![\"cf-promenade-mall\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2016\/02\/cf-promenade-mall.jpeg\")
<\/a>Photo: Cadillac Fairview<\/a><\/em><\/p>\nUPDATE February 18th, 2016:<\/strong> Cam Lewis of RBC Capital Markets has confirmed to BuzzBuzzHome News that RBC is the brokerage handling the property’s sale. He said there is no list price, “we don’t comment on anything we take to market.”<\/p>\n Original story:<\/strong> Cadillac Fairview, one of North America\u2019s biggest commercial property owners, has put the 879,000-square-foot Promenade shopping centre just north of Toronto up for sale.<\/p>\n In a memo to the mall\u2019s clients dated February 16th, Ilene Klein, Promenade\u2019s general manager, issued the announcement.<\/p>\n \u201cAs you may be aware, Cadillac Fairview have been considering the possible sale of CF Promenade. At this time we can confirm we have taken CF Promenade to the market effective today,\u201d the memo reads.<\/p>\n \u201cThe decision is based on the possible future opportunities for the centre which we believe is [sic] considerable,\u201d the document continues.<\/p>\n In 2009, the mall \u2014 nestled on Bathurst Street between Clark Avenue West and Centre Street \u2014 was given a $45-million facelift. It currently boasts 704,372 square feet of leasable commercial space, 334,246 square feet of which is designated for retail units, according to Cadillac Fairview\u2019s profile of the holding.<\/p>\n Promenade counts among its largest tenants Sears, T & T Supermarket and Old Navy, and it is also home to Rainbow Cinemas, a 24,246-square-foot movie theatre, and offices as well.<\/p>\n It has attracted a number of high-end retailers, including Coach, Aritzia, and Lululemon Athletica, catering to the well heeled residents of surrounding Thornhill, Richmond Hill, Woodbridge and Maple.<\/p>\n \u201cIts trade area continues to rank as one of the fastest growing population regions in Canada, with an average household income that exceeds the Canadian average by close to 25 per cent,\u201d according to an undated page about the mall<\/a> on Cadillac Fairview\u2019s official website.<\/p>\n While the property is up for sale, it will be business as usual for tenants and management, according to the memo.<\/p>\n Though Promenade\u2019s future is uncertain, residential builders have been making strides to redevelop nearby properties in the predominantly low-rise area in recent years.<\/p>\n In 2013, Liberty Development Corporation<\/a>\u2019s 31-storey World on Yonge<\/a> condos at 7299 Yonge Street, minutes from Clark Avenue West, was completed on the former site of a strip mall.<\/p>\n The developer has since shifted attention to a site on the northeast corner of Bathurst and Centre streets that overlooks Promenade. There, work on the 26-storey Legacy Park Condos<\/a> is underway, with construction expected to wrap up this year.<\/p>\n Meanwhile, in 2014 Minto<\/a> completed Minto WaterGarden<\/a>, a 212-unit mid-rise development on Yonge Street, minutes north of where World on Yonge now stands.<\/p>\n \u201cThe Promenade enjoys a bright future as a premier shopping destination in north Toronto,\u201d reads the undated page.<\/p>\n Someone might need to update that soon.<\/p>\n Close to a million square feet of commercial property just hit the market.<\/p>\n","protected":false},"author":23,"featured_media":145031,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[8692],"apple_news_notices":[],"yoast_head":"\n