In case you haven't heard there are big plans in store for development in the Queen Street and Yonge Area. Not only have plans been released regarding the purchase of the Bay Flagship Location and Yonge and Queen being sold to Real Estate Developer and Mall Operator Cadillac Fairview for $650 million dollars. With the purchase, Cadillac Fairview will now be able to add the massive complex to the south end of the existing Eaton Centre Mall, which is the top billed tourist attraction in Toronto. With the purchase, Yonge and Queen will become the commercial core of the city in conjunction with the Dundas and Yonge also known as Dundas Square.
Saks Fifth Ave Comes to Downtown Toronto
Cadillac Fairview has stated that it's plans include re-configuring the space inside of the existing Bay Store at Queen so that a Saks Fifth Ave will share the space. In addition the Eaton Centre Sears Store at Yonge and Dundas is closing this week, and will be replaced in two years time with a Nordstorm's store which will occupy about half the space of the current store in addition to other new retails co-locating there as well. The Eaton Centre is not unfamiliar with this type of renovation, as the ground level floors of the Eaton Store we redesigned for additional capacity when that Canadian retailer went out of business in the late 1990's. The new and redesigned space will almost certainly be very high end retail experience.
Massey Tower set to begin Construction Soon
Massey Tower which is currrenly in development by MOD Developments is going to be a 60 floor upscale condo development at the corner of Yonge and Queen located next to the Massey Hall Theatre and event space and right across the street from the Toronto Eaton Centre. The development of the tower is done with a restoration of the existing bank building which will adjoin the property. The proposed condo sold out in relative short order and the OMB gave final approval last month. Still waiting to get the timeline on construction but due to the number of projects on the go in Toronto right now, waiting for shoring rigs and getting staff seems to be the usual hold up when it comes to getting a new development going.
2 Queen Street - Eaton Centre Rental Tower
Also recently announced by Cadillac Fairview is a planned apartment tower at the south end of the Eaton Centre. The Tower which will be 65 floors tall and about 220 meters, is currently under review by the city, and should have final approval in the current year, or early next year. If approved it would likely begin construction in short order due to the fact that it is being built as apartment housing and not condos, which need to be pre-sold in order for construction to begin.
Dundas Square Revitalization
Just north of Yonge and Queen, there is a massive effort underway to upgrade the urban and pedestrian environment in the Dundas Square area. Newly announced upgrades have been planned or are ongoing at 10 Dundas East, as well as the Atrium on Bay, including wider sidewalks and a Pedestrian Canopy on Dundas East of Yonge, which will in part shelter TTC commuters from the elements as they wait for the Streetcar. The canopy will have electronic signage for the new Cineplex Theatre which has recently opened up in the building. Inside 10 Dundas East, the building is having major renovation work including new ceilings, as well as flooring. The building which was acquired by BC Real Estate holding company Bentall is at the heart of Yonge and Dundas Square and has media signage on all sides in the special signage district.