About three years after plans to redevelop Etobicoke’s Cloverdale Mall were first publicized, QuadReal Property Group has selected a joint venture partner for the first phase of the project.
“We are pleased to announce our JV partnership with Mattamy Homes for the first phase of the Cloverdale Mall redevelopment project in Toronto,” QuadReal says in a LinkedIn post. “The new project will include re-envisioned retail offerings, new residential units, green space, and more."
In a press release, QuadReal details some specifics of what they are cooking up with Toronto-founded home building company, Mattamy.
QuadReal and Mattamy will collaborate to create a signature condo project on a “Triangle Site” at 2 and 10 The East Mall Crescent -- which is adjacent to the mall and covers around 2.3 acres. The development will include a 32-storey tower and an eight-storey mid-rise component, jointly containing over 500 residential units and 2,400 sq. ft of retail space.
Post-development, Mattamy will have an ownership stake in the site as the execution partner for development, construction, and sales and marketing. Meanwhile, QuadReal will handle the strategic direction of the district master plan, in addition to maintaining long-term ownership of the retail and purpose-built rental components.
“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,” says Toby Wu, Executive Vice President, Development for QuadReal. “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.”
The forthcoming condo development will kick off the 32-acre Cloverdale Mall redevelopment, which promises to transform the Etobicoke landmark into a mixed-use urban community.
The new-and-improved Cloverdale Mall will 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,” states the release.
“Taking a long term phased approach, QuadReal Property Group aims to redevelop the site keeping several goals top of mind including a focus on sustainable design, robust transit integration, improved connectivity, and thoughtful assimilation into the surrounding neighbourhood.”
