QuadReal Picks Homebuilder for First Phase of Toronto Mall Redevelopment
QuadReal Picks Homebuilder for First Phase of Toronto Mall Redevelopment
QuadReal Property Group is teaming up with one of the Greater Toronto Area’s largest homebuilders as part of the first phase of redeveloping a suburban mall once home to U.S. retailer Target.
Vancouver-based QuadReal said it selected Mattamy Homes, which constructs about 8,000 homes annually, to build condominiums on a standalone, 2.3-acre site on The East Mall Crescent that is part of the Cloverdale Mall redevelopment.
Toby Wu, executive vice president of development at QuadReal, said Mattamy’s plans for the site and cultural alignment fit with his company’s vision for the site.
Plans for the larger 32-acre Cloverdale Mall site at the intersection of Highway 427 and Dundas Street West in central Etobicoke include new retail, for-sale condos, apartments, parks and green space, amenities, and below-grade parking.
QuadReal said it has a long-range vision for the site, which is still anchored by Home Hardware, Rexall Drugstore, Winners, Kitchen Stuff Plus and Metro. The mall was first built in 1956.
Plans for the first phase on the 2.3 acres known as the Triangle Site is a 32-storey tower and an 8-storey mid-rise with more than 500 condos and 2,400 square feet of retail.
Mattamy will acquire a partial interest in the site and will be the execution partner for development, construction, and sales and marketing.
QuadReal will be in charge of the overall direction of the district master plan along with maintaining long-term ownership of the retail and purpose-built rental components.
“QuadReal is a key partner in our delivery of 13,000 condo sales within the next five years,” said David Stewart, president of Mattamy’s GTA urban division, in a statement.
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