Two major Toronto-based developers are teaming up to create the first phase of a master-planned community in Scarborough’s Golden Mile neighbourhood that is to be built across from the future Eglinton Crosstown LRT.
In a press release published last week, Choice Properties Real Estate Investment Trust and The Daniels Corporation announced that they would be collaborating on Phase One of the Golden Mile Shopping Centre Redevelopment. Sprawled across 19 acres, the project would transform the existing 67-year-old shopping centre on the site at 1880 Eglinton Avenue East into a mixed-use, multi-building hub.
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“We have long recognized the importance of the Golden Mile as an opportunity to make a significant impact, not just within our 19-acres, but on the much broader aspiration to positively influence the entire area for generations today and tomorrow,” said Rael Diamond, President and CEO of Choice Properties REIT, in the press release.
Choice Properties REIT and Daniels Corp. are also working on Daniels MPV, a condo and townhome development in Northwest Brampton that will launch in fall 2021.
Phase One of the Golden Mile project will include the construction of two condo towers, a purpose-built rental building and ground-floor retail space, along with office and ‘institutional’ uses. A pedestrian mews will surround the various buildings.
According to information on BuzzBuzzHome and the latest planning application documents submitted in 2020, the project will entail 3,770 new units spread across seven development blocks near Eglinton Avenue East and Victoria Park Avenue. A large central park, new streets and retail uses are also included as part of the development.
Together, Choice Properties REIT and Daniels Corp. will help to develop the ‘Golden Mile Community Innovation District’ with local councillors, various community stakeholders and post-secondary institutions, including the University of Toronto Scarborough (UTSC) and Centennial College. UTSC will be creating a physical home in Phase One, dubbed the ‘Communiversity,’ which is a college-community-university partnership with Centennial College that fosters co-learning opportunities and program pathways.
“The Golden Mile Community Innovation District promises to be a global showcase and exemplar of how to reinvent suburbs for the good of all, and our scholars and learners look forward to sharing the knowledge gained and the lessons learned with other educators and communities in Canada and around the world,” said Professor Wisdom Tettey, the Vice-President and Principal of UTSC, in the release.
The Innovation District would also provide a 9,000-square-foot BMO branch that will act as a hub for entrepreneurs seeking financing and a resource for customers who want to grow their financial literacy, explained the press release.
The Greater Golden Mile area, which encompasses 280 acres, will become home to 40,000 new residents over the next 20 years and will be supported by the Eglinton Crosstown LRT, says the press release.