The St. Clair and Weston Rd development in the “Stockyards” area of Toronto, will be one of the largest commercial retail developments in the city for the next couple of years. The development features over19 acres and take place on one the oldest industrial sites in the Junction.
Post 2 30 Weston Road Bunge/Swift [2. The site and many of the buildings were once a factory site for Swift Meats, Canada Packers, and most recently Canamerica foods/BUNGE] site
RIOCAN REAL ESTATE INVESTMENT TRUST TO SELL PART INTEREST IN 30 Weston Rd DEVELOPMENT TO CPP INVESTMENT BOARD .
…from their statement Sept 2008 [full statement opens in new window]
The two developments are Jacksonport located in Calgary, Alberta and St. Clair Avenue and Weston Road located in Toronto, Ontario. The total development cost of the two projects is expected to aggregate approximately $440 million. Under the agreement, RioCan and Trinity will each retain a 25% ownership interest in the two developments.
The St. Clair and Weston development benefits from a well-established urban node at the intersection of St. Clair Avenue and Weston Road in the “Stockyards” area of Toronto. The development features over 19 acres, with 1,182 feet of frontage on Weston Road and 828 feet of frontage on St. Clair Avenue West. RioCan currently owns 60% of the project, while Trinity owns 40%. Both RioCan and Trinity will be reducing their interest to 25% and CPPIB will be acquiring 50% of the development. This urban retail project will ultimately feature approximately 570,000 square feet of retail space. The project concept features a unique urban, two-storey retail prototype that has been successfully utilized in the United States. A number of national tenants have expressed interest in the site. The aggregate cost of the development is expected to be approximately $210 million. Pending municipal approvals, it is anticipated that site servicing will commence in June 2009 and overall project completion by late 2010.
RioCan, along with its development partner Trinity, will manage all aspects of the development.
The now closed editable oil processing factory at the North west corner St Clair and Weston Rd, is being readied for take down by Priestly Demolition, [2. a rapidity growing and successful building abatement and deconstruction firm, that is holding a large amount of the deconstruction contracts in the GTA] At the same time the city planning staff are pouring over the developer’s plans {RIOTRIN PROPERTIES WESTON INC} [see link 1 below}
Their proposal to demolish the existing buildings on the property and to construct a 51,980 square
metre retail/service commercial centre, which includes a combination of small and midsized
retailers in addition to a retail warehouse anchor.
An aside to this post.
National Building Supplies the retail salvage yard operations of Priestly Demolition has an extensive selection of renovation items a few minutes north east of Newmarket, on Highway # 48, there exists one of the largest new & used building materials yards in Ontario (see map). Imagine five full acres
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