UPDATE August 19th, 11:40am: We spoke with Michael Cappuccitti, former co-owner of the Galleria Mall. Read what he had to say about the sale here.
UPDATE August 18th, 9:50am: A source with knowledge of the sale has said that Elad Canada is also involved with purchase of the property. At this point it’s unclear if Freed is partnering with Elad to develop the property. Elad’s involvement has not been confirmed by the developer.
Original story: Toronto’s Galleria Mall at Dufferin and Dupont has been sold.
The mall’s official Twitter account tweeted on Friday that “After 40+ years of ownership, I announce that The Galleria has been sold. It will become a cornerstone gem of the future of west Toronto.”
Although it has not been confirmed by the developer, a source with knowledge of the matter has said Freed purchased the property and is planning to develop it.
Known for its large number of independent retailers, the single-storey mall opened at 1245 Dupont Street in 1972. According to its official site, The Galleria is home to over 40 retail tenants and has two parking zones that can accommodate over 700 cars.
Of the size of property that The Galleria occupies, Shawn Micallef wrote in a 2014 Toronto Star article that “[p]roperty footprints this big are anomalies in old Toronto, often the leftover space from a former industrial concern or a horsetrack.”
No details of the purchase have been made public, but considering the ongoing transformation of many of Toronto’s neighbourhood west of Bathurst, it’s no doubt a coveted acquisition for Freed.
The Galleria Twitter account has alluded to developers approaching the owners in the past. In June, the account tweeted “We can’t deny interest in the mall from suitors, but as of now we are not sold firm to anybody.”
BuzzBuzzHome News will have more information on the purchase as it becomes available.