TORONTO, March 27, 2019 /CNW/ - Cadillac Fairview (CF) and TD Greystone Asset Management (TD Greystone) are pleased to announce major plans to revitalize one of Toronto's premiere shopping centres, CF Fairview Mall. An estimated $80-million will be dedicated to transforming 230,000 square feet (sf) of existing department store and other retail space to introduce exciting brands to the property; create a new row of restaurants; and improve pedestrian access to the property and the nearby Don Mills subway station. Construction is expected to begin this month with completion of the revitalization project slated for 2023.
Today's major investment follows last year's $10-million investment to create additional seating and restaurants in the food court.
CF and TD Greystone are also in discussions with the City about rezoning the CF Fairview Mall site to accommodate additional, mixed-use density to meet the needs of the growing community. Future development plans may include residential, hotel and office uses along the periphery of the property. These new uses may serve as a catalyst for the creation of a number of community benefits including new parks, community spaces and amenities, different housing options and improvements to sidewalks and landscaping to enhance the overall pedestrian experience, connectivity and overall vibrancy of this premiere site.
"This area is undergoing many changes which reflect peoples' desire to work, live, shop and dine in a dynamic, transit-connected mixed-use community," said Wayne Barwise, Executive Vice President of Development, Cadillac Fairview. "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."
Built in 1970 for largely a suburban population, the area is undergoing significant growth and transformation. The creation of a restaurant row, changes to the former department store space and improvements to pedestrian access to the property will contribute to the overall vibrancy of the area by offering a premiere destination for retail, dining and other services.
CF Fairview Mall is today one of Toronto's busiest shopping centers, drawing an estimated 13 million visitors per year. Conveniently serviced by a subway station and TTC commuter parking facility, and located close to several major highways, the mall provides thousands of high quality jobs. Annually, CF Fairview Mall contributes approximately $14-million to the City of Toronto through property taxes which in turn provides programs and services to local residents.
"We are excited to be involved in the redevelopment of CF Fairview Mall, one of Canada's premiere mall and shopping destinations in Toronto. The mall's strategic proximity to transit and nearby residential neighbourhoods is ideal for creating a unique experiential and service-oriented retail environment," said Jeff Tripp, Managing Director, Real Estate Investments, TD Greystone.
Once the rezoning application has been accepted for review by the City, public information meetings will be held to provide more information about these changes as part of the rezoning process. CF looks forward to working with local residents and community groups on these plans.
CF has led many local Toronto area developments such as CF Shops at Don Mills which the company has pioneered the introduction of residential and other spaces surrounding an enclosed mall site and at CF Sherway Gardens where we built a world-class collection of restaurants and enhanced pedestrian area surrounding the property.
About Cadillac Fairview
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The Cadillac Fairview portfolio is owned by the Ontario Teachers' Pension Plan, a diversified global investor which administers the pensions of more than 300,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at more than $28 billion, the Canadian portfolio includes over 38 million square feet of leasable space at 67 properties in Canada, including landmark developments such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
About TD Greystone Asset Management
TD Greystone is an institutional money manager based in Regina with additional offices in Toronto, Winnipeg and Hong Kong. Since 1988, TD Greystone has been offering a full range of multi-asset class solutions with in-house teams covering fixed income, Canadian equities, U.S. equities, international equities, real estate, mortgages and infrastructure. In November 2018, The Toronto-Dominion Bank ("TD") completed the acquisition of Greystone Capital Management Inc. ("GCMI"), parent company of TD Greystone. This transaction provides the asset management businesses of TD one of the broadest offerings of investment solutions in Canada, and will provide clients access to alternative investments and the ability to further integrate private and public asset classes into their portfolios. To learn more about TD Greystone, please visit www.greystone.ca.
SOURCE Cadillac Fairview