New shopping mall marks big changes for Yorkville
The initial expansion plans for Hazelton Lanes shopping mall in Yorkville were revealed last year, foretelling a significant makeover to the 1970s-era retail space. Now it would appear that mall's makeover is just one puzzle piece in a major rebrand of the entire neighbourhood by developer First Capital Realty.
Not only will the new mall now go by the name of "Yorkville Village," but the company is aggressively buying up adjacent real estate in an effort to create what Retail Insider characterizes as "a world-class entertainment destination." The developer "could end up spending over half a billion dollars in the Yorkville area over the next several years" as part of these plans.
First Capital has already bought up 80-100, 102-104, 106-108, and 136-138 Yorkville Avenue as part of the Yorkville Village project, which is clearly a response to shifting neighbourhood demographics ushered in by a condo boom in the neighbourhood. High end retail is not the focus of Yorkville Village so much as providing a mix of entertainment options.
Toward that end, the former Hazelton Lanes is being termed a "neighbourhood centre" rather than a mall. That's a fine distinction when the space is still every bit a retail destination (rather than, say, a community centre), but the rebrand hints at First Capital's desire to reorient Yorkville's reputation as a shopping-first destination.
Take a look at the video below to see the first phase of the project.
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