This conceptual plan shows a proposed future layout for the Smart Centres Cambridge shipping centre redevelopment. (Courtesy Smart Centres REIT)
Smart Centres REIT (SRU-UN-T) has received a Minister’s Zoning Order from Ontario’s government to begin “immediately” redeveloping its 73-acre Smart Centres Cambridge shopping centre into a mixed-use neighbourhood spanning 11 million square feet.
The development, covering 18 to 60 Pinebush Rd. in the city just west of Toronto, is planned over about 20 years. The vision includes more than 40 buildings ranging from tall residential towers to townhouses, senior housing, commercial and retail spaces, plus privately owned public areas. There’s also a transit hub included.
In their proposal to the city, Smart Centres suggests residential towers up to 35 storeys high and mid-rise buildings up to 15 storeys.
As it stands now, the project would bring around 10,000 new homes.
Before applying for the MZO-which lets Smart Centres skip many usual approval steps-the trust got support from Cambridge’s city council for the redevelopment plans.
“We are very pleased that, with the support of City of Cambridge elected officials and senior staff, minister Steve Clark has agreed to issuing the MZO,” said Mitchell Goldhar, executive chairman of Smart Centres, in a release.
“Both the minister and (Cambridge) Mayor Kathryn Mc Garry recognize the significant economic benefits of accelerating our redevelopment plans including the tens of thousands of jobs that will be created and sustained over the 20-year period.”
MZOs are part of Ontario’s effort to speed up major real estate projects to help boost recovery after the pandemic and tackle housing shortages in urban spots.
The Smart Centres Cambridge site, plans
The current shopping centre at Smart Centres Cambridge was built about 22 years ago and sits along Pinebush Road near Hwy. 401 and Hespeler Drive intersection.
It’s a big regional shopping spot anchored by stores like Walmart, Rona, Staples, Best Buy, Winners, Michaels and Dollarama. The centre lists 44 retailers as tenants on its website right now.
Nearby there are other major retailers like Lowe’s, Home Depot and Canadian Tire too.
With this MZO in place, zoning changes so it won’t just be retail anymore-it’ll allow residential buildings along with office space, institutional uses and commercial facilities too.
“We believe this significant new community will help address demand for housing located strategically around the Greater Golden Horseshoe Area,” Goldhar said in his statement.
“Working with staff, our goal is to begin Phase 1 in 2021. Smart Centres will continue to proactively change its property uses to align with ever-evolving communities and marketplaces across Canada.”
Smart Centres intends to offer different types of homes here-rental apartments, condos, townhouses plus places suited for seniors living.
“This is very exciting news for Cambridge and means that this important development will be expedited,” said Mc Garry in her statement. “This is a 73-acre property that will be transformed into a large vibrant mixed-use community hub.“We know more and more people are moving to our city and this project will certainly help in terms of economic recovery post-pandemic.”
About Smart Centres REIT
About Smart Centres REIT
Smart Centres REIT stands as one of Canada’s largest fully integrated real estate investment trusts (REITs), managing a portfolio comprising 166 properties nationwide.
They hold $10.4 billion worth of assets which include over 34.2 million square feet dedicated mostly to income-generating retail spaces – boasting occupancy rates higher than 97 percent across approximately 3,500 acres they own throughout Canada.
Beyond retail properties alone they keep developing mixed-use neighbourhoods within their existing holdings.
Their intensification program totals $12.1 billion ($5.5 billion according specifically at their share), focusing heavily on upcoming construction expected within five years.
Within this plan are rental apartments alongside condos plus residences tailored toward seniors living all grouped under “Smart Living”, while retail outlets combined with offices & storage fall under “Smart Centres.”
Altogether this initiative should add roughly another total area near sixty million square feet overall (with about half attributed directly back at their stake); out of which close on twenty-seven million square feet has either begun or soon will start building within five years’ timeframe.
Vaughan Metropolitan Centre update
Included here too lies their interest inside “Smart VMC” – once finished delivering nearly eleven million square feet mixing multiple uses found northward just beyond Toronto where subway lines currently end.
Work remains active on first five phases sold out already called Transit City Condos featuring nearly twenty-eight hundred residences.
Early closing happened ahead both schedule & budget starting August last year; by September end approximately seven hundred sixty-six units closed representing around seventy percent completion from initial two phases together; rest expected before year closes off.
Also closing during next year planned third phase holding six hundred thirty-one units plus twenty-two townhomes meanwhile fourth & fifth phases totaling over one thousand units remain underway slated close by two thousand twenty-three.
