QuadReal Property Group partners with Mattamy Homes for first phase of Cloverdale Mall redevelopment project
QuadReal Property Group (“QuadReal”) is pleased to announce that Mattamy Homes (“Mattamy”), a leading GTA condo developer, has been selected as the joint venture partner for the first phase of its Cloverdale Mall redevelopment project in Toronto. In collaboration with QuadReal, Mattamy will develop the signature condo project on the standalone 2.3 acre “Triangle Site” located at 2 & 10 The East Mall Crescent, kickstarting the transformation of the 32-acre shopping centre site into a vibrant, sustainable, and innovative mixed-use urban community.
Proposed for the Triangle Site is a 32-storey tower and an 8-storey mid-rise component totalling 500+ condos and 2,400 sq.ft. of retail. Mattamy will acquire a partial interest in the site and will be the execution partner for development, construction, and sales & marketing on the Triangle Site. QuadReal will continue to maintain overall strategic direction of the district master plan along with 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, QuadReal Property Group. “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.”
“QuadReal is a key partner in our delivery of 13,000 condo sales within the next five years. Their track record of excellence is undeniable and we are thrilled to collaborate on this world-class development,” says David Stewart, President, Mattamy Homes GTA Urban Division.
Proposed plans for the larger 32-acre Cloverdale Mall site, located at the intersection of Highway 427 and Dundas Street West in Central Etobicoke, 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. 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.
Built in 1956 as an open plaza with an open central pedestrian promenade in a Modernist architectural style, Cloverdale Mall has always been a centerpiece of the community. It was expanded and converted to an enclosed mall in the 1980s and underwent major renos in 2006. Currently it is anchored by Home Hardware, Rexall Drugstore, Winners, Kitchen Stuff Plus and Metro. The proposed vision for the future proposition was created in collaboration with the community following an extensive public engagement process. To date, more than 15,500 visitors have shared their feedback on the project by popping into the 4,000 sq.ft. “Cloverdale Common” engagement space at the shopping centre.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
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About Mattamy Homes
Over the last 40 years, Mattamy has grown to become the largest privately-owned homebuilder in North America, and is Canada’s largest new home construction and development firm, delivering more than 8,000 homes annually. Mattamy’s GTA Urban Division is responsible for an extensive portfolio of properties, including high-rise point towers in downtown Toronto, mid-rise communities within suburban masterplans, and large multitower neighbourhoods throughout the Greater Toronto Area.
Senior Vice President, Retail and Mixed Use, National Marketing
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