in the Downtown West we have a 00:38:35 --> 00:38:37: number of things we lost. 00:38:37 --> 00:38:39: We OK yeah we got you back we we have 00:38:39 --> 00:38:42: a tenant base or we were referred to as Tami 00:38:42 --> 00:38:44: tenants which are technology, 00:38:44 --> 00:38:50: advertising media and information. Tenants and their primarily our tenant 00:38:50 --> 00:38:53: based in Toronto at and the reason they sort of 00:38:53 --> 00:38:57: populated in the downtown West is because of the you 00:38:57 --> 00:39:01: know creative nature of the real estate classified buildings that 00:39:01 --> 00:39:04: we have and we want to build on that so 00:39:04 --> 00:39:07: larger floorplates lot of natural light an. 00:39:07 --> 00:39:10: We call it high performance real estate and really, 00:39:10 --> 00:39:14: that's what the well is representing for office tenants. 00:39:14 --> 00:39:16: So we build on that and we went to those 00:39:16 --> 00:39:19: Tami tenants and we recreated again this bus, 00:39:19 --> 00:39:22: but we were focusing on them with the open concept

18 00:39:22 --> 00:39:24: and that's why we wanted them there. 00:39:24 --> 00:39:27: Of course, you know try and get them into the 00:39:27 --> 00:39:27: building. 00:39:27 --> 00:39:30: The second part was really we looked at the neighborhood 00:39:31 --> 00:39:34: and we weren't trying to defend the location we were 00:39:34 --> 00:39:35: actually applauding it, 00:39:35 --> 00:39:38: so we encourage tenants to really look at the. 00:39:38 --> 00:39:41: How the core was expanding and we use that to 00:39:41 --> 00:39:42: our advantage as well, 00:39:42 --> 00:39:44: so its proximity to Union Station, 00:39:44 --> 00:39:47: which I said before. So we looked at the demographics 00:39:47 --> 00:39:49: we looked at who lives in the neighborhood? 00:39:49 --> 00:39:52: You know how many people are educated, 00:39:52 --> 00:39:55: what restaurants and banks and amenities were already there? 00:39:55 --> 00:39:58: So we built on that as part of our strategy. 00:39:58 --> 00:40:01: And the Third Point was really the financial part of 00:40:01 --> 00:40:01: our business, 00:40:01 --> 00:40:05: which of course always comes into play. 00:40:05 --> 00:40:08: Rents and gross rents are very very important to any 00:40:09 --> 00:40:11: any tenant when they're going into. 00:40:11 --> 00:40:14: But there was a huge tax advantage which tax grants 00:40:14 --> 00:40:18: the city was allowing to for tenants to relocate their 00:40:18 --> 00:40:23: offices outside on the periphery markets of the downtown core, 00:40:23 --> 00:40:26: and landlords had the ability to apply for this grant, 00:40:26 --> 00:40:29: and we were passing on the tax savings to to 00:40:29 --> 00:40:30: these tenants. 00:40:30 --> 00:40:33: So that was a huge financial benefit to them. 00:40:33 --> 00:40:37: Upwards of you know. Could be anywhere from 10 to 00:40:37 --> 00:40:37: you know, 00:40:37 --> 00:40:41: probably $12.00 a square foot just in tax savings alone. 00:40:41 --> 00:40:43: So when you put that all together, 00:40:43 --> 00:40:47: it's a very compelling reason to come to this. 00:40:47 --> 00:40:51: Thirdly, space in the building and we use those three 00:40:51 --> 00:40:54: sort of main drivers of our leasing strategy. 00:40:54 --> 00:40:57: And and just to build on that and Melissa, 00:40:57 --> 00:40:58: by all means chime in. 00:40:58 --> 00:41:01: How did you find that you're leasing strategy at the 00:41:01 --> 00:41:05: well to be unique from other strategies that you've undertaken 00:41:05 --> 00:41:06: in the past. 00:41:06 --> 00:41:10: I think from our perspective.

