Fairview Mall is set to get bigger and better after plans were revealed for a major renovation and expansion project.
In a press release yesterday, Cadillac Fairview and TD Greystone Asset Management unveiled plans that are set to revitalize the mall by “transforming 230,000 square feet (sf) of existing department store and other retail space”, creating a new row of restaurants, and improving pedestrian access to both the mall and Don Mills subway station.
The revitalization project is expected to begin in the coming weeks and is forecast to be completed in 2023, at an estimated cost of $80 million. This follows on from other recent improvements to the mall, including a “$10-million investment to create additional seating and restaurants in the food court.”
In exciting news for anyone looking at residential real estate, Cadillac Fairview and TD Greystone also revealed that discussions are underway with the City of Toronto regarding rezoning the site of the mall to allow additional mixed-use density.
The area around the mall has seen huge growth in recent years, with the Emerald City development by Elad Canada among those that have provided a large number of residential condos on the south side of Sheppard Avenue, opposite CF Fairview Mall. The close proximity to amenities like the mall and the TTC subway has made it a popular area for buyers and tenants and additional development potential is likely to be very popular.
This view was emphasized by Wayne Barwise, Executive Vice President of Development at Cadillac Fairview, when he said: “This area is undergoing many changes which reflect peoples’ desire to work, live, shop and dine in a dynamic, transit-connected mixed-use community… Our redevelopment plan is about diversifying CF Fairview Mall and the surrounding land so we can continue to offer a vibrant destination for people to come together and enjoy.”
Once the zoning applications have been approved, the mall’s owners have announced that they will hold a series of public meetings to provide information about the potential future developments. We will be watching carefully to see what is announced and what that will mean for the real estate market in the area.
In the meantime, the main focus will be on the revitalization of the mall. It currently stands as the fifth largest indoor mall in the City of Toronto, with around 860,000 square feet of floor space and over 160 stores and services on offer. According to the press release, it is also one of the busiest shopping centre sin the city – seeing an “estimated 13 million visitors per year.” This helps the mall contribute “approximately $14 million to the City of Toronto through property taxes” therefore playing a vital part on the local economy.