A major change is underway for Toronto’s largest mall as the owners of Yorkdale Mall plan to add apartments for rent to the site.
A spokesperson for Oxford Properties Group, which owns Yorkdale, confirmed to Daily Hive that the addition of a residential development is underway, noting that plans are still at an early stage with few details to be confirmed. For now, the Yorkdale Mall apartments will be “primarily rental”.
This isn’t Oxford Properties’ only recent move to add residential elements to a Toronto shopping center. In downtown Scarborough, the developer plans to build three residential towers, the tallest reaching up to 50 stories. Collectively, they will add 1,342 rental units to the region.
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And last year, Oxford Properties announced plans to transform 130 acres around Mississauga’s Square One shopping center into an 18 million square foot mixed-use neighborhood with 18,000 residential units.
The reason for these developments at shopping center sites, the Oxford Properties spokesperson explained, is “the critical need for additional housing supply”.
“We don’t think large above-ground parking lots are the most efficient use of transit-oriented real estate,” they said. “Adapt part of this space to essential residential stands in order to offer important benefits to the community at large. “