19 00:41:10 --> 00:41:12: Not so much in the leasing strategy. 00:41:12 --> 00:41:15: Just in this in the design strategy and the fact 00:41:16 --> 00:41:19: that you know you're not really signing tenants on, 00:41:19 --> 00:41:21: you know until 18 to 24 months sort of thing 00:41:21 --> 00:41:24: until they're ready to take the space. 00:41:24 --> 00:41:26: And we've been at this project as you. 00:41:26 --> 00:41:28: As you pointed out earlier, 00:41:28 --> 00:41:31: for quite some time, so it was more so making 00:41:31 --> 00:41:35: sure that you know in the design we were making 00:41:35 --> 00:41:37: it as flexible as possible. 00:41:37 --> 00:41:40: So for instance, you know in the market design that 00:41:40 --> 00:41:42: went through numerous iterations, 00:41:42 --> 00:41:45: not really understanding exactly where all the different kiosk and 00:41:45 --> 00:41:47: spaces were going to go, 00:41:47 --> 00:41:49: which ones we're going to have the ability to. 00:41:49 --> 00:41:52: You know, cook, which they needed ventilation, 00:41:52 --> 00:41:53: which was like, you know, 00:41:53 --> 00:41:56: the HVAC units. Like all of that type of thing. 00:41:56 --> 00:41:59: So coming up with the system and laying everything out 00:41:59 --> 00:42:01: on in a grid pattern was sort of one way 00:42:01 --> 00:42:04: that we got around that so that you know, 00:42:04 --> 00:42:07: just gave us ultimate flexibility of how we could lay 00:42:07 --> 00:42:09: this out in the future. 00:42:09 --> 00:42:11: To be optimal for the tenants that we were going 00:42:11 --> 00:42:13: to be dealing with later on. 00:42:13 --> 00:42:15: So that's one example of it, 00:42:15 --> 00:42:17: but really, it was just making sure that we were 00:42:17 --> 00:42:21: just being very forward thinking when we were like and 00:42:21 --> 00:42:22: after that Kendra and Melissa. 00:42:22 --> 00:42:25: While I didn't do any of the retail leasing, 00:42:25 --> 00:42:26: one thing that you know, 00:42:26 --> 00:42:29: if you look at our tenant base again and Kings 00:42:29 --> 00:42:30: banana on the retail, 00:42:30 --> 00:42:34: everything is very different. Whether it's a restaurant or a 00:42:34 --> 00:42:35: shop or anything, 00:42:35 --> 00:42:38: you're not going to find national chains and we use 00:42:38 --> 00:42:39: that strategy. 00:42:39 --> 00:42:41: Going into the well, we almost sold that that the 00:42:41 --> 00:42:44: types of retailers going to come in there were going 00:42:44 --> 00:42:45: to be very different. 00:42:45 --> 00:42:47: You're not going to find a not just a national

20 00:42:47 --> 00:42:50: chain that something you would find you know at the 00:42:50 --> 00:42:52: corner of whatever downtown Toronto. 00:42:52 --> 00:42:53: I won't use any names at this point, 00:42:53 --> 00:42:54: so we built on that, 00:42:54 --> 00:42:57: and that's what real can have been very successful in 00:42:57 --> 00:42:58: doing the retail deals. 00:42:58 --> 00:43:01: Now that are coming that they are going to be 00:43:01 --> 00:43:01: very, 00:43:01 --> 00:43:03: very different. I don't want to take away any or 00:43:03 --> 00:43:04: Thunder, 00:43:04 --> 00:43:06: but I just thought I have to mention that thank 00:43:06 --> 00:43:07: you. 00:43:07 --> 00:43:10: Thank you, Tim. And I'm sure question that everyone is 00:43:10 --> 00:43:12: not being asked nowadays, 00:43:12 --> 00:43:16: but how has the pandemic impacted releasing strategy? 00:43:16 --> 00:43:19: Well pre pandemic I mean we were sitting at about 00:43:19 --> 00:43:19: 84% 00:43:19 --> 00:43:22: released on the office tower so we had no worries. 00:43:22 --> 00:43:25: We're so happy with the progress we made and the 00:43:25 --> 00:43:29: types of tenants coming in and then during the pandemic 00:43:29 --> 00:43:31: portrait or still end we're at 86%. 