TORONTO, Feb. 25, 2019 /CNW/ - Cadillac Fairview (CF) is pleased to announce it is committing $70-million in the Kitchener-Waterloo region through the development of its ambitious CF Grand Market District (GMD). Ground-breaking is expected this spring with completion of Phase I of the project targeted for 2021.
"CF Fairview Park has served the Kitchener-Waterloo community for over 50 years, providing exciting retailers, restaurants and other services to our guests to create an exciting shopping destination. We are proud to continue investing in this vibrant, growing community with an ambitious plan that is inspired by the region's past and motivated by our desire to bring people together," said Wayne Barwise, Executive Vice President of Development, Cadillac Fairview.
With marketing initially launched in June 2018, GMD will transform CF Fairview Park by moving it away from a traditionally enclosed retail mall format to a mixed-use model. The former Sears store will be repurposed to create retail space, and a new freestanding office building called the "West Building" along with a number of compelling restaurants will be built. In total, Phase I of the GMD includes 180,000 square feet of new or repurposed space at the site. The long-term plan will bring additional office, residential, retail space and a parking structure at the property.
"We're excited to see Cadillac Fairview's vision come to life as they reimagine the retail experience in our community," said Kitchener Mayor Berry Vrbanovic. "CF Fairview Park has been an important part of our community for decades and we're especially pleased with their focus on sustainability with this mixed-use design that will provide residents even more space to work, shop and play."
"Today's consumers and retailers are looking for unique and inviting spaces that bring people together to enjoy exceptional services and shared experiences. CF's Grand Market District is driving change and re-defining the shopping experience by creating a premiere mixed-use destination for the Kitchener-Waterloo community," said Finley McEwen, Senior Vice President of Development, Cadillac Fairview.
GMD will feature a charming, pedestrian-friendly streetscape surrounding the property where guests can enjoy beautiful landscaping, outdoor entertainment and a curated retail collection. The new LRT system will have a terminus at the GMD site, making it easily accessible for Kitchener and Waterloo residents.
Other key features of GMD include:
- Retail spaces with operable exterior entrances to create more permeable building edges; larger windows to allow natural sunlight into interior spaces; and warmer feeling building materials.
- An activated streetscape will create an intimate and elevated pedestrian experience weaving together retail, office, restaurants and entertainment.
- The architecture will feature a unique blend of historical and contemporary design. Traditional brick materials will be used for both building exteriors and pedestrian areas to pay tribute to the city's Victorian-era industrial past.
- The former Sears building (built in the 1960's Kennedy-era style) will be re-imagined with a complete recladding of some elevations and a careful restoration elsewhere where the distinctive ribbed precast exterior will be preserved.
- As part of CF's commitment to environmental sustainability, more than 1,500 solar panels will be installed on top of the former Sears building to offset electricity consumed at the property.
- Dedicated storm water facilities to channel storm water from the roof areas to underground "infiltration galleries" will be installed, thereby reducing contaminated run-off and making the property more resilient to extreme weather.
Led by CF, the redevelopment team includes Colliers International, project architect Petroff Partnership Architects and project designer Roy Higgs International.
For more information on this exciting development, please visit: cfgrandmarketdistrict.com and cadillacfairview.com.
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.
SOURCE Cadillac Fairview