Choice Properties Real Estate Investment Trust (REIT) has partnered with The Daniels Corporation on phase one of the Golden Mile Shopping Centre redevelopment in Toronto, Canada.
Under the partnership, the companies will revitalise and redevelop the 67-year-old, 19-acre Golden Mile Shopping Centre located at 1880 Eglinton Avenue East next to the new Eglinton Crosstown LRT into a mixed-use, mixed-income, multi-generational and transit-oriented community.
Two condominium towers, a purpose-built market rental building, ground floor retail uses, institutional uses and office spaces will be part of this phase.
The Eglinton Crosstown LRT will provide support to the 280-acre Greater Golden Mile area, which will become home to 40,000 new residents over the next 20 years.
Choice Properties REIT president and CEO Rael Diamond said: “We have long recognised the importance of the Golden Mile as an opportunity to make a significant impact not just within our 19-acres, but on the much broader aspiration to positively influence the entire area for generations today and tomorrow.
“The future redevelopment of these lands and the Golden Mile neighbourhood as a whole is about building a complete community.”
Choice Properties and Daniels plan to begin the shopping centre transformation by introducing the Golden Mile Community Innovation District.
The Community Innovation District will work with community organisations, the local councillor, financial and tertiary education institutions and the University of Toronto Scarborough (UTSC) and Centennial College to bring together the wisdom and expertise of all stakeholders.
In phase one, UTSC will create a physical home for an integrated college-community-university partnership, the communiversity concept, through which UTSC, Centennial College and community partners will work together to improve access to post-secondary education and facilitate the co-creation of sustainable communities.
Additional Innovation District collaborations include a 9,000ft² Bank of Montreal (BMO) branch, which will serve as a hub for helping entrepreneurs finance new businesses.