Cadillac Fairview Teaming Up With Vancouver Real Estate Company on New Plan for Toronto Mall

Jun 17,2022 1 Comment By The Lilly Commercial Team

The real estate arm of one of Ontario’s largest pension funds has unveiled plans to transform one of Toronto’s most notable suburban malls, creating a plan for an initial 1.1 million-square-foot mixed-use development at CF Fairview Mall.

Opened in 1970, Fairview Mall at 1800 Sheppard Ave. E, with almost 900,000 square feet, was Canada’s first two-storey mall.

Cadillac Fairview, the wholly owned subsidiary of the Ontario Teachers’ Pension Plan, said that together with its partner Vancouver-based development and management company Shape, it had made a joint submission for the first phase of a master plan for the regional shopping mall.

“For more than 50 years, CF Fairview Mall has been a community hub in North York, serving the evolving retail, transit, entertainment and service needs of the local area residents and businesses,” said Wayne Barwise, executive vice president of development with Cadillac Fairview, in a statement. “As our longest operating shopping centre in the Greater Toronto Area, the master plan redevelopment extends our long-term vision.”

The first development phase is located next to Don Mills Subway station, on the south side of the shopping centre fronting Sheppard Avenue East. The plan calls for 1.1 million square feet of mixed-use, including three new buildings, two condominiums and one residential rental building, with retail and amenities.

Shape has previously worked with Cadillac Fairview as the residential development partner on CF Richmond Centre, where 2,000 new homes were added.

“Following our incredible success with RC at CF Richmond Centre, we’re ready to raise the bar, engage the local community and set a new standard for urban living with the complete reimagination of CF Fairview Mall,” said John Horton, president and chief executive of Shape, in a statement.

The plan at CF Fairview Mall follows an announcement by the real estate company in 2019 that it was spending $80 million to renovate 230,000 square feet of existing department store and other retail space, including a T&T Supermarket outlet. The mall renovation is expected to be completed by late 2022.

Source CoStar. Click here to read a full story

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