As ‘Market at 70 King’ comes up to its two-year anniversary, it could face significant changes. One tenant has already left, there’s a recent addition, and others say they’re unlikely to renew their leases.
The redeveloped mixed-use building, formerly the Genosha Hotel, has space for nine vendors on its first floor, and 86 “really nice luxury apartments” above, explained Richard Summers from Summers and Co., CEO of the development company and one of the owners of the historic building.
He started the project in 2017, partnered with Michael Poon of CPPI Group.
In 2023, several local small businesses were invited to showcase their menu to Summers and others.
When pitched to the vendors, an area traffic study shared by Summers and Co., showed they expected at least 5,000 pedestrians and 15,000 drivers in the downtown at lunch time alone, although the Chronicle has been unable to confirm whether those figures are daily or weekly.
Some of the vendors set to reach the end of their lease period said they will not be renewing.
Gabriel Norori from Gabe and Panchas said, “The traffic is not what I expected when I signed on.”
The market opened in the summer of 2024 after at least a year of delay, according to Tanya Gregory, owner of Tastoria Kitchen.
She explained the building was marketed to them as a “premium commercial space,” but argued the market “doesn’t have the foot traffic that they put forward that we would have.”
Peter Morana, owner of Philipp’n Italian, who has since sold his lease, explained, “I know that [Tribute Communities Centre] can hold about 15,000 to 20,000 people,” but he said less than one per cent of the crowd ends up at the Market at 70 King.
Vendors attribute several factors to this: poor marketing, bad management, empty promises and even architectural decisions.
Summers said there is a “very robust” communication system that notifies management until the issue is addressed.
Gregory explained she has repeatedly contacted management with ideas to increase the foot traffic. “I’ve asked, can we put a beautiful presence out there?” said the owner of the vegetarian restaurant.
Vendors agree the exterior facade isn’t market-like. “If you look at our front door, we look more like a lawyer’s office,” added Morana.
Summers argues the building won the 2025 CoStar Impact Awards for redevelopment of the year, and added marketing “is not our responsibility” as developer or owner.
“If tenants want something and they’re willing to invest or pay for it,” Summers would not oppose. “We have no problem with it. It’s within reason.”
He argued three main reasons for the low foot traffic: lack of parking, unsuccessful business ideas and work from home policies by the federal and provincial governments, with the latter also mentioned by some of the vendors.
Coun. Tito-Dante Marimpietri, chair of Economic and Development Planning Services Committee, said the redevelopment of downtown should “reflect a proper metropolitan outlook, one that restores its presence on a provincial and national level as an economic powerhouse.”
He argued downtowns across the country have been declining “since the advent of large malls,” but explained the solution would entail:
- Students
- Housing and having people live downtown
- Fewer people being allowed to work from home
- Proactivity
- Investments
- Leaving the North American convenience mindset behind
- Making downtown lively with people, public spaces and housing all to foster human interaction.
“It’s gonna take a while. It doesn’t happen overnight, but the work that needs to be done is being done, and I’m going to continue to do it,” said the councillor.