We are re-posting details of the Sherway Gardens mall expansion in Toronto. Yesterday we noted that this announcement would happen today, and will be a major project in a total $1.6billion to be spent by Cadillac Fairview in the next 3-5 years to update and expand its retail real estate holdings.
From: http://www.sys-con.com/node/2413380
TORONTO, ONTARIO — (Marketwire) — 10/23/12 — The Cadillac Fairview Corporation Limited is pleased to announce today a $350 million revitalization and expansion of Sherway Gardens, an investment that will reinforce the 41-year-old shopping centre’s position as west-end Toronto’s most popular retail destination.
The redevelopment will provide for an additional 210,000 square feet of retail space and a remerchandising of 90,000 square feet of existing space. The project is scheduled to begin in January 2013 and will take approximately 45 months to complete.
“Sherway Gardens is one of our best-performing shopping centres, and this revitalization will amplify everything that has made it such a favourite with shoppers,” said Clive Baxter, Cadillac Fairview’s Senior Vice President, Ontario Portfolio. “By making room for new best-in-class retailers and enhancing our overall shopping and dining environments, we are extending the mall’s appeal to the increasingly affluent, discerning shopper that Sherway Gardens attracts.”
The full renovation will include new flooring, new ceilings throughout common areas, new lighting and a new set of public washrooms. A new three-level parkade will provide customers with 1,200 parking spaces in close proximity to the mall. In addition, the expansion will allow for a significant change to the merchandise mix, increasing the retail area to 1.3 million square feet, including the GTA’s first Nordstrom store and four new full-service restaurants.
“Food is going to play a much more important role, helping to establish and extend the Sherway Gardens experience as an attractive dining destination, day or night,” said Andy Traynor, General Manager, Sherway Gardens. “We are making room for four new full-service restaurants, while literally elevating the prominence of our food court,” he said, referring to its relocation within the mall.
JOEY and P.F. Chang’s are among the new restaurant brands that will open in Sherway Gardens. The mall transformation will also encompass the expansion of both Harry Rosen and Sporting Life, and is designed to continue to attract popular brands, with the recent opening of Tiffany & Co., and Forever 21 slated to open in November.
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America’s largest investors, owners and managers of commercial real estate. For more than 50 years Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management.
Cadillac Fairview focuses on developing and managing high quality office properties and regional shopping centres in Canada and the United States, as well as international investments in real estate companies and investment funds. With a portfolio valued at more than $20 billion, Cadillac Fairview and its affiliates own and manage nearly 47 million square feet of leasable space at 83 properties across North America, including some of Canada’s landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and Chinook Centre.
Contacts:
Media contact: MAVERICK Public Relations
Kelly Olive
(416) 640-5525 x230
kellyo@maverickpr.com
Sherway Gardens website: http://www.sherwaygardens.ca
Cadillac Fairview website: www.cadillacfairview.com
