Oxford Properties Announces 40,000 Sq Ft Retail Space at Overhauled Bloor-Yorkville Park Hyatt [Renderings]

Date:

Share post:

Landlord Oxford Properties has announced its plans for the overhaul of its Park Hyatt property in downtown Toronto at the corner of Bloor Street West and Avenue Road, which will include about 40,000 square feet of retail space as well as luxurious hotel and residential components. The project will be completed early next year at a time when there are other retail vacancies in the area. 

The property was formerly named the ‘Park Plaza’, and included two hotel towers as well as a modest commercial base. The hotel was closed temporarily in December of 2017 with plans for a substantial redevelopment that would include restoring the historic south tower at the corner of Bloor and Avenue Road, as well as the newer north tower fronting onto Prince Arthur Avenue. As part of the development, more retail space would be added, including creating an expansive porte-cochère linking the two buildings with second-level commercial space. The architecturally significant south tower opened in 1936 and the north tower was added in 1956, featuring a much more modern aesthetic. Oxford Properties acquired the Park Plaza complex in 2014 for $90-million.

The retail podium at the base of the historic tower at the northeast corner of Bloor Street West and Avenue Road will be expanded and updated for new tenants. About 20,000 square feet of retail space located at the base of the tower, with about 10,000 square feet at street level as well as an additional 10,000 square feet upstairs. The second-level retail will boast double-height ceilings with the opportunity for 30-foot heights within a mezzanine level with dramatic arched windows, according to Oxford Properties. With about 100 feet of frontage along Bloor Street West and about 100 feet along Avenue Road, the retail space will offer considerable exposure. 

Exterior shot of the restored Park Hyatt heritage South Tower, which will feature 65 luxury rental apartments (CNW Group/Oxford Properties Group Inc.)
Artist’s rendering of retail space located in the heritage South Tower. (CNW Group/Oxford Properties Group Inc.)

Prior to the hotel’s temporary closure, a more modest retail podium featured a Strellson flagship store as well as a Second-Cup coffee shop and Subway restaurant. All closed prior to December of 2017 in anticipation of the redevelopment.

More retail space will be added to the development, including some in a connected pathway between the two towers. That will include a 10,000 square foot ground-level restaurant with a roof deck overlooking Yorkville. While not confirmed, sources say that it could be a high-end Japanese concept. 

Connecting podium on Avenue Road that features 600 person ballroom and restaurant. (CNW Group/Oxford Properties Group Inc.)
UPSCALE MENSWEAR RETAILER STRELLSON ONCE OCCUPIED THE RETAIL SPACE AT THE NORTHEAST CORNER OF BLOOR ST. W. AND AVENUE ROAD. IMAGE: STRELLSON

As well, the popular Stillwater Spa will reopen in a new 8,000 square foot space with 13 treatment rooms, with design elements from the previous spa location. Remarkably, the existing Morton’s Steak House at the base of the north tower, with corner frontage on Avenue Road and Prince Arthur Avenue, will remain open throughout the construction process. 

The historic south tower (rebranded as Two Avenue Road) will feature 65 luxury rental apartments ranging between 900 square feet and 1,800 square feet, with about five units per floor. Residents will have access to the hotel fitness centre as well as al fresco dining on a 2,500 square-foot outdoor terrace outfitted with an adjoining “luxury kitchen”. 

A popular rooftop restaurant on the 17th floor of the south tower will re-open with its own dedicated elevator on the northwest corner of the tower. Oxford Properties says that it is the first high-rise in Toronto to be totally retained in an adaptive re-use project. 

PARK PLAZA HOTEL IN THE 1950’S, VIA CITY OF TORONTO

The updated Park Hyatt hotel north tower will include 219 hotel rooms with 38 suites (a presidential suite and two multi-level suites are in the works) — that’s down from the original 346 rooms in the former hotel. Included in the new hotel will be 14,000 square feet of meeting and event space, and a massive 600-person ballroom. Both the hotel and residences feature local Canadian materials throughout including limestone flooring sourced from Owen Sound.

It remains to be seen what kind of retailers will be secured for the expansive retail space at the base of the historic south tower. Industry experts question if luxury brands will consider moving across Avenue Road from the prestigious ‘Mink Mile’ strip that includes some of the world’s top luxury stores.

The Strellson store that formerly occupied the space was said to be doing exceptionally high sales numbers. Some have speculated that Oxford Properties may seek to add luxury brands already located at its Yorkdale Shopping Centre property in Toronto, while others say that contemporary brands are being targeted for the updated Park Hyatt retail podium. At one time, a high-end grocery concept was also said to be a possibility.

