Cadillac Fairview Mall is about to get an $80 million makeover.
According to Cadillac Fairview, the company, along with TD Greystone Asset management, will be transforming 230,000 square feet of existing department store and retail space to introduce new brands to the property, to create a new row of restaurants, and to improve pedestrian access to the property and nearby Don Mills station.
Cadillac Fairview also said that it is in discussions with the City about rezoning the 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.
“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, in a release.
“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.”
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Built in 1970 for largely a suburban population, the area is undergoing significant growth and transformation, according to Cadillac Fairview.
Fairview Mall is today one of Toronto’s busiest shopping centers, drawing an estimated 13 million visitors per year.
“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.
Meanwhile, the construction for the revitalization is expected to begin this month, with completion of the revitalization project slated for 2023.