00:43:31 --> 00:43:34: So we've only done one transaction in the last year, 00:43:34 --> 00:43:36: but it was an important one. 00:43:36 --> 00:43:38: And what we're doing now going forward is if you 00:43:38 --> 00:43:42: a few different things so you know we're building out 00:43:42 --> 00:43:44: some space on some of the floors that are still 00:43:44 --> 00:43:47: vacant. We're going to do that coming this October. 00:43:47 --> 00:43:51: We're going to offer fully turnkey solutions for tenants who 00:43:51 --> 00:43:53: want to come in for up to a five year 00:43:53 --> 00:43:54: term, 00:43:54 --> 00:43:57: and the reason we're doing that is because we know 00:43:57 --> 00:44:00: there's a lot of sublease space coming to the market 00:44:00 --> 00:44:01: right now, 00:44:01 --> 00:44:04: whether from the banks or whatever we want to compete, 00:44:04 --> 00:44:07: we want to give tenants the ability to come in, 00:44:07 --> 00:44:08: pay a one growth rate, 00:44:08 --> 00:44:11: and then at the same time they don't have to 00:44:11 --> 00:44:13: worry about design and build out. 00:44:13 --> 00:44:15: We can accommodate their use, 00:44:15 --> 00:44:18: so we're taking what we call term floors that are. 00:44:18 --> 00:44:21: For Shopify to exercise that right on in 2027, 00:44:21 --> 00:44:23: I believe it is an and we're going to fully

21 00:44:23 --> 00:44:24: build them out, 00:44:24 --> 00:44:28: so that's one thing that we're doing other things that 00:44:28 --> 00:44:31: we're doing are sort of building up on the. 00:44:31 --> 00:44:33: You know the. 00:44:33 --> 00:44:34: Collect these Oh my God, 00:44:34 --> 00:44:37: I've lost my train of thought but it's a matter 00:44:37 --> 00:44:40: port camera so that's what I'm trying to say. 00:44:40 --> 00:44:43: So we are sort of finding waste goes where in 00:44:43 --> 00:44:45: the pandemic and we're locked out at home. 00:44:45 --> 00:44:48: Where are creating these these videos that we can send 00:44:48 --> 00:44:51: to do perspective tenants to show them what the look 00:44:51 --> 00:44:54: and feel is 'cause they can't physically go down to 00:44:54 --> 00:44:57: the site and walk the site or on the floor? 00:44:57 --> 00:45:00: So that's been working to our advantage and again it 00:45:00 --> 00:45:03: keeps that buzz and momentum going. 00:45:03 --> 00:45:06: Great, well, I know we have a number of questions 00:45:06 --> 00:45:09: that have been popping up as as we've been discussing 00:45:09 --> 00:45:11: this and I believe Richard Joy is going to take 00:45:11 --> 00:45:14: the lead now and start pulling those questions. 00:45:14 --> 00:45:17: Richard, if you want to take the lead. 00:45:17 --> 00:45:21: Sure, thanks very much. That's been fascinating presentation so far. 00:45:21 --> 00:45:23: Lots of great questions, lots of love. 00:45:23 --> 00:45:26: I will also say some really great comments. 00:45:26 --> 00:45:27: I hope I'll read it. 00:45:27 --> 00:45:29: Maybe one or two of them, 00:45:29 --> 00:45:32: but lots of affection in this audience for this project. 00:45:32 --> 00:45:36: Not surprising, but the number one question so far is 00:45:36 --> 00:45:37: something that hasn't. 00:45:37 --> 00:45:41: I don't think then mention it's it's from Bogdan artist 00:45:41 --> 00:45:43: saying thanks for the presentation. 00:45:43 --> 00:45:47: Has there been any design interplay with the potential rail 00:45:47 --> 00:45:48: deck park? 00:45:48 --> 00:45:51: Which which I believe would be Kitty corner and obviously 00:45:51 --> 00:45:54: to the East if it comes to be so not 00:45:54 --> 00:45:57: too sure who would best answer that question and that 00:45:57 --> 00:46:01: I'm including bringing back our presenter at the at the 00:46:01 --> 00:46:02: front end. 00:46:02 --> 00:46:04: If if that makes sense. 00:46:04 --> 00:46:07: Or I can I can jump in here? 00:46:07 --> 00:46:10: We were certainly aware of rail deck Park. 00:46:10 --> 00:46:15: The discussions with regards rail back park 100%

