Cadillac Fairview (CF) and TD Greystone have announced major plans to revitalize one of Toronto’s premier shopping centers, CF Fairview Mall.
An estimated $80 million will be dedicated to transforming 230,000 square-feet 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 of Toronto 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 premier 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 of 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 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 premier mall and shopping destinations in Toronto,” added Jeff Tripp, managing director of real estate investments at TD Greystone. “The mall’s strategic proximity to transit and nearby residential neighborhoods is ideal for creating a unique experiential and service-oriented retail environment.”