QuadReal Property Group is partnering with Mattamy Homes for the first phase of the Cloverdale redevelopment project in Ontario.
Mattamy will develop a signature condo project on the standalone 2.3-acre “Triangle Site” located at 2 & 10 The East Mall Crescent, kickstarting the transformation of the 32-acre shopping centre site into what officials are describing as “a vibrant, sustainable, and innovative mixed-use urban community.”
It will include a 32-storey tower and an eight-storey mid-rise with more than 500 condos and 2,400 square feet of retail.
“We are thrilled to be partnering with Mattamy Homes on this project as we were very impressed with their executional ability, vision for the site, cultural alignment and fit with our strategic corporate objectives,” said Toby Wu, Executive Vice President, Development, QuadReal Property Group, in a statement.
“Additionally, we are excited to embark on this transformational project that fits with our corporate goal of creating dynamic mixed-use, retail-anchored and transit-oriented community hubs in growing suburban centres.”
Proposed plans for the larger 32-acre Cloverdale Mall site, located at the intersection of Highway 427 and Dundas Street West in Central Etobicoke, include a re-envisioned retail offering in keeping with 21st century community-based needs; a mix of residential units including for-sale condo and rental apartment housing; parkland and green space; a new streets and blocks network; community amenities; and, below grade parking, said QuadReal in a news release.
“We are reimagining the future of the 32-acre Cloverdale Mall site,” said Wu. “After extensive and close consultation with the community, the ask was a vibrant, sustainable and innovative mixed-use urban community – one that includes a re-envisioned retail offering; a mix of residential units including both condo and purpose-built rental housing; dedicated parkland and green space; new streets and blocks network; community amenities; below grade parking; and, a vibrant public realm for people to congregate.”
When asked why the project is going ahead now, Wu said, “The time is right. The property sits at the nexus of a node that’s preparing for significant growth and intensification. There is also currently an undersupply in the Toronto market of new condos and purpose-built rental. Notwithstanding, people are desperately seeking a viable ‘downtown’ alternative.”
“At the end of the day, our goal is to be a model for future high-designed mixed-use redevelopments globally. To that end, we are focused on offering a diverse mix of housing options; creating pedestrian-friendly environments; improving connectivity; ensuring robust transit integration; leading the way when it comes to sustainability; planning our projects in close collaboration with the community; and, curating a 21stcentury community-based retail offering.”
David Stewart, GTA Urban Division President, Mattamy Homes Canada, said, “We are proud to partner with QuadReal on the first phase of this world-class development. With an unparalleled dedication to connectivity, community building and place making; Cloverdale represents an exceptional canvas for reimagining the future of urban living. As we accelerate growth of our urban portfolio over the next decade and beyond, we look forward to continuing this trusted partnership”.
Cloverdale was built in 1956 as an open plaza with an open central pedestrian promenade in a Modernist architectural style. It was expanded and converted to an enclosed mall in the 1980s and underwent major renos in 2006. Currently it is anchored by Home Hardware, Rexall Drugstore, Winners, Kitchen Stuff Plus and Metro.
“QuadReal is a key partner in our delivery of 13,000 condo sales within the next five years. Their track record of excellence is undeniable and we are thrilled to collaborate on this world-class development,” said David Stewart, President, Mattamy Homes GTA Urban Division, in a statement.
In collaboration with QuadReal, Mattamy will acquire a partial interest in the site and will be the execution partner for development, construction, and sales & marketing on the Triangle Site. QuadReal will continue to maintain overall strategic direction of the district master plan along with maintaining long-term ownership of the retail and purpose-built rental components, it said.
QuadReal Property Group, a global real estate investment, operating and development company headquartered in Vancouver, has assets under management of $67.1 billion.
Mattamy Homes is the largest privately-owned homebuilder in North America, and is Canada’s largest new home construction and development firm, delivering more than 8,000 homes annually.
Is it officially going to be built or is this just a suggestion?