Changes in retail trends and rising land values has had a significant impact on the older malls throughout North America.
According to Andrew Petrozzi of Avison Young, the future of the older malls is in mix uses. This trend is seen throughout Canada and the US. In Vancouver there are 10 older malls to which residential components are being added. A good example is Vancouver’s Oakridge Centre on 29 acres, built in the 50s. QuadReal’s plan for the mall includes one million square feet of retail, 400,000 square feet of office space and 5,300 residential units. In Toronto, QuadReal is making plans to transform the 1956 Cloverdale Mall with a mix of high rise residential buildings, squares and parks, restaurants and stores. The same trend is seen at Bayview Village Shopping Centre, Dufferin Mall and Agincourt Mall.See full article.
