Condo and rental towers will completely engulf Toronto’s mall
As land in the city becomes more expensive, Toronto’s suburban malls have found themselves sitting on real estate gold mines, their squat buildings and sprawling surface parking deserts becoming more difficult for property owners to justify. in today’s housing market.
Plans are already underway for new communities surrounding malls like Square One in Mississauga as well as Scarborough Town Center and Yorkdale in Toronto, and it looks like Sherway Gardens is the next online mall for a major step up.
The owner of Cadillac Fairview (CF) has partnered with real estate developer DiamondCorp to create a new mixed-use community in the Queensway and West Mall in Etobicoke.
“We look forward to partnering with Cadillac Fairview to provide quality residences to the CF Sherway Gardens community, and to working with key community stakeholders, the City and the wider community as part of the consultation process on the municipal planning to bring this vision to life, ”said Stephen Diamond. , CEO of DiamondCorp.
In a request submitted to planners on Wednesday, the project team is looking to think big for parking lots along the north side of the mall, overlooking the Queensway.
Approximately 1.28 million square feet of mixed-use development is underway in this community master plan, which would be spread over four towers that are 45, 40, 35 and 30 stories tall.
The pairs of condos and rental towers would be accompanied by a new public park and pedestrian-friendly urban plaza, bringing pedestrian traffic and life to what is now an expanse of asphalt and painted lines.
Future phases with even more new housing would eventually surround the shopping complex, replacing the sea of parking lots that exist today.
Fifty years after the mall opened, this redevelopment has the potential to transform low-density, car-dependent land use into a community with an on-site population capable of supporting existing businesses.
“As we reflect on the history of CF Sherway Gardens’ past evolution, we are very excited to plan for its future,” said Wayne Barwise, Executive Vice President, Development, Cadillac Fairview.
“The vision of the master plan will help urbanize, enhance and create a thriving new mixed-use community.”
CNW Group / Cadillac Fairview Corporation Limited