22 00:46:15 --> 00:46:19: support the idea of building a deck over the rails 00:46:19 --> 00:46:21: and creating a park there. 00:46:21 --> 00:46:25: It's hugely expensive that undertaking, 00:46:25 --> 00:46:29: which is why it hasn't been built to date. 00:46:29 --> 00:46:33: Our hopes is that the city uses funds from offsite 00:46:33 --> 00:46:35: park contributions. 00:46:35 --> 00:46:39: To actually do it, I think it would be hugely 00:46:39 --> 00:46:44: beneficial to City place to the South as well as 00:46:44 --> 00:46:47: all of the residents on King West, 00:46:47 --> 00:46:51: including the well. So we were aware of it. 00:46:51 --> 00:46:56: We always seen Front Street as being having great opportunity 00:46:56 --> 00:47:01: is just challenge right now because of the rail we've 00:47:01 --> 00:47:02: created, 00:47:02 --> 00:47:05: a kind of colonnade there to allow for. 00:47:05 --> 00:47:08: Patios and things like that. 00:47:08 --> 00:47:13: Along Front Street. The Plaza itself empties out onto on 00:47:13 --> 00:47:14: Front Street, 00:47:14 --> 00:47:19: so we were very aware of it and hopefully built 00:47:19 --> 00:47:23: our side of the tracks in such a way that 00:47:23 --> 00:47:25: when it does happen. 00:47:25 --> 00:47:29: It will. It will naturally flow from our site over 00:47:29 --> 00:47:32: the park down to City Place. 00:47:32 --> 00:47:35: Great, there is actually a question from Eli and I'm 00:47:35 --> 00:47:37: not saying your name wrong. 00:47:37 --> 00:47:39: I'm sure Bob Oh well, 00:47:39 --> 00:47:42: I'm I'm curious about the off it relates to the 00:47:42 --> 00:47:44: offsite Parkland dedication, 00:47:44 --> 00:47:47: so I'm curious about the offsite parking dedication. 00:47:47 --> 00:47:51: Could we get a quick walkthrough of this process and 00:47:51 --> 00:47:56: how you collaborated with the city and other relevant stakeholders 00:47:56 --> 00:47:57: to design this? 00:47:57 --> 00:48:00: The offsite Parkland piece is an easy question or not? 00:48:00 --> 00:48:03: Yeah relatively easy, I mean the. 00:48:03 --> 00:48:07: So there are two our offsite park land dedication's one 00:48:07 --> 00:48:11: that is front on the Draper Street that came with 00:48:11 --> 00:48:12: the property. 00:48:12 --> 00:48:17: There were two houses that had been torn down previously. 00:48:17 --> 00:48:21: Breaker Street is a beautiful little public St and so 00:48:21 --> 00:48:24: rather than in filling that empty tooth, 00:48:24 --> 00:48:29: we've decided as Melissa described to work with the community

23 00:48:29 --> 00:48:32: to create a park at it's really a park at 00:48:32 --> 00:48:33: in that. 00:48:33 --> 00:48:37: Vacant lots there. It's going to be a great little 00:48:37 --> 00:48:41: asset for the residents on Draper Street, 00:48:41 --> 00:48:47: but the main Parkland dedication is actually on Wellington directly 00:48:47 --> 00:48:50: North and a little bit off from our Plaza. 00:48:50 --> 00:48:56: So you flow from our Plaza across Wellington to the 00:48:56 --> 00:48:57: park. 00:48:57 --> 00:48:59: Through the park. Through our King, 00:48:59 --> 00:49:04: Toronto, with there's some there's an arch they're going to 00:49:04 --> 00:49:08: flow through the courtyard and then write to King Street. 00:49:08 --> 00:49:11: So that was a that was a property that was 00:49:11 --> 00:49:16: owned by another developer who was having trouble getting approvals 00:49:16 --> 00:49:18: for what they anticipated. 00:49:18 --> 00:49:22: They wanted to be able to achieve for that site, 00:49:22 --> 00:49:27: we were able to secure it during their approval process. 