With the impending purchase of 485 King Street West in Toronto for $8 million, Allied Properties will be able to improve its nearby intensification project currently in development.

Once an old textile warehouse, the 118-year-old building sits at the foot of Brant Street between what’s known as the “Project” at 489, 495 and 499 King Street West, and a Class I building the company has owned since its IPO.

The property, comprising about 13,200 square feet of gross leasable area (GLA) and 3,185 square feet of surplus land, will increase the 300,000 square feet of GLA, which recently received municipal approval for use in the project.

This latest purchase will also integrate two properties to the east, extend the retail frontage of the whole development and justify vehicular access off King Street.

The purchase is expected to close on November 14, 2014.