RioCan REIT and partner KingSett Capital have received zoning approval for the $300M redevelopment and expansion of RioCan Sheppard Centre. Work will begin this summer on the project—a complete renovation and expansion of the retail space, plus the addition of a 400-unit rental apartment tower. RioCan CEO Edward Sonshine said getting the green light marks a “major milestone” in its revamp of Sheppard Centre, which sits at the junction of two subway lines. The complex will grow by 678k SF.
The development, to be completed in phases, will involve the renovation and expansion of the retail portion of Sheppard Centre and the interior of the existing mall, with 104k SF of retail space added. Major tenants will include new additions Longo's and LA Fitness (50k SF each), along with existing Winners, Shoppers Drug Mart, CIBC, Bank of Montreal and TD Bank locations. A new 39-storey residential tower will be built on Greenfield Avenue.
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