Quadreal Property Group and Mattamy Homes have reached a key milestone in the $6-billion redevelopment of the Cloverdale Mall in Toronto’s Etobicoke, releasing final designs for the first phase and starting the clock ticking towards first shovels in the ground.
The Clove, as the first multi-use complex is called, was designed to establish a visual landmark as the redevelopment takes shape over the next 10 years, explained a Mattamy executive. The Clove will feature a 33-storey tower and adjoining nine-storey midrise with a total of 600 units along with retail and public spaces.
At buildout, the redeveloped 32-acre Cloverdale mall site will add 5,000 new condo and purpose-built rental units and a revitalized retail space spanning 180,000 square feet.
The site is prominent in the city’s west end, with road access via Highway 427 and Dundas Street West in central Etobicoke. The 2.3-acre gateway site of The Clove is located at 2 and 10 The East Mall Crescent.
A 2029 completion is targeted.
Strong community ties
The designer is Giannone Petricone Associates (GPA), also the creator of the Cloverdale master plan. Some 15,000 local citizens were consulted as a new vision for Cloverdale Mall was developed. The shopping plaza was built in 1956 and went through many evolutions — the developers heard many locals have strong ties to the community space.
“The design is not trying to disrupt what people like about living in central Etobicoke,” said Ralph Giannone, founding partner of GPA Architects, in a statement. “Instead, the goal is to capture that feeling, and innovate on both a macro level with the master plan, and on a building level with The Clove.”
Quinn Samardzic, director of marketing for Mattamy’s GTA Urban division, said Quadreal and Mattamy have been intensely collaborating over The Clove’s housing mix as the residential market has hit tough times in the GTA, with high prices and expensive mortgages thwarting demand. Mattamy was announced as a housing partner in the Cloverdale redevelopment two years ago.
“It’s no secret that the market is a challenging place right now,” Samardzic said. “It’s filled with uncertainty. I think, as the largest pension fund and the largest home builder coming together, we have confidence that we have the size and scale to deliver something really special here, and we have the economic backing, the experience within the industry, we tend to attract sales in that way.”
‘We haven’t stopped’
Samardzic said Mattamy has defied the malaise in the GTA housing sector over the last two years, launching nine projects.
“We’ve been launching all along,” she said. “If you followed along, we haven’t stopped. We haven’t missed a beat. And we are under construction, or beginning construction, on all of those.”
Mattamy will offer a range of residences at The Clove from studio to three bedrooms starting from the $400s. Samardzic said Mattamy is constantly assessing the market, evaluating what people need, want and can afford and then creating the right program.
Mattamy noted it has been installing geothermal heating and cooling systems in its new buildings whenever suitable, which is the case with The Clove.
“Geothermal is something that we feel pretty passionate about here, just because it is something that allows us to meet and sometimes exceed the the requirements of the local green standards,” said Samardzic.
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