CLICK HERE FOR INTERACTIVE MAP

There are several other vacant retail spaces in the area, located on both sides of updated Park Hyatt. The base of the Exhibit Residences tower at 200 Bloor Street West has been vacant since it was finished a couple of years ago, and the eastward ‘Mink Mile’ component of Bloor Street West also has spaces for lease and sublease. Industry insiders say that a combination of high asking rates and increased property taxes have made it challenging to lease retail space in the area, with bike lanes and reduced foot traffic also said to be issues.

At the same time, Bloor Street West is seeing an incredible resurgence with new developments that will include several key tenants. About 600 feet east of the Park Hyatt is The Colonnade at 131 Bloor Street West, which this summer will see the opening of North America’s largest Christian Dior flagship store. Last year luxury retailer Hermes opened an impressive flagship at 100 Bloor Street West, as did Ermenegildo Zegna next door.

Further east, still, are some exciting developments. This fall, Italian food concept Eataly will open a three-level, 50,000 square foot location at the Manulife Centre at 55 Bloor Street West, joining a recently revamped Birks jewellery store as well as several other retailers. The Holt Renfrew flagship at 50 Bloor Street West is in the process of a substantial overhaul that will include a new facade, and the adjacent 60 Bloor Street West office tower is also being updated. At the busy corner of Bloor Street West and Yonge Street, sources say that Apple will open a three-level flagship at the base of Mizrahi Developments’ ‘The ONE’ tower, joining recently opened Nordstrom Rack and a recently opened McEwan grocery store at 1 Bloor Street East. 

CUMBERLAND TERRACE WILL SEE UPDATED RETAIL AT 2 BLOOR ST. W. AT THE CORNER OF YONGE. RENDERING VIA CUSHMAN & WAKEFIELD
EATALY WILL OPEN THIS FALL AT THE BASE OF THE UPDATED MANULIFE CENTRE PODIUM. IMAGE: MANULIFE

The Cumberland Terrace building at 2 Bloor Street West will also see significant changes to its commercial podium, as well as new towers with retail at the base, and across Cumberland Street there will be more than 60,000 square feet of additional retail space at the base of two major developments at 11 and 33 Yorkville Avenue. 

One might question if all of the new retail space can be leased, though at the same time there may be an opportunity for national brands at a range of price-points to locate in the Bloor-Yorkville Area. The high-density neighbourhood is growing rapidly as new condominium buildings are built, and the area’s household wealth is among the highest in the country. We’ll continue to monitor changes to Toronto’s Bloor-Yorkville area and will update this article when we learn of the new tenants that will occupy the updated Park Hyatt retail podium. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More From Retail Insider

Iconic Flo’s Diner in Toronto’s Yorkville Forced to Close After 33 Years Amid Landlord Dispute 

Retail Insider interviewed Flo’s co-owner who discusses the “heart wrenching” situation where he is being forced to close his business that began on Bellair Street in 1991.

Anatomy of a Leader: Teresa Spinelli, Owner of Alberta-Based Italian Centre Shop Ltd.

Spinelli discusses her leadership of the popular retailer which has expanded over the years, describing how she struggled to run the company at first and grew to love it.

Upscale Canadian Fashion Brand SMYTHE Expands with New Standalone Calgary Store [Interview/Photos]

It's the second store location for the Toronto-based brand, which is seeing success with its exclusive womenswear collections.

Toronto’s CF Sherway Gardens Hits Sales Milestone with Exciting Retail Growth and Future Plans [Interview]

The shopping centre is adding new retailers as sales per square foot hit an all-time high, with plans to re-tenant Nordstorm as foot traffic grows following Eataly's opening in the mall a few months ago.

ECS Coffee Opens Canada’s Largest Coffee and Espresso Equipment Gear Showroom and Retail Space in Toronto [Interview]

The new Etobicoke location is unique to Canada if not North America, according to its founder, with coffee roasting, equipment showroom, over 500 varieties of coffee, Youtube studio and various in-store experiences. He has plans to expand the concept nationally.

New Loblaws City Market Opens in Vancouver’s ‘The Post’ Building, Adding Grocery Competition to the Downtown Core [Podcast]

Craig and Lee discuss the opening of a new Loblaws City Market in downtown Vancouver's renovated Post building, and they explore its potential impact on local grocery shopping.

