RioCan REIT has completed construction of its FourFifty the Well multi-family rental project in downtown Toronto.

As of Thursday, 75.8% of the units were leased at rates in line with expectations, said the Toronto-based REIT, in its quarterly report. But the project is among the last that the REIT will complete for a while.

RioCan announced that the REIT will not start any new mixed-used construction projects for the foreseeable future.

“We’ve charted a clear roadmap to lower debt, including reducing construction spend by pausing new project starts and repatriating proceeds from inventory property sales,” said Jonathan Gitlin on a conference call with analysts.

“We’ve begun to recognize the benefits of our inventory portfolio. Looking ahead, inventory proceeds are expected to generate approximately $700 million in sales revenues and are earmarked for accretive uses such as debt repayment.”

FourFifty the Well is part of the massive the Well project, which contains 1.2 million sf office space and 320,000 square feet of retail and food service. The development also has 1,700 residential units spread throughout six purpose-built rental and condominium buildings.

The Wellington Market food hall opened at the Well in May. Since then, Wellington Market has averaged 200,000 visitors per week, said Gitlin.

“:The launch exceeded our expectations regarding traffic, which has remained consistently high since opening,” said Gitlin.

Photo: RioCan REIT