Cadillac Fairview and SHAPE Unveil New Master Plan Vision for CF Fairview Mall
TORONTO, April 21, 2022 /CNW/ - Today, Cadillac Fairview (CF) along with its partner SHAPE are announcing their joint rezoning submission for the first phase of a new Master Plan that anticipates a series of developments, which will ultimately surround and complement its landmark property CF Fairview Mall, creating a vibrant, new community in North Toronto.
CF and SHAPE have collaborated on a renewed Master Plan vision for CF Fairview Mall to transform the surrounding parking lands into an exciting, complete community including a mix of residential, amenity and retail uses, a range of new parks, open spaces, a combination of private and public streets, and pedestrian and cycling connections, centered around one of Canada's most successful shopping centres.
"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. As our longest operating shopping centre in the GTA, the Master Plan redevelopment extends our long-term vision and supports an expanding demographic seeking convenient, high-quality, and accessible residency in a dynamic, transit-connected community," said Wayne Barwise, Executive Vice President, Development, Cadillac Fairview.
The first phase of development is located at the doorstep of the Don Mills Subway station, on the South side of the shopping centre fronting onto Sheppard Avenue East. This phase is approximately 1.1 million square feet of mixed-use development, which will consist of three new buildings, two condominiums and one CF rental residential building, with retail and amenities. A new pedestrian urban plaza, the "Village Green" will be situated between the TTC and the residential buildings, providing much improved pedestrian access for the entire community living, working, and shopping in the area. The rezoning application required to permit the Phase 1 development has now been filed with the City.
"SHAPE could not be more excited to expand into the Toronto market alongside our valued partner, Cadillac Fairview. 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 CEO, SHAPE.
CF Fairview Mall, Canada's first two-storey mall, is currently completing a previously announced $80 million renovation and revitalization dedicated to transforming 230,000 square feet of existing department store and other retail space, including T&T Supermarket outlet, to introduce exciting brands, restaurants and improve pedestrian access to the property and the nearby Don Mills subway station. The mall renovation is expected to be completed in late 2022.
About Cadillac Fairview
Cadillac Fairview (CF) is a globally focused owner, operator, investor, and developer of best-in-class real estate across retail, office, residential, industrial and mixed-use asset classes. Wholly owned by the Ontario Teachers' Pension Plan, CF manages in excess of $35 billion of assets across the Americas and the United Kingdom, with further expansion planned into Europe and Asia.
Internationally, CF invests in communities with like-minded partners, including Stanhope in the UK, Lincoln Property Company in the U.S., and Multiplan in Brazil. The company's Canadian portfolio comprises 68 landmark properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.
Continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future, CF's Purpose is Transforming Communities for a Vibrant Tomorrow. Learn more at www.cadillacfairview.com and follow CF on LinkedIn.
About SHAPE
SHAPE is the fully integrated BC-based real estate investment, development and management company leading some of the largest master planned projects in North America including The Amazing Brentwood and The City of Lougheed. Through its full operating platform, SHAPE specializes in complete, transit-oriented communities with shops, restaurants, public space, entertainment and residential homes in one cohesive place.
As one team with a full range of real estate services, SHAPE's projects benefit from seamless collaboration and communication across departments, locations and areas of expertise. The group of companies is designed to operate together as a fully integrated platform or independently to add specialized value. With a thoughtful approach and continuous pursuit of innovation, SHAPE strives to deliver the best of retail, residential, office and mixed-use real estate world-wide. Learn more at www.shape.ca.
SOURCE Cadillac Fairview Corporation Limited
Heather Steele, North Strategic, 416-629-2975, [email protected]
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