00:49:27 --> 00:49:30: We didn't close until Arzone was in place but the 00:49:30 --> 00:49:32: city then said listen, 00:49:32 --> 00:49:36: if you guys can give us that property there it's 00:49:36 --> 00:49:39: technically off site but effectively it is not. 00:49:39 --> 00:49:43: It's part of the part of Wellington right across from 00:49:43 --> 00:49:44: your. 00:49:44 --> 00:49:48: Your site will accept that as the park then contribution 00:49:48 --> 00:49:51: for the well with the Draper St Park. 00:49:51 --> 00:49:54: So there was there was lots of back and forth 00:49:54 --> 00:49:57: with the planning and parks about. 00:49:57 --> 00:49:58: How do we do this? 00:49:58 --> 00:50:02: Cloud came up with this whimsical design that with the 00:50:02 --> 00:50:05: is the dog Park got Baird C and then he 00:50:05 --> 00:50:07: came up with this cat park here. 00:50:07 --> 00:50:09: There was a little backlash. 00:50:09 --> 00:50:12: I guess that people don't like cats so that the 00:50:13 --> 00:50:16: design of that is still very much sitting with the 00:50:16 --> 00:50:17: city right now. 00:50:17 --> 00:50:22: Hopefully they accept clothes design and that's what gets built 00:50:22 --> 00:50:23: at the end of the day. 00:50:23 --> 00:50:27: We anticipate that being done in the next couple of 00:50:27 --> 00:50:27: years. 00:50:29 --> 00:50:32: Great, great and others will jump in at any of 00:50:32 --> 00:50:33: these questions.

24 00:50:33 --> 00:50:37: Of course an reminder to upvote any questions that you 00:50:37 --> 00:50:38: see that are there. 00:50:38 --> 00:50:41: I know Rob Spaniards would like another vote so, 00:50:41 --> 00:50:44: but I'm going to really anonymous attendees. 00:50:44 --> 00:50:48: Number three question and that is thanks for the presentation. 00:50:48 --> 00:50:51: It's great to see the mix of two and three 00:50:51 --> 00:50:55: bedrooms in the residential areas to cater to families in 00:50:55 --> 00:50:56: larger living spaces. 00:50:56 --> 00:50:58: Can you walk us through? 00:50:58 --> 00:51:01: What, if any, design changes you've made? 00:51:01 --> 00:51:03: In consideration of Covid and beyond, 00:51:03 --> 00:51:07: specifically, as it affects and I know some of this 00:51:07 --> 00:51:11: has already been touched on office retail and other common 00:51:11 --> 00:51:11: areas, 00:51:11 --> 00:51:15: but let's let's speak to maybe to the Rez peace 00:51:15 --> 00:51:17: as the primary focus of this question. 00:51:20 --> 00:51:21: Who would like to take that? 00:51:21 --> 00:51:24: Well, Melissa would probably be the best person for the 00:51:24 --> 00:51:24: Reds. 00:51:24 --> 00:51:28: Just 'cause she still has an ownership stake in that. 00:51:28 --> 00:51:32: Sorry, so if we made any design changes because of 00:51:32 --> 00:51:33: cobett. 00:51:33 --> 00:51:34: Yeah, I mean it has. 00:51:34 --> 00:51:39: It has has the covid situation and the implications going 00:51:39 --> 00:51:44: forward had any impact on how you were designing the 00:51:44 --> 00:51:46: Rez portion of the project. 00:51:46 --> 00:51:48: I'm not necessarily, I mean, 00:51:48 --> 00:51:55: the projects like the design was essentially complete constructions you 00:51:55 --> 00:51:58: know had already started before covid. 00:51:58 --> 00:52:02: Think really, you know from a like amenity space like 00:52:02 --> 00:52:06: the entire T of what's sitting below the residential being 00:52:06 --> 00:52:10: an open air you know Center for people to walk 00:52:10 --> 00:52:12: through and things of that nature, 00:52:12 --> 00:52:16: you know, services all the residential above. 00:52:16 --> 00:52:19: I think you know we're not really making any sort 00:52:19 --> 00:52:23: of residential specific changes because of this. 00:52:23 --> 00:52:25: That will hopefully you know, 00:52:25 --> 00:52:28: be through, you know, in the near future so. 00:52:28 --> 00:52:34: Yeah, not necessarily. Any residential changes on our part. 00:52:34 --> 00:52:36: Any other pieces?

