#renx

Promenade for Sale

Since attending the ICSC (International Council of Shopping Centers) Conference in Whistler this year and hearing Darryl Schmidt (VP of National Leasing- Cadillac Fairview) speak among the other panelists, I started to pay attention to the retail aspects of the industry. Keeping close tabs on today’s retail industry leaders, I came across the news that Cadillac Fairview was putting the Promenade for sale.

Promenade is a 879,000 square foot shopping centre with Sears, T&T Supermarket, Old Navy and Rainbow Cinemas as their main anchoring tenants. Recently renovated in 2009 (upgrades of $25 million), the property is up for sale with no list price.  

According to Don Gregor from Aurora Real Estate, possible ideas for buyers is to redevelop the area. Demolishing the current building and densifying it with residential condos would be a good idea. The Thornhill area is in high demand for condos and apartment buildings, either a pure condo development or a mixed use development would help meet demands for housing in the area.

Photo Credits: (http://whatevermagazine.ca)

Cadillac Fairview Company Limited: (https://www.cadillacfairview.com)

ICSC Conference: (https://www.icsc.org)

Sources: (http://news.buzzbuzzhome.com) (http://www.thestar.com) (http://renx.ca)