rexdale mall

Another Toronto mall is set to be sold off for redevelopment

Yet another Toronto shopping centre has just been added to the lengthy list of malls in the area that are either being eyed for redevelopment, or already being razed for sprawling new communities.

Rexdale Mall has been put on the market after going into receivership, and is being touted for its vast potential, with 3.66 acres of property ripe for converting into new housing.

Its prime location right off Highway 401 will undoubtedly make it attractive to developers, who are being green lit by all levels of government to build new units — and fast — amid the current housing crisis.

While adding condo and apartment towers around existing malls has become the new trend, with 33 per cent of Rexdale's storefronts currently sitting vacant and hundreds of millions of dollars owed to creditors, it seems unlikely that the aging 100,000-square-foot centre will be making a recovery.

Nearby Woodbine Mall and its Fantasy Fair, also struggling for some time, is likewise in the process of switching hands, bought out from the same owners as the Rexdale plaza.

Residential complexes are in the works around shopping precincts like YorkdaleSherway GardensMarkville Mall, Square OneDixie Outlet Mall and Dufferin Mall, but others like Centrepoint MallBramalea Centre and Cloverdale Mall are being fully demolished rather than revitalized and integrated into the new blocks.

For Rexdale, it is possible that the Fresh Value grocery store anchoring the lot — as well as some of the bigger chains in the surrounding square — will remain or be moved into an updated space while the rest of the building and parking lot goes, much like the plans for Galleria Mall.

Lead photo by

Ernst & Young Real Estate Brokerage via Zolo.ca


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