25 00:52:36 --> 00:52:40: I'm here with my just with my own opinion what 00:52:40 --> 00:52:41: it's worth. 00:52:41 --> 00:52:44: You know what we are trying to avoid? 00:52:44 --> 00:52:49: Is any knee jerk reaction and throwing the baby out 00:52:49 --> 00:52:50: with the bathwater. 00:52:50 --> 00:52:56: Our tenants for sure are reimagining how they are using 00:52:56 --> 00:52:57: office space. 00:52:57 --> 00:53:01: So that is we are very cognizant of that you 00:53:01 --> 00:53:05: know there there was one tenant who had a particular 00:53:05 --> 00:53:08: way that they used to design their offices, 00:53:08 --> 00:53:10: that that had very closed, 00:53:10 --> 00:53:15: very intimate spaces, and they're reconsidering how best. 00:53:15 --> 00:53:17: How best to re plan that. 00:53:17 --> 00:53:20: I think that the key to the design from the 00:53:20 --> 00:53:25: office side and Tim alluded to this is the flexibility. 00:53:25 --> 00:53:27: So we have an offset core. 00:53:27 --> 00:53:31: Which means that's not right in the middle. 00:53:31 --> 00:53:35: It allows for much more flexibility in terms of space 00:53:35 --> 00:53:40: planning on the on the particularly the 30,000 plus square 00:53:40 --> 00:53:42: foot floor plates, 00:53:42 --> 00:53:46: so you know, we had always been cognizant of the 00:53:46 --> 00:53:50: kinds of uses that are tenants use the space for, 00:53:50 --> 00:53:54: which are varied, and that I think that that has 00:53:54 --> 00:53:56: allowed them to say OK, 00:53:56 --> 00:54:00: change tact. We may not build out this the exact 00:54:00 --> 00:54:00: same way. 00:54:00 --> 00:54:05: Let's adjust things. There are the easy stuff that kind 00:54:05 --> 00:54:08: of hands free access and all that stuff. 00:54:08 --> 00:54:11: Our hopes is that I think this goes for everybody 00:54:11 --> 00:54:14: we get through this pandemic. 00:54:14 --> 00:54:18: There are certain changes that happen naturally that we've now 00:54:18 --> 00:54:23: kind of accelerated into flexibility in terms of space use, 00:54:23 --> 00:54:25: but also in terms of you know, 00:54:25 --> 00:54:30: offsite work. Those kinds of things that our design actually 00:54:30 --> 00:54:31: allowed for, 00:54:31 --> 00:54:35: so our hopes is that we we've created a condition 00:54:35 --> 00:54:39: that facilitates adjustments on the part of the tenants. 00:54:41 --> 00:54:45: Great. Thank you and if I'll move on to the 00:54:45 --> 00:54:46: next question, 00:54:46 --> 00:54:49: this is Rob Spanier. He got voted up to the 00:54:49 --> 00:54:50: top here,

26 00:54:50 --> 00:54:54: so given the significant competition for large scale mixed use 00:54:55 --> 00:54:57: developments throughout the GTA, 00:54:57 --> 00:55:00: how does the well differentiate differentiate? 00:55:00 --> 00:55:02: That's the big word here itself. 00:55:02 --> 00:55:06: From the other large scale projects of a similar nature 00:55:06 --> 00:55:08: and complement, 00:55:08 --> 00:55:12: these other projects to ensure its long-term success and viability 00:55:12 --> 00:55:13: so that. 00:55:13 --> 00:55:16: It's the differentiator that is looking for expansion. 00:55:16 --> 00:55:19: I think you've covered a little bit of that, 00:55:19 --> 00:55:22: but slam dunk and that might be that might be 00:55:22 --> 00:55:23: the last question we get to. 00:55:26 --> 00:55:28: Well, I can hear him I either or if they 00:55:28 --> 00:55:30: probably heard enough of me, 00:55:30 --> 00:55:34: why don't you take a time? 00:55:34 --> 00:55:38: I love that question because I know you and Michael 00:55:38 --> 00:55:40: Emery answer this all the time. 00:55:40 --> 00:55:44: But how I reply to this is we're building buildings 00:55:44 --> 00:55:48: for people and the only way we're going to have 00:55:48 --> 00:55:52: this project last for decades and decades to come to 00:55:52 --> 00:55:54: is really the type of real estate. 