Upgrades to the commercial districts of Toronto, Ontario are always welcomed by retailers and CRE investors alike. And this time, it’s the Golden Mile district mixed-use redevelopment that’s set to undergo massive changes. This redevelopment project is expected to attract more visitors and more foot traffic. With everything going according to plan, Golden Mile’s multi-tower project is on the path to becoming the hottest part of town.
Proposed Concept Designs
The revised Golden Mile multi-tower project came with some exciting changes to the neighborhood. The entire property is set to be separated into 11 unique blocks, 8 of which are to become residential towers between 20 and 46 storeys high.
On the northern edge of the property, we’re to expect several townhouses and mid-rise buildings up to 10 storeys high.
The residential space will naturally be the most imposing, with over 269,161 m². And to meet the rising number of consumers in the area, a space of 1,727 m² will be designated to retail, with 612 m² of ground-level retail acting as a common podium of two massive residential towers.
The majority of retailers will be located in the Eglinton Avenue East, conveniently activating the Hurontario LRT corridor in Toronto. This is great news for the retailers as this project in underway at the same time as the Hurontario Light Rail Transit construction is taking place. Big opportunities in the area.
Plenty of Green Spaces
While the multi-tower mixed-use redevelopment project initially suggested a total of 3,500 m² for parks and open spaces, the area’s been increased to astonishing 5,694 m².
This comes as great news for retailers who are expecting an increase in foot traffic. After the coronavirus pandemic’s been put under control, consumers are expected to flock to parks and open spaces and enjoy greater freedom once again, which will inevitably lead to more interest in brick-and-mortar shops, cafes and restaurants nearby, and subsequently more spending.
What This Means for Canadian CRE Investors
With the proposed redevelopment project in Toronto, everyone’s showing greater interest in the Golden Mile district. From potential new renters in the area to business owners looking for new office space and excited retailers who are looking to increase their sales – everyone is excited to see this project succeed.
Now is a good time to invest in retail CRE in Ontario and receive a higher return on investment.
The Scarborough’s Golden Mile neighbourhood is undergoing extensive redevelopment, with the Golden Mile district being one of the most exciting projects. The project is already attracting businesses, retailers, investors, and private entities, and as it approaches completion, it’s set to become one of the most attractive places in Toronto.
If you’re looking to invest in Ontario retail CRE, now’s probably the time. Contact ReDev today!