Recently, surface parking lots, underused commercial buildings, and in some cases, shopping malls in the Greater Toronto Area have been the biggest targets for redevelopment. We find the redevelopment of shopping malls very interesting. Projects like this really do make a lot of sense, given that malls usually have transit infrastructure already in play.

The redevelopment of Sheppard Centre

One possible redevelopment project that we have kept a close eye on is Sheppard Centre. In late 2011, it was announced that the owners of the site had put the Sheppard Centre on the market. Sheppard Centre was sold to RioCan in early 2012, and since then we have been awaiting word on the future of the site. Well, this week we got our first peek, as RioCan and their partners have submitted an application to the City of Toronto.

RioCan’s application for the Sheppard Centre site

According to the application, RioCan is seeking permission to add 368 new residential units at the corner of Yonge and Sheppard. The application was not specific, leaving out building heights, unit types, and the number of buildings. Some tenants at the Sheppard Centre, including Cineplex Odeon, are rumoured to be in the process of looking for new locations, which means that the gears might start turning pretty soon.

Redevelopment sites getting popular in the GTA

We continue to see the maximization of land within the Greater Toronto Area with every new residential project. Developers are getting very creative with their selection of sites, recognizing high-potential pieces of land in the most unassuming places. These types of projects, although rare now, will soon be the most common, given the shortage of available, affordable land in the downtown core.

What are your hopes for the Sheppard Centre? What type of redevelopment should take place?

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