QuadReal Property Group and Mattamy Homes redeveloping Cloverdale
By Adam FreillConcrete Construction Residential
Proposed Cloverdale Mall redevelopment project includes a residential tower, a mid-rise building and 2,400 sq. ft. of retail space.
QuadReal Property Group has announced that Mattamy Homes 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 and 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 site are a 32-storey tower and an eight-storey mid-rise, providing more than 500 condos and 2,400 sq. ft. of retail space. Mattamy will acquire a partial interest in the site and will be the execution partner for development, construction, and sales and 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,” stated Toby Wu, executive vice-president of development at 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,” said David Stewart, president of 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 integration 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 renovations in 2006.
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