Loblaw Announces $2 Billion Investment in Canada for 2024 with Dozens of New Stores and 7,500 New Jobs [Expert Comment]

The retail behemoth will be growing substantially this year, following backlash over profits as inflation continues to impact Canadians.

Dubai-Based Asian Street Food Concept ‘Wok Boyz’ Expands into Canada with Plans for Multiple Locations [Interview]

The company's founder says the popular concept, with personalized meals, has an opportunity to grow substantially with its high-quality ingredients and theatrical flare, complete with fiery customer-facing woks.

Calgary Surge Basketball Team Launches Innovative Pop-Up at CF Chinook Centre to Boost Community Engagement [Interview]

The retail activation, which opened this month, is resulting in heavier foot traffic in a quieter part of the mall.

Upscale Pusateri’s Fine Foods to Close Yorkville Grocery Store in Toronto After 20 Years

The 5,500 square foot store opened to much fanfare in 2003, with valet parking, private chefs and pricey goods. 

Loblaw and Walmart Could be Forced to Adhere to Grocery Code of Conduct with Legislation [Op-Ed]

Sylvain Charlebois says that it's rare for all of Canada's political parties to agree, signalling a shift that could force grocers to comply amid record inflation.

Factory Direct to Shut All 14 Stores Amid Bankruptcy, Liquidation to Begin Saturday

The company, founded in 1995, is one of Canada’s largest privately owned discount retailers which struggled with declining sales and increasing costs following the pandemic.

What to Expect for the Canadian Retail and Hospitality Sectors in 2024 [Video Interview]

Michael Kehoe provides an expansive overview of what's expected for Canada's retail industry in 2024, and how the commercial real estate industry is becoming more dynamic than ever.

Anatomy of a Leader: David Lui, CEO of Kit and Ace and Co-Founder of Unity Brands

Lui has an extensive background in retail with over 30 years of experience and is known for his award-winning brand transformations, e-commerce and digital knowledge along with his passion for scaling businesses.

Robotic Retail Gaining Traction in Canada, But Some Consumers are Being Left Behind [Op-Ed]

Automated retailers without in-store staff are opening across Canada, such as Aisle 24, RC Coffee and PizzaForno -- but consumers without smart phones, credit cards, or with vision issues may not be able to access these retailers says a researcher.

Oakridge Park Announces 1st Luxury Retailers, Attracting Top Brands to Vancouver [Podcast]

Craig and Lee discuss the latest Oakridge Park announcement, highlighting the addition of luxury and upper contemporary brands to Vancouver's retail landscape and how it will impact downtown.

Interview on What it Takes: Lee Valley Tools Named Top Retailer in Ontario for Customer Service

The company's COO Jason Tasse discusses the retailer's secret sauce for having an engaged workforce, while also discussing plans to expand with more stores and retail concepts.

Survey Data Shows Canadians will Prioritize Romance Over Budget Cuts This Valentine’s Day [Interviews]

David Litwin of Moneris notes that Valentine's is an interesting bellwether for what businesses might expect from consumers for the rest of the year.

Anine Bing to Open 2nd Canadian Storefront at the Four Seasons Hotel in Toronto 

The US-based women’s fashion brand recently opened its first Canadian store at Yorkdale, and will open its second location in a downtown luxury hotel. 

Retail Burnout Crisis in Canada: The Call for Empathetic Leadership and Proactive Solutions Amid Operational Strains [Feature]

It's never been more difficult to work in retail, with store managers burning out amid lower staffing numbers, increased task and store robberies. Two industry experts discuss the situation.

RECENT RETAIL INSIDER VIDEOS

Advertisment

Subscribe to the Newsletter

Subscribe

* indicates required

RECENT articles

Iconic Flo’s Diner in Toronto’s Yorkville Forced to Close After 33 Years Amid Landlord Dispute 

Retail Insider interviewed Flo’s co-owner who discusses the “heart wrenching” situation where he is being forced to close his business that began on Bellair Street in 1991.

Anatomy of a Leader: Teresa Spinelli, Owner of Alberta-Based Italian Centre Shop Ltd.

Spinelli discusses her leadership of the popular retailer which has expanded over the years, describing how she struggled to run the company at first and grew to love it.

Upscale Canadian Fashion Brand SMYTHE Expands with New Standalone Calgary Store [Interview/Photos]

It's the second store location for the Toronto-based brand, which is seeing success with its exclusive womenswear collections.

