TORONTO — Cadillac Fairview and TD Greystone Asset Management have announced plans for an $80-million renovation of CF Fairview Mall in Toronto.
The project will redevelop 230,000 square feet of existing department store and other retail space to bring new retail outlets to the property, create a new row of restaurants and improve pedestrian access to the property and the nearby Don Mills subway station, said a March 27 release.
Construction is slated to begin imminently with completion anticipated for 2023.
Cadillac Fairview and TD Greystone also noted they are in discussions with the City of Toronto about rezoning the mall site to accommodate additional mixed-use that 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,” the statement said.
“This area is undergoing many changes which reflect people’s desire to work, live, shop and dine in a dynamic, transit-connected mixed-use community,” said Wayne Barwise, executive vice-president of development with 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.”
Once the rezoning application has been accepted for review by the city, public information meetings will be held, Cadillac Fairview said.