00:55:54 --> 00:55:58: And we've seen that trend not only from companies leaving 00:55:58 --> 00:56:01: the suburbs and coming downtown, 00:56:01 --> 00:56:04: but what is going to keep them there. 00:56:04 --> 00:56:07: And it's a combination of the type of real estate, 00:56:07 --> 00:56:11: the race floor system, everything that I alluded to with 00:56:11 --> 00:56:13: natural light and making it a distant, 00:56:13 --> 00:56:16: enjoyable place to come, work and live. 00:56:16 --> 00:56:19: Possibly an or not that I have a condo there, 00:56:19 --> 00:56:22: but also the amenities and that is so important to 00:56:22 --> 00:56:24: us and to any tenant. 00:56:24 --> 00:56:27: And again we have to be different because you can 00:56:27 --> 00:56:30: put a standard food court anywhere an that's going to 00:56:31 --> 00:56:33: have a life span of maybe 10 years if you're 00:56:33 --> 00:56:37: lucky. Again, we're building on this food market. 00:56:37 --> 00:56:41: We're building on the type of retailers coming in. 00:56:41 --> 00:56:45: The experience that tenants an whether residential or office tenants, 00:56:45 --> 00:56:49: and that is so important to this longevity and success 00:56:49 --> 00:56:53: of this development in the neighborhood is by far the 00:56:53 --> 00:56:56: hottest neighborhood in the country right now. 00:56:56 --> 00:56:59: Without a doubt between office,

27 00:56:59 --> 00:57:02: retail and residential, it is a reason why it's the 00:57:03 --> 00:57:05: largest mixed use development. 00:57:05 --> 00:57:07: Urban mixed use development in the country, 00:57:07 --> 00:57:09: so hopefully that answers questions. 00:57:09 --> 00:57:12: A great that's a pretty great answer. 00:57:12 --> 00:57:15: I would say, and with that I'll just say apologies 00:57:15 --> 00:57:17: to those whose questions we did not get to. 00:57:17 --> 00:57:20: Some of you have heard us say this before and 00:57:20 --> 00:57:21: there's and as I said, 00:57:21 --> 00:57:24: I'm hoping that the panelists will go through and there's 00:57:24 --> 00:57:27: a lot of nice compliments here that I hope you'll 00:57:27 --> 00:57:28: absorb. 00:57:28 --> 00:57:31: But there are maybe a few other questions that will 00:57:31 --> 00:57:32: inform future programming. 00:57:32 --> 00:57:36: You may have noticed. We're pretty active programmers these days. 00:57:36 --> 00:57:40: And so we're always looking for content and we we 00:57:40 --> 00:57:43: mind the Q&A's for that content often so so so 00:57:43 --> 00:57:46: if we didn't get to your questions, 00:57:46 --> 00:57:48: please know that they've been noted. 00:57:48 --> 00:57:52: And with that I'm going to turn back to our 00:57:52 --> 00:57:55: moderator Kendra that close us out on time. 00:57:55 --> 00:57:57: Thank you very much Richard. 00:57:57 --> 00:58:00: This has been a wonderful love panel to be apart 00:58:00 --> 00:58:03: of on behalf of the electron to and our membership 00:58:03 --> 00:58:03: committee. 00:58:03 --> 00:58:05: I want to thank you all. 00:58:05 --> 00:58:07: Huma Lissa Tim. Thank you so much for joining us 00:58:07 --> 00:58:10: today and for providing us with an unplugged and up 00:58:10 --> 00:58:13: close and personal look behind the vision of the well 00:58:13 --> 00:58:16: and the process involved in what we see today and 00:58:16 --> 00:58:19: what we will experience once the project is complete and 00:58:20 --> 00:58:22: thank you to our members and guests for tuning into 00:58:22 --> 00:58:26: today's session. We hope you are all keeping well and 00:58:26 --> 00:58:29: we look forward to having you on a future webinar. 00:58:29 --> 00:58:31: And thank you and I hope you enjoy the rest 00:58:31 --> 00:58:32: of your day.