Toronto’s CF Sherway Gardens Hits Sales Milestone with Exciting Retail Growth and Future Plans [Interview]

The shopping centre is adding new retailers as sales per square foot hit an all-time high, with plans to re-tenant Nordstorm as foot traffic grows following Eataly's opening in the mall a few months ago.

ECS Coffee Opens Canada’s Largest Coffee and Espresso Equipment Gear Showroom and Retail Space in Toronto [Interview]

The new Etobicoke location is unique to Canada if not North America, according to its founder, with coffee roasting, equipment showroom, over 500 varieties of coffee, Youtube studio and various in-store experiences. He has plans to expand the concept nationally.

New Loblaws City Market Opens in Vancouver’s ‘The Post’ Building, Adding Grocery Competition to the Downtown Core [Podcast]

Craig and Lee discuss the opening of a new Loblaws City Market in downtown Vancouver's renovated Post building, and they explore its potential impact on local grocery shopping.

Loblaw Announces $2 Billion Investment in Canada for 2024 with Dozens of New Stores and 7,500 New Jobs [Expert Comment]

The retail behemoth will be growing substantially this year, following backlash over profits as inflation continues to impact Canadians.

Dubai-Based Asian Street Food Concept ‘Wok Boyz’ Expands into Canada with Plans for Multiple Locations [Interview]

The company's founder says the popular concept, with personalized meals, has an opportunity to grow substantially with its high-quality ingredients and theatrical flare, complete with fiery customer-facing woks.

Calgary Surge Basketball Team Launches Innovative Pop-Up at CF Chinook Centre to Boost Community Engagement [Interview]

The retail activation, which opened this month, is resulting in heavier foot traffic in a quieter part of the mall.

Upscale Pusateri’s Fine Foods to Close Yorkville Grocery Store in Toronto After 20 Years

The 5,500 square foot store opened to much fanfare in 2003, with valet parking, private chefs and pricey goods. 

Loblaw and Walmart Could be Forced to Adhere to Grocery Code of Conduct with Legislation [Op-Ed]

Sylvain Charlebois says that it's rare for all of Canada's political parties to agree, signalling a shift that could force grocers to comply amid record inflation.

Factory Direct to Shut All 14 Stores Amid Bankruptcy, Liquidation to Begin Saturday

The company, founded in 1995, is one of Canada’s largest privately owned discount retailers which struggled with declining sales and increasing costs following the pandemic.

What to Expect for the Canadian Retail and Hospitality Sectors in 2024 [Video Interview]

Michael Kehoe provides an expansive overview of what's expected for Canada's retail industry in 2024, and how the commercial real estate industry is becoming more dynamic than ever.

Anatomy of a Leader: David Lui, CEO of Kit and Ace and Co-Founder of Unity Brands

Lui has an extensive background in retail with over 30 years of experience and is known for his award-winning brand transformations, e-commerce and digital knowledge along with his passion for scaling businesses.

Robotic Retail Gaining Traction in Canada, But Some Consumers are Being Left Behind [Op-Ed]

Automated retailers without in-store staff are opening across Canada, such as Aisle 24, RC Coffee and PizzaForno -- but consumers without smart phones, credit cards, or with vision issues may not be able to access these retailers says a researcher.

Oakridge Park Announces 1st Luxury Retailers, Attracting Top Brands to Vancouver [Podcast]

Craig and Lee discuss the latest Oakridge Park announcement, highlighting the addition of luxury and upper contemporary brands to Vancouver's retail landscape and how it will impact downtown.

Interview on What it Takes: Lee Valley Tools Named Top Retailer in Ontario for Customer Service

The company's COO Jason Tasse discusses the retailer's secret sauce for having an engaged workforce, while also discussing plans to expand with more stores and retail concepts.

Survey Data Shows Canadians will Prioritize Romance Over Budget Cuts This Valentine’s Day [Interviews]

David Litwin of Moneris notes that Valentine's is an interesting bellwether for what businesses might expect from consumers for the rest of the year.

Anine Bing to Open 2nd Canadian Storefront at the Four Seasons Hotel in Toronto 

The US-based women’s fashion brand recently opened its first Canadian store at Yorkdale, and will open its second location in a downtown luxury hotel. 

Retail Burnout Crisis in Canada: The Call for Empathetic Leadership and Proactive Solutions Amid Operational Strains [Feature]

It's never been more difficult to work in retail, with store managers burning out amid lower staffing numbers, increased task and store robberies. Two industry experts discuss the situation.