Terracap, Great Gulf List Long-Dormant King-Spadina Project

Terracap, Great Gulf Move On From Long-Dormant King-Spadina Project

Over the years, they renovated the office and retail building at 401-409 King Street West, and later constructed a commercial building at 415 King Street West. The building was a longtime home to an LCBO before becoming home to Spirit Halloween and, more recently, the Toronto Night Market.

February 12, 2026

11:34 AM

After being in the works for over 15 years, the developers of a high-rise project set for a prime corner in Toronto’s Entertainment District have decided to move on from the project, according to a recent commercial real estate listing.

The site is 401-415 King Street West, located at the southeast corner of the intersection with Spadina Avenue, a few blocks away from Rogers Centre. The site was assembled by Toronto-based real estate investment firm Terracap, which acquired 401-409 King Street West in 1994 for $850,000 and then 415 King Street West in 2007 for an undisclosed price, according to the company’s website.

Over the years, they renovated the office and retail building at 401-409 King Street West and later constructed a commercial building at 415 King Street West, which was previously a surface parking lot. The building was a longtime home to an LCBO before becoming home to Spirit Halloween and, more recently, the Toronto Night Market.

An application was submitted in 2010 for a 39-storey residential tower with a total gross floor area of 372,044 sq. ft, but the application was later revised up to a 56-storey mixed-use tower with a total gross floor area of 518,971 sq. ft, according to a City of Toronto staff report.

However, Council failed to make a decision within the required timeline and the developer brought its application to the Ontario Municipal Board, the entity now known as the Ontario Land Tribunal, and a settlement was reached in 2017 with the development plan revised down to a 45-storey mixed-use tower with a total gross floor area of 444,550 sq. ft. An application with this configuration was submitted in 2019.

Tridel was formerly a development partner on the project, but the 2019 application was submitted by Terracap and Great Gulf, who are also partners on The Clair at 1421 Yonge Street. An affiliate of Great Gulf remains an owner in the property, a representative told STOREYS. The property is held under Kingspa Inc.

The Listing

401-415 King Street West. (JLL)

The 401-415 King Street West development site was listed for sale last month by Matt Picken, Bryce Gibson, Tyler Randa, and Jared Cowley of JLL, who called the property a “ landmark development parcel with a clear path to development in a high-profile location at one of Toronto’s most iconic intersections.”

Specs:

Address: 401-415 King Street West, Toronto
Existing Leasable Area: 45,102 sq. ft (401 King St W) + 11,373 sq. ft (415 King St W)
Buildable Gross Floor Area: 444,550 sq. ft
Height: 45 storeys
Price: Unpriced
Listed By: JLL (Matt Picken, Bryce Gibson, Tyler Randa, and Jared Cowley)

“The scale of the project, along with its location at a highly coveted intersection, positions the site well for a residential condominium or purpose-built rental offering, with flexibility to incorporate hotel uses within a redevelopment,” said JLL in its sale brochure. “The contemplated development is currently subject to Site Plan Approval which has been advanced, allowing a future owner to refine project specifications as it completes the remainder of the entitlement process, while also collecting holding income from the existing retail and office buildings.”

“Since the OMB settlement in 2017, the Vendor has had favourable discussions with City planning regarding additional density as this submarket and other areas of Toronto have continued to experience intensification,” added JLL. “These preliminary discussions suggest potential opportunities for a future owner to increase total project GFA to over 500,000 sf, subject to City approval of a subsequent planning application.”

JLL notes that the building at 401-409 King Street West is currently partially occupied, while 415 King Street West is currently leased on a short-term basis, so the properties provide holding income in the interim. They also said vacant possession of the buildings is possible in the near-term.

Listed Commercial

Terracap, Great Gulf Move On From Long-Dormant King-Spadina Project

Over the years, they renovated the office and retail building at 401-409 King Street West, and later constructed a commercial building at 415 King Street West. The building was a longtime home to an LCBO before becoming home to Spirit Halloween and, more recently, the Toronto Night Market.

The Listing

Specs:

Trending

You may also like

​Six months ago, we questioned whether it was a good time to purchase a condo in the GTA, and we tapped the region’s experts for insight. Now we're back with a winter check-in, asking: "how about now?"

For the shíshálh Nation, the work resulted in 17 below-market rental homes, jobs for local workers, and new opportunities for skills training.

“Recruitment for mission-focused priority roles is underway through platforms including GC Jobs," says a spokesperson, "and additional hires will follow as the Agency stands up the teams driving partnerships, Indigenous collaboration, investment, and project delivery.”​

Framed by a serene pond and the timeless landscapes of the Rouge Valley, the Townhomes of Little Rouge bring tranquility and beauty right to your doorstep.

Liquidating HBC's assets and closing all of its stores was the easy part — and has mostly been completed already. The hard part is determining what to do with the huge blocks of vacant space left in the company’s wake.

Homebuying intentions fell to 22% for 2026, down five percentage points from last year, despite improved affordability.

​Developers like Anthem, Beedie, Chard, Concert, QuadReal, PCI, and Polygon all have notable projects set to complete this year.

"We know what the solutions are. The problem has been mustering the political will to do something about it."

​The Canadian economy is acclimating to tariffs, and the Bank of Canada has room to nudge the policy rate if need be.

​With the Yonge Corporate Centre acquisition, Europro now owns three significant assets along Yonge Street in the North Yonge corridor.

Preparing a home for sale involves real costs: time, money, and disruption to your daily life. Understanding these realities should be taken into account at the early stages of considering a move, not after you've already committed.

The Shopping Centre at 777 Royal Oak Drive in Victoria was co-owned by Grosvenor and the Manitoba Civil Service Superannuation Board.

It's a complex time for the market, but Canada's most successful builders aren't sitting on the sidelines right now. Here's why.

The mixed-use building is fully leased, with tenants including Forest Hill Spa, Forest Hill Pets, a Starbucks, and others.

Today's decision leaves the policy interest rate at 2.25%, as many major Canadian banks and economists expected.

​From the street, the home reads as fluid and deliberate, with soft curves and signature arches that immediately set it apart from the city’s more angular stock.

2025 © STOREYS Publishing Inc. | All Rights Reserved

Six months ago, we questioned whether it was a good time to purchase a condo in the GTA, and we tapped the region’s experts for insight. Now we're back with a winter check-in, asking: "how about now?"

“Recruitment for mission-focused priority roles is underway through platforms including GC Jobs," says a spokesperson, "and additional hires will follow as the Agency stands up the teams driving partnerships, Indigenous collaboration, investment, and project delivery.”

Developers like Anthem, Beedie, Chard, Concert, QuadReal, PCI, and Polygon all have notable projects set to complete this year.

The Canadian economy is acclimating to tariffs, and the Bank of Canada has room to nudge the policy rate if need be.

With the Yonge Corporate Centre acquisition, Europro now owns three significant assets along Yonge Street in the North Yonge corridor.

From the street, the home reads as fluid and deliberate, with soft curves and signature arches that immediately set it apart from the city’s more angular stock.