RioCan Makes a Big Toronto Acquisition
By Lucas on Nov 14, 2012
It takes a really important plan for us to shift our focus to report on a non-residential real estate transaction. This week, it was announced that one of the biggest pieces of downtown land was purchased. No condos or low-rise homes planned, but still, we took notice.
It seems like years ago that rumors of the Globe and Mail looking to sell its home at 444 Front St. West were floating around. Some big names in Toronto real estate were expected to put in offers, and everyone assumed the site would feature a few mid- or high-rise developments. Well, it was announced that RioCan, in partnership with Allied and Diamond Corp, purchased the site with an eye towards developing a “mini-Eaton Centre.”
“We are excited to acquire, with our partners, one of the largest underdeveloped contiguous parcels of land in downtown Toronto. On this size footprint, we believe that we can create a unique shopping and recreational complex as a centre for the urban population that already exists and continues to grow in the immediate surrounding area. Overlaid with what will be I am sure, with our partners’ input, Toronto’s finest integrated office, residential and retail complex,” said Edward Sonshine, CEO of RioCan, in a release.
This is significant news for anyone who calls the Front and Spadina area of Toronto home. We are constantly seeing new condo developments popping up in that area, and finally, they’re getting the retail to support the amount of new residential space. There are podiums that contain two or three small shops, but now they’ll have a massive 500,000-square-foot mall.
What are your thoughts on this new development? What type of retail should the development feature?
Comment below.
Image courtesy KPMB Architects
