TORONTO, Jan. 5, 2017 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties") (TSX: CHP.UN) announced today its plans to revitalize and redevelop its Golden Mile Shopping Centre at 1880 Eglinton Ave. E, Toronto, Ontario ("the Golden Mile Site" or the "Property"). Choice Properties has filed an Official Plan Amendment with the City of Toronto to transform the Golden Mile Site into a transit-oriented mixed use community. Choice Properties' proposal envisions a connected network of new streets and open spaces featuring retail shops, anchored by a Loblaw bannered food store, a range of new housing types and employment uses that integrate with, and complement the City of Toronto's (the "City") investment in transit along the Eglinton Crosstown corridor.
"The redevelopment of the Golden Mile Site is a perfect example of how Choice Properties is building for the future based on its strong foundation of well-located properties," said John Morrison, President and CEO of Choice Properties. "For more than half a century, the Golden Mile Site has provided shopping and services to neighboring residences. We are looking forward to redeveloping the Property to provide a compelling retail experience while enhancing the sense of community as the City continues to evolve and grow."
Situated on the north side of Eglinton Ave. E between Victoria Park Ave. and Pharmacy Ave., the Property comprises 237,000 square feet and is anchored by a No Frills food store. The Golden Mile Site spans 19 acres of land and is bookended by two future LRT (Light Rail Transit) stations at Victoria Park Ave. and Pharmacy Ave.
When it was built in the mid-1950s, the Golden Mile Site was a quintessential suburban community mall worthy of Queen Elizabeth II's visit in 1959. Today, it provides a unique opportunity for Choice Properties to revitalize the Property to be a centre of commerce and community consistent with the City's larger plan to support redevelopment and investment along a new rapid transit corridor that connects Toronto from east to west.
Choice Properties' plan includes six new development blocks featuring a diverse mix of buildings of varying heights and density to accommodate retail, commercial, residential and office uses. Choice Properties' proposal introduces a new public park and two public squares within the Property to reinforce and enhance the site as a destination and neighbourhood hub. Development will be phased, starting with the relocation of the existing food store, followed by demolition of the existing mall and the development of a new public park and an east-west street through the Property.
To help bring the new Golden Mile Site to life, Choice Properties has engaged the experience and capabilities of internationally recognized and award-winning firms; Urban Strategies Inc., as planning consultants, and Giannone Petricone Associates, as master plan architect. As the planning process moves through its many stages, Choice Properties will continue discussions with local residents, municipal politicians and planning authorities.
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties' portfolio spans approximately 43.3 million square feet of gross leasable area and consists of 535 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through development, accretive acquisitions and active property management. Choice Properties' principal tenant and largest Unitholder is Loblaw Companies Limited, Canada's largest retailer. Choice Properties' strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
SOURCE Choice Properties Real Estate Investment Trust