Nearing its20th anniversary, RioCan is ready for a big change. The company withroots in supermarket-anchored strip centres is aggressively shifting to grand urban, living, retail and office centres.(When we turned 20, we bought a guitar. So, you know, same thing.)
RioCan CEOEd Sonshineis in a talkative mood, sitting back at his desk at the companys offices at the Yonge Eglinton Centre. (Though all we wanted to know was what that giant remote does.) He certainly haslots to talk about: The eight-acre Globe and Mail site, the redevelopments at Yonge and Sheppard, and Yonge and Eglinton all represent bold new moves for Canadas largest real estate investment trust. Its new efforts will focus onkey strategic transportation hubs in the city.
The Globe and Mail site (above), at the corner of Front and Spadina, a partnership with Allied Properties Real Estate Investment Trust and Diamond Corp,is a prime example ofthe companys re-focus.Allied is involved because of its expertise in office space.The deal on the property just closed, and the development is in its very early stages. That development will be in the millions of square feet, Ed adds. Covered shopping space, but not enclosed, office and residential towers pointing up from the retail base--an architectural landmark at a key transportation hub (possible Downtown Relief Line running right past its front door).
RioCans growth after a bold US expansion four years ago will be in these urban retail, mixed-use projects, plus mining, if you will, the assets we already have. The shopping/retail components at the Yonge and Eglinton and Yonge and Sheppard sites will be redeveloped. The Eglinton site (above) will also feature residential towers on the northeast side of the intersection. Ed says there will behigher-density residential and multi-storey retail, hooked into the mall at Yonge and Sheppard, which will be totally redone.
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