The firms say the first phase of the development will deliver four mixed-use multiresidential towers comprising 1.28 million square feet. They will range from 30 to 45 storeys and include two condominium and two purpose-built rental buildings. Retail, amenities, parkland and other features are also included in the plans.
CF has submitted its rezoning application to the City of Toronto. Ultimately, a series of developments will “surround and complement CF Sherway Gardens,” says the announcement issued Wednesday afternoon.
The shopping centre, which was constructed in 1971 and is celebrating its 50th anniversary this year, will remain as an anchor for the community.
At full buildout, CF and Diamond Corp envision a development “that will transform the peripheral parking lands into a vibrant, complete community supported by new buildings containing a mix of residential, office and retail uses, a range of new parks, open spaces, a combination of private and public streets, and pedestrian and cycling connections . . .”
“As we reflect on the history of how CF Sherway Gardens has evolved in the past, we are very excited to plan for its future. The master-plan vision will help urbanize, enhance and create a thriving new mixed-use community,” said Wayne Barwise, CF’s executive vice-president, development, in the announcement.
Phase one to north of Sherway Gardens mall
The first phase of development will take place on the north side of the shopping centre, fronting The Queensway. In addition to the buildings, a new public park is proposed as well as a pedestrian urban plaza and a large landscaped zone along The Queensway, which will include a multi-use path, planting and seating opportunities.
“We look forward to partnering with Cadillac Fairview to bring quality residences to the CF Sherway Gardens community, and working with key community stakeholders, the city and the broader community through the municipal planning consultation process to bring this vision to life,” said Stephen Diamond, CEO of DiamondCorp, in the announcement.
CF Sherway Gardens underwent $550 million of renovations and upgrades during a multi-phased program from 2015 through 2017.
Two major aspects of the project were the additions of a 250,000-square-foot south wing and a 210,000-square-foot expansion of the north wing. Also included were new flooring, ceilings, lighting, washrooms, a roof restoration, the re-merchandising of 90,000 square feet of existing space and major upgrades to the food court.
Among a host of new retailers and services attracted to the south wing expansion was a 140,000-square-foot Nordstrom, which remains one of the mall’s key anchor tenants. The north wing welcomed over 50 new retailers, including Sporting Life and a flagship Harry Rosen.
The 225,000-square-foot Hudson Bay store was also completely renovated.
About Cadillac Fairview and DiamondCorp
Cadillac Fairview is a globally focused owner, operator, investor, and developer of real estate across retail, office, residential, industrial and mixed-use asset classes. Wholly owned by the Ontario Teachers’ Pension Plan, CF manages over $35 billion of assets across Canada, the Americas and the United Kingdom.
Internationally, CF invests with like-minded partners, including Stanhope in the U.K., Lincoln Property Company in the U.S. and Multiplan in Brazil.
The company’s Canadian portfolio comprises 68 properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.
DiamondCorp is a Toronto-based real estate development company focused on innovative and award-winning residential and mixed-use projects.
Since its founding in 2008, DiamondCorp has invested in 24 development projects across the GTA, totalling development density of over 21 million square feet.
It is also the manager of the five Whitecastle New Urban Funds which represent approximately $930 million in capital.