TORONTO, February 21, 2002

Canderel-Stoneridge Equity Group Inc. has announced redevelopment plans for the Massey-Harris lands in Toronto's west end (at King and Strachan), including a Toronto landmark - the company's historic headquarters, currently known as the Massey-Harris building, at 915 King Street West.

The building will be part of a $100 million development at this location, to be built over the next three years at two sites located on either side of a new city park. 915 King Street West is the plan's first, most prominent and historically significant phase, in a transformation that will see it become Massey-Harris Lofts.

Constructed in 1883, the red brick office building was declared a heritage property by the City of Toronto in 1973. When the company that would eventually evolve into Varity Corp. vacated the lands in 1986, the majority of the industrial buildings were demolished with the exception of 915 King Street West. The area was rezoned as residential 10 years later.

More than 90% of this significant building's traditional Georgian exterior will be preserved and restored and the interior will accommodate 46 one-of-a-kind loft residences with ceilings ranging up to 17'6".

That total includes eight two-level penthouses to be erected on top of the building, in an addition whose contemporary glass and aluminum façade will elegantly blend the old and new.

"King Street West is an architectural jewel and an important icon in the history of Canadian business," says Gary Berman, Development Officer for Canderel-Stoneridge. "Working with ERA Architects, a firm with proven expertise in working with heritage buildings, we've designed a project that preserves the past and appropriately combines raw loft space with high design."

While much of the original building's interior has been gutted, key architectural and design elements have been retained wherever possible, including: exposed brick walls; wood beams; oversized bay windows; and pillars with cornice trim. The company's vaults with barrel-shaped ceilings will be converted to washrooms in the seven units in which they are located.

Most of the lofts which have been marketed in Toronto in the past decade have been conversions of industrial factories and warehouses possessing little architectural significance. In contrast, 915 King Street West was the corporate headquarters of one of Canada's most well-known companies -- an office designed with classic detailing and styling that set it far above the surrounding factory buildings.

Massey-Harris Lofts will offer residents loft living with an exclusive boutique atmosphere like no other in Toronto. Units will range in size from 450 to 1,000 sq. ft., with prices beginning from $124,900 up to $375,900. Award-winning interior design firm Ceccone Simone has been retained to design the building's interiors. They have planned unique features for the residences including: elevated and built-in bed and storage units where the design works; and platform kitchens in the middle of some suites, which provide a more striking visual layout.

The sales office and model suite located on site at 915 King Street West. For more information call (416) 593-6366, Ext. 249.

Canderel-Stoneridge is a leading North American developer whose past and current Toronto projects include the acclaimed waterfront community of Newport Beach, the award-winning Waterford Residences and the Residences at College Park.

The company is also very active in Montreal with new offices and the redevelopment of the historic Montreal Forum...is working with joint venture partners in numerous retail, resort and residential projects in Whistler and Vancouver, B.C...and has numerous commercial developments in Dallas and across the southern United States.