|Proposed mall/tower in yellow. Image: Ryerson Master Plan|
In May we reported that a large and possibly substantial mall could be built up the street from the Toronto Eaton Centre. We've got an update - a prominent building on the same block has been purchased as part of a land assembly.
The Yonge Street Mission, located at 381 Yonge Street, has been sold to a private equity real estate company. The sale's closing date will be some time in September 2016, allowing the Mission to move and reorganise its operations. The Yonge Street building is adjacent to other buildings already owned by investors Kingsett Capital and the Canada Pension Board.
In April of 2013, Kingsett Capital and the Canada Pension Board purchased several adjacent properties from Primaris Real Estate Investment Trust. Sources tell us that there could be a proposal for a substantial shopping mall on the site, possibly connected to Ryerson University and also possibly including a large anchor retailer. We're not sure what exactly is proposed for the site, though the Ryerson University Master Plan might give some clues. The rendering at the top of this article shows a proposed commercial podium topped by a taller tower.
The immediate area has seen extensive development including an expanding Ryerson University, Canada's tallest residential building (Aura at College Park) as well as the newly-branded Eaton Chelsea Hotel (formerly known as the Delta Chelsea Hotel). The area is enjoying a growth in popularity as well as a substantial increase in its residential population as Toronto continues its condo boom.
|381 Yonge Street [Image Source]|
We'll continue to keep you updated on this topic, as it could lead to a substantial retail development that could house a Downtown Toronto Target, Walmart, or even La Maison Simons.
Link to our previous article breaking news on the potential Yonge Street shopping centre.
[Source: Yonge Street Mission press release]