The real estate arm of British Columbia's largest pension fund is joining with a large homebuilder in launching a $6 billion redevelopment project in a west-end Toronto neighbourhood.
Vancouver-based QuadReal Property Group, the entity that manages the real estate of British Columbia Management Corp., recently kicked off the first phase of the Cloverdale Mall redevelopment with Toronto-based Mattamy Homes.
The project's first phase, known as The Clove, is a residential condominium project on the 2.3-acre gateway at 2 & 10 The East Mall Crescent. It will include a 33-storey tower with an adjoining nine-storey mid-rise building, totaling more than 600 condo units, according to the development team.
The project is part of QuadReal's plan to transform the 32-acre shopping centre site into a mixed-use urban neighbourhood.
Current plans for the Cloverdale Mall site at Highway 427 and Dundas Street West in central Etobicoke include 180,000 square feet of retail space. All told, there will be more than 5,000 new condos and purpose-built rental units with two new two public parks and additional green space along with new streets and blocks to integrate the new and existing communities.
"We're embarking on a deliberate, multi-year process, informed by extensive consultations and community feedback, to extend the existing neighbourhood onto our site," said Aaron Knight, senior vice president, development at QuadReal, in a statement.
Giannone Petricone Associates, the firm that created the master plan for Cloverdale, also designed The Clove.
Cloverdale Mall was built in 1956 as an open-air plaza with a central pedestrian promenade in a Modernist architectural style. It was expanded and converted to an enclosed mall in the 1980s and underwent significant renovations in 2006.
Today, the mall is anchored by retailers such as Home Hardware, Rexall Drugstore, Winners, Kitchen Stuff Plus, and Metro, as well as a host of community-focused organizations that occupy space in the centre.