RioCan has announced development updates related to two properties in the Greater Toronto Area (GTA) and one in Alberta.
Along with KingSett, RioCan has received municipal approval for the expansion and redevelopment of Toronto’s Yonge Sheppard Centre, including plans to add 104,000 of retail space and a 39-storey residential tower consisting of 400 units. Construction will begin in summer 2015.
In Oshawa, Ontario, RioCan will enter into a joint venture with Tribute Communities to develop 30 acres its Windfield Farms site into residential space. For the remaining 70 acres located adjacent to the proposed highway 407 extension, RioCan has been exploring various retail and mixed-use options. RioCan will sell a 50 per cent interest in the residential lands to Tribute at a sale price of $3.1 million.
“The residential strength and experience that Tribute brings to this site will enhance the appeal of this large scale mixed use development in a quickly growing community in the eastern part of the Greater Toronto Area,” said Edward Sonshine, chief executive officer of RioCan.
Over in Calgary, the second phase will soon begin on 886,000 square feet of a new format retail property. The first phase is now complete on the greenfield site, as anchor-tenant Walmart opened doors in March 2014. Other tenant spaces, including Starbucks, Bulk Barn and TD will near completion towards the end of the third quarter.
Also expected in the third quarter, once permits are approved, is the development of another 210,000 square feet of retail space for this site. Completion is expected in spring 2017 for major tenants, such as Cineplex, Marshalls, Michaels and Dollarama to name a few. RioCan also plans to sell a 15-acre parcel of land to Costco for a 160,000 square foot retail space.
In addition, the condominium component of RioCan’s Northeast Yonge and Eglington project, referred to as eCondos, is expected for completion in 2018. Along with partners Metropia and Bazis, RioCan has finished the construction of the 625 units, now all sold. This site will also include a second 36-floor residential rental tower as well as 54,000 square feet of retail and commercial space.