Scotiabank Theatre is a staple in Toronto’s Entertainment District. The iconic building has sat at the corner of John and Richmond for the past 20 years, serving as a go-to spot for date nights, special screenings and movie festivals.

But it seems its time is coming to an end, much to the dismay of Torontonians.

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The RioCan Hall complex and Scotiabank Theatre are being eyed for redevelopment, Urban Toronto reports. In its place, RioCan Real Estate Investment Trust who owns the property wants to build two mixed-use buildings that will stand 39- and 40-storeys tall.

In total, RioCan REIT plans to have 613 residential units, which will sit on top of shared retail, office, and entertainment space. The development will still have a movie complex, but it is unlikely to be the same scale as Scotiabank Theatre, considering how much is being built in the space.

RioCan REIT to replace Scotiabank Theatre Photo courtesy of the City of Toronto

The real estate investment firm is in the early stages of the redevelopment approval process, but that hasn’t stopped Torontonians from sharing their deep upset about the news.

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Many argued that the city has enough condos already and that the new addition won’t do anything to change Toronto’s affordability problem.

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Others added that with so many new condos popping up, there will be significantly fewer things to do in the city.

The Entertainment District could be completely transformed in the next few years. In addition to Scotiabank Theatre, Adelaide St. and Widmer St. are also being redeveloped, BlogTO notes. That means the Marshalls, GoodLife Fitness and other stores in the area